Is it worth it to pay a 4 year old collection?

[akck]

I would persue the dispute. Send them a validation letter to get their proof you owe the amount. Let them know you contacted the registar's office and they have no record of you attending that year.

If they prove to you that you do owe the amount, don't pay it immediately. First request a delete letter, stating they will remove to collection item from your records. Pay once you have a signed letter.

How to Dispute Credit Report Errors

FreeOnlineCreditGuide.com Letters-Debt validation letter

[McBain II]

Originally Posted by desertsun41

If you have an old collections, there is NO POSSIBLE WAY you have a 700 FICO. There just is not. No.

There is absolutely is. It happens all the time.

You also would have been getting letters harassing you for the money. Unless you are traveling with no fixed address, those letters as well as phone calls would find you. Whether you did classes or not 4 years ago, you knew about this debt.

Not true either. They could have easily been sending letters to a different address.

[desertsun41]

Originally Posted by Bosco55David

There is absolutely is. It happens all the time.

Not true either. They could have easily been sending letters to a different address.

And did he keep on changing his phone number every time the creditors found him? Creditors have a data base of every phone number in America, far more sophisticated then the silly reverse directory. Everyone can be found today. Sorry but I am right here. Don't worry, I won't tell anyone.

[McBain II]

Originally Posted by desertsun41

And did he keep on changing his phone number every time the creditors found him? Creditors have a data base of every phone number in America, far more sophisticated then the silly reverse directory. Everyone can be found today. Sorry but I am right here. Don't worry, I won't tell anyone.

If that's the case then why do we constantly hear people complaining about getting phone calls from debt collectors looking for someone else?

The "database" they have is nothing more than a bunch of data mining companies like Lexis Nexis and a few others. They're highly susceptible to errors and that is why skip tracers have other methods for tracking people down.

Believe it or not, it's rather easy to fool a skip tracer, even if you aren't trying.

[Mircea]

Originally Posted by long101

I called the school and the person said that they had no record of me attending any classes the year I am being billed for.

Um, okay, then the next step is what? Documentation, that's right. Go, as in get in your fast car and drive to the school and get a written statement saying you owe nothing.

Then, go to a notary public, have a notarized copy of the statement made, and send a letter certified mail return receipt requested to each of the CRAs reporting the debt, and demand that the notation be removed.

If it is not removed in 30 days, then send a letter to your state attorney general, and send a renewed demand with a copy of the letter you sent your state attorney general, and that should get it removed. If it doesn't you'll have to get an attorney and sue, but they'll end up paying the attorney fees anyway, and you'll get some statutory damages you can use as a down payment on your home.

Originally Posted by long101

I most certainly do have a 700 on the dot credit score, which I am very unhappy about. Given that now most banks want a 740ish + to get the best interest rate.

So, your score is 700 and you want a 740.

Not gonna happen paying the debt.

If you have credit cards, you need to reduce the balance to 12% of the credit limit for each card that you have, and that will raise your credit score, but if your file is "thin" or it isn't "seasoned" (you haven't had credit that long), then you ain't gonna get a 740 no matter what.