Hello everyone,

First let me say that this website has been extremely helpful to me in the past. I have used the information contained within to successfully defend myself in a previous collection suit that I saved over $7000 in a debt that had past its SOL. Now, it's the same ol' collection company just a different debt.
OK. The collection company, Asset Acceptance, has failed to collect on the old debt that I previously mentioned. So they decided to go after a collection account for a past apartment complex were I lived. The debt is about three years old and it's only for $208. I believe the original amount of the debt was $181. I really don't have a problem paying this particular debt but I know that Asset Acceptance is a very unscrupulous company. That being said, I don't trust that once I pay them the $208 that they will do their due diligence and have the debt removed from my credit report. I've already contacted the original holder of the debt and they just referred me back to Asset Acceptance. Also, the 1st collection letter that I received from them arrived about 3 days ago which was dated 12-13-07.
So, how should I go about paying this debt and how do I get Asset Acceptance to contact the credit reporting agencies and have the mark erased from my credit report. As always, I look forward to hearing from you on this question. Thanks in advance.

J M

Hello j:

It's interesting that you should ask because I'm the only one in the world who knows how to do it. Ok, maybe not exactly.

THEY aren't going to remove it, and they can't either. They only report what the status of the account is. You'd be asking them to break their contract with the credit bureaus, and they're not going to do that for you. Besides, once it's reported, it CAN'T be removed by them. They don't even have the power to do so. Their reports only go one way.

But there is one thing they can do that will achieve the same objective. That would be to stay mum when the credit bureaus inquire again. That's not asking them to DO something. It's asking them NOT to do something.

It IS something they can do. But, they're not going to do it because they're nice guys. Oh no. They'll only do it, if they're going to do it at all, because they're not going to get paid unless they do.

Collection agents work on commission. He WANTS to get paid. If he goes for your offer, get it in writing. Here's how: when you send the payment in, send it certified, return receipt requested. In the letter, AND ON THE CHECK, write that acceptance of the enclosed instrument binds the acceptor to the following agreement. Then spell out that he is NOT to respond to the credit bureaus.

Then, challenge the collection as not yours with the credit bureaus. They'll go back to the collection agent and ask him to verify the account. He's not going to respond, per your agreement, and the item will be remove from your credit report.

It's the only way to get it done. If you pay it before you get such an agreement, the collection will show as being paid, but it WON'T be removed, and isn't much better than an UN paid collection.

excon

Annualcreditreport.com
This is a true free report for the credit score, however, to obtain the full report, you must pay. You can get the report from 1,2, or 3 credit reporting agencies. Check it all when you do so, because they only allow you to do it once per year ON THIS PARTICULAR SITE. So try, annualcreditreport.com.

What they can do is report this debt paid in full, so you get a written agreement with them, signed by them, that upon payment of... they will report this to the credit reproting bureaus as paid in full.

After you get this letter, you pay them. Then if they don't report it, you have proof to show the reporting agencies.

Hello again,

Thanks for all of your responses. I talked with the lady at the collection agency about this and told her that I would pay the amount contingent upon the collection agency not reporting the debt when the credit bureaus inquire about it. She said that they would only send a statement recording the payment in full to me upon payment. It is my understanding that even though you will get a report from the collection agency stating that your debt is paid, and you give that report to each of the credit reporting agencies, the credit bureaus do not have to remove it from your credit report. Is this the case? Can anyone help me out with this question? Thanks in advance.

Hello again, j:

If all you get from them is a statement that the debt is paid, it will NOT come off your report. I told you the only way I know how to get it done.

excon