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How to make sure debt collector is the correct/current holder?
I'm paying off old debt, what actions do I need to take to make sure that the collection agency I am paying is actually the current holder of the debt?
I don't what to find out 7 years from now when it's ready to fall off that the debt was sold prior to the acency collection I'm in contact with taking a payment or selling it after the fact. What actions can I do to make the collector submit the debt as paid to all credit reports and ends the debt? |
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It depends on what type of debt> If they have placed a lien against you or property, you will want a release of Sat of lien. If it is a non lien situation, request to have legal docs available when you pay the debt off. Most collection companies will not own the debt, but some will. They buy them from Credit Card companies for pennies on the dollar . Be safe demand to have docs in your hand when you pay it off. |
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