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I PAID...JUST LIKE A DUMMY


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I recently paid a collection debt settlement for $500 (half of the original bill for $1000). Sounded like a good deal at the time because I was a joint-signer for my daughter who defaulted on the loan over a year ago and I just found out it was in collection. I didn't sign anything with the collection company as we made a verbal contract over the phone and I paid with my checking account number - I know, bad call! Anyway, the check cleared and they said they would have my credit listed as "Paid as agreed" and the update would take 45-60 days. They also said they would send me out a letter in the meantime proving the debt was paid.

All sounds good, right?

Well, I am applying for a refinance loan on my home and the loan agency says my credit scores are low (615). He also mentioned 5 late 30-day payments which happened about 2 years ago.

Will my credit score go up once the collection is paid?

Also, I've already contacted 2 of the creditors and they are removing the late payment listing due to an error in my address since I moved around that time.

One more...Montgomery Wards is on there for a late payment from 2001. At that time, they went bankrupt and sold their loans to another company (MBGA). MBGA says they have no records for Montgomery Wards, only the final balance owed. Can I dispute this?

Thanks, Steve

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Yes, dispute the Monkey account as "not mine" for starters. It might get deleted.

That's good the OC's are removing the lates as that will help.

As to your score, I will pass hoping one of the seniors will read and answer. I am still learning the score method.

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<blockquote>Originally posted by fotopro1

, the check cleared and they said they would have my credit listed as "Paid as agreed" and the update would take 45-60 days. They also said they would send me out a letter in the meantime proving the debt was paid.

Call them back tell them you want your letter and NOW.

Well, I am applying for a refinance loan on my home and the loan agency says my credit scores are low (615).

Thats not THAT low in comparison. When those lates fall off that will most likely raised you to a more desired rate to re-fin.

Will my credit score go up once the collection is paid?

Yep, it will lower your debt ratio and help there..but still hurt because its listed as Charge off. Dispute the bad-boy as NOT MY ACCOUNT. When they match the account numbers up, it will most likely pull up Daughter's name and fall off.

One more...Montgomery Wards is on there for a late payment from 2001. At that time, they went bankrupt and sold their loans to another company (MBGA). MBGA says they have no records for Montgomery Wards, only the final balance owed. Can I dispute this?

Do you have this in writing? Get it in writing from MBGA then forward this to the CRA's that they are unable to provide the needed information to prove this account is yours and how the amount owed came to be and you want it deleted and fast like!!

HTH, PS...nothing is dumb, just a lapse in education which you are resolving now.

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