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re: Should I settle a collection debt?
Posted on 1/20/15 at 10:14 am to lsu tigerdog
Posted on 1/20/15 at 10:14 am to lsu tigerdog
quote:
pay it only if they agree to delete the collection acct, if you settle or even pay it down to a zero balance it can actually hurt your scores afterwards. Deleting the acct is the only way to go.
That's if the account is actually showing up on a CR. And if paying to delete the account then make sure to draw up a "pay for delete" letter and have them sign it.
1
Posted on 1/20/15 at 11:00 am to mglsu21
Why bother with any of that? 
Even from the "I want to be a stand up guy and do what's right" perspective, any money he pays isn't going to the group he originally owed; they already washed their hands of it and sold the debt. It's going to pay a group that bought that debt for pennies on the dollar. If the statute of limitations has passed, it's borderline pointless to pursue this.
Even from the "I want to be a stand up guy and do what's right" perspective, any money he pays isn't going to the group he originally owed; they already washed their hands of it and sold the debt. It's going to pay a group that bought that debt for pennies on the dollar. If the statute of limitations has passed, it's borderline pointless to pursue this.
Posted on 1/20/15 at 12:45 pm to Walking the Earth
quote:
Why bother with any of that?
I'm telling him to check his CRs to determine if this is showing up. If not on his CRs then he doesn't do anything.
quote:
it's borderline pointless to pursue this
It is pointless to pursue this if it is not hampering his mortgage process or the rate he is getting. If it is then he needs to address it.
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