Who Needs Credit Report Help?

[momof2jmwjaw]

I had a credit card aggainst me for about $1000. It has been charged off and a collection agency bought it. They now have it aggainst me for over $1300. Can they add more money onto my debt? The original is mine so we plan to pay. I would rather pay the $1000 then the $1300 tor a $500 debt.

[momof2jmwjaw]

Oh also when you are actively fixing your credit report is it a good idea to do the annualcreditreport.com monthly service to make sure things are being fixed?

[5PrincessMommy]

Originally Posted by IsaacsMom2009 Well, credit card is okay if it doesn't have a large limit and it's not the only one you have, you know? My concern would be people with large credit limits, or people with only one card getting their card maxed out and then having to wait months to get it straightened out. Or giving an agency you bank info and they wipe you out completely and you then cannot get that money back for heaven knows how long. It is much safer to send a cashier's check or money order.

It's actually a debit card. I don't have actual credit cards

[5PrincessMommy]

Originally Posted by momof2jmwjaw Oh also when you are actively fixing your credit report is it a good idea to do the annualcreditreport.com monthly service to make sure things are being fixed?

I paid to use experian. I can update my report any time I want to see things get updated.

[IsaacsMom2009]

Originally Posted by momof2jmwjaw I had a credit card aggainst me for about $1000. It has been charged off and a collection agency bought it. They now have it aggainst me for over $1300. Can they add more money onto my debt? The original is mine so we plan to pay. I would rather pay the $1000 then the $1300 tor a $500 debt.

Collection agencies can add whatever fees/interest they want, but that doesn't mean you need to pay it. Your debt was most likely purchased for pennies on the dollar.

The first thing I would do is make them validate it. IF they can validate it, I would contact them (in writing) and let them know you can pay X amount immediately if they forgive the rest and remove the listing (make X whatever number you are comfortable with...preferable a number you can pay once and be done). Be prepared, they are going to pressure you and negotiate with you and blah, blah, blah.

Don't get hostile with them. It's like dealing with a tantruming child... you 'speak' calmly and slowly and make it very clear that you will pay X amount immediately if they agree to your terms in writing.

I've had collector's threaten me with all sorts of stuff and say some very unsavory things about me as a person to boot. I always politely ask "May I have that in writing, please?" Because they aren't allowed to yell at you and threaten you, and they can get in mad crazy trouble for harassment.

Originally Posted by momof2jmwjaw Oh also when you are actively fixing your credit report is it a good idea to do the annualcreditreport.com monthly service to make sure things are being fixed?

That is really up to you. I have done fine with only pulling it once per year for free, but if you have a pressing need to repair your credit (like you need it within the next year and you are actively disputing some ugly stuff) then you might want to get the monitoring.

Do your research first though. Make sure what you are getting is access to all 3 bureaus AND the ability to update the reports that are pulled. There are services that pull all three reports at first, but only notify you that changes have been made to your report. They don't let you SEE the changes unless you buy another report, and you may have to buy reports for all 3 bureaus again.

Personally, if you feel it necessary to monitor, I would purchase reports every 3 months. The reason I say this is because it can take months to do validation letters, response letters, credit bureau disputes, updates on disputes, etc. One cycle might TAKE 3 months. No sense paying for the in between because nothing will be happening and you'll be wasting money.

[emilyrebekah]

Originally Posted by momof2jmwjaw I had a credit card aggainst me for about $1000. It has been charged off and a collection agency bought it. They now have it aggainst me for over $1300. Can they add more money onto my debt? The original is mine so we plan to pay. I would rather pay the $1000 then the $1300 tor a $500 debt.

When I worked in collections for a national bank, we'd sell accounts to 3rd party agencies. Many times those agencies will tack on extra fees or accrued finance charges. If they manage to collect on an account, they usually settle with the debtor. This is their way to make as much as possible from the debtor.

[IsaacsMom2009]

Originally Posted by emilyrebekah When I worked in collections for a national bank, we'd sell accounts to 3rd party agencies. Many times those agencies will tack on extra fees or accrued finance charges. If they manage to collect on an account, they usually settle with the debtor. This is their way to make as much as possible from the debtor.

I know someone that owed $1700 on a repossessed car, and after 4 years the amount owed had bounced up close to 10K. Sometimes the fees and interest are ridiculous.

[jessiak]

Do you know where I can find my credit report online (I'm in Canada)? I really really need to work on my credit, but don't know where to start

[IsaacsMom2009]

Originally Posted by jessiak Do you know where I can find my credit report online (I'm in Canada)? I really really need to work on my credit, but don't know where to start

I know nothing about Canadian credit reports (nor the laws or rights afforded to Canadian residents), but here are some things I found online.

Equifax: http://www.consumer.equifax.ca/home/en_ca
Form: http://canadian-creditreport.com/equ...rt_request.pdf

Transunion: http://www.transunion.ca/
Form for Quebec: http://canadian-creditreport.com/tra...rt_request.pdf
For for non-Quebec: http://canadian-creditreport.com/tra...rt_request.pdf

Experian: Preliminary research indicates that Experian does not operate in Canada?


Credit Reporting Info
http://www.justice.gov.sk.ca/Credit-Reporting-Act
http://www.ehow.com/list_6551097_cre...ws-canada.html

Hope that helps.

[Meghan5348]

What do you write in a validation letter?
Thanks!