i received this letter: please i don't know what to do, i have really bad credit is this true? how do i know?please somebody help me i can pay that amount but i need to be sure of this.if they put my account as an open account is that correct?
read what they sent me:
an opportunity to reinstate your account
our client values your business and would like to help you reinstate your account with them. therefore, we we offer you the following opportunity:
pay the full balance due in three equal monthly payments os $xxx.xx and received a new credit card with acredit line equal to the amount of your total payments. this offer is conditioned upon you having no other past due accounts with this creditor. this offer will be valid as long as our client, referenced above, continues to authorize this program.
to begin this process and take advantage of this opportunity, simply enclose your payment in the envelope provided , along with the completed"certificate of Reinstatement" form. once reinstated , this account will be reported to the national credit bureaus as an open account.
reinstatement form must be fully completed for your account to be eligible for reinstatement.
Reinstatement Letter
Wow~Lucky You!
If you know for a fact that the account is yours, I would make arrangements with the CA to pay the account. However, you should try to negotiate a pay-for-delete before agreeing to pay (see letters of credit under Helpful Resources) so that the CA deletes its profile from you credit report upon receipt of your payment. In addition talk with the OC to verify this program is still in effect and also find out from the OC the terms and conditions of your account being reinstated. For example, after they reinstate your account, will it be retroactive to your last current payment made, pick up where you left off (so that all the late payments still show on your CR) or create a totally new account?
Then, you be the judge and go for what you feel most comfortable with.