I am attempting to settle some debt. I was about to pay on 1 account but noticed the company is not on my credit report The debt is there under another collector who advised they sold it in January. 2 credit bureaus have it listed as transferred or charged off under the orginal credit card name.
If I pay the new company, will the old collection agency have to remove the inquiry. If not, I really have no incentive to pay as it is not currently on my report under the new collector..unless paying the new collector removes the inquiry that is under the original credit card's name.
Also, from what I am gathering, this will stay on my credit report 7 years from when it first went past due. Any one know how to find out when the 7 year period began? I have to be getting close. The credit report lists the open and last reported date, but not the date that starts the 7 year period. Is the 7 years the same for the credit card inquiry and the collection inquiry?
Opinions? Advise? Options?
Sorry for so many questions. Thanks for the help.
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Hi cbbroo
Did this new CA pursue you for the debt? Did you ask for validation? Assuming that they have already validated the debt which is why you have come to this settlement term, you have proof that this company owes your debt. You can pay this debt as per the agreement that you have made and make a written request to this collection agency to report it as paid. Get everything in writing.
Having done this, once it has been reported as paid, check your report to see if the old CA's report still reflects the debt or not. If yes, you may then dispute it.