Have an unpaid collection that was a credit card originally with Credit One for about $500 which shows on my report. It was sold to (CACH) Collection America which also shows on my credit report as a collection. When I called Credit One they tell me to deal with CACH, called CACH and they told me to deal with Malcolm Jerrold & Associates. I sent Malcolm a verification letter. In that letter I gave them 30 days to reply, and I believe they are late. How can I get this off because I do choose to pay it but to whom? Also I heard it's a good idea to try and settle with them because it should show paid settlement on my report instead of paid collection. Is it possible to get em to remove it completely. Malcolm is not showing on my report. So should I ask for a settlement letter?Â
Whom to pay
Hi Allan,
"Paid settlement" or "Paid collection", both will have the same effect on your credit. As for the collection agency not listed on your credit report, you can ask either the collection agency to ask the credit bureaus to update the information, or else you yourself can request the credit bureaus to update your credit report.
After your report gets updated, you can send a debt validation letter to the collection agency through certified mail. After the validation you can try to negotiate a settlement. Debt settlement can lower your outstanding debt amount by 40-60%. Send this letter too through certified mail, requesting a return receipt. If they agree to the settlement, request them to provide a written settlement agreement.
Thanks,
Aaron