what's worse - paid charge-off or paid collection?

[screwtape]

Or are thry the same?

thanks

[wert]

Paid charge off implies, in most cases, that you have paid off the original creditor.

Paid collection implies, in most cases, that you have paid off a collection agency.

In the real world, paid charge off would be better as it didn't get to collection and is only one mention on your report. If you paid a collection agency, you probably have the original creditor as well as the collection agency on your report.

Summation: Paid charge off is slightly better.

[credithelp]

A paid charge off is not great but is definitely better than a paid collection.

[Guest KARENMW67]

I have an account that is 2 years old, but the OC ( Cingular Wireless still has information about the account even though it has been sold). They told me that they won't take the money because it's sold but will accept a letter stating that the account is fraud and if they decide that it is, they will then forward a letter to the CA for deletion ( the one who has allegely purchased this account ), but they can't accept payment or a settlement. Sounds Fishy? I'm going to DV the OC. I spoke with the CA and they stated that they don't have to DV because they have sent out the 30 day letter(AFNI ).What course should I take on this one? I called the CA, I know I know, just to find out if they still had the account, THEY DO. They were nasty. EQ told me that if could get a letter from Cingular stating that they didn't have anything on me that they would delete.BUT THEY DO@#!%$^. Now What? Help!!!!!Also they said that it charged off in 2002 ( write off).

[willingtocope]

Okay, so...

1. If the account has indeed been sold, then it should be listed on your CR as "sold/transferred to another lender". If not, the somebody's reporting incorrectly...a FCRA violation.

2. The CA answer about "they sent you the 30 day letter" doesn't mean squat. The FDCPA states that if you don't respond within 30 days, they can assume the debt is valid and continue collection...it doesn't say you only have 30 days to request validation. So you got two choices here...

a. Send them a DV with limited C&D letter CMRRR. If they don't respond, and/or don't list the account as in dispute on your CR...send them and ITS.

b. Get a recording device for your telephone, call the CA, tell them you're recording and ask for validation. If they give you the same crap, sue...

[Guest KARENMW67]

The OC is not listed I got that removed. It's the CA that only has in dispute on EXP and not the others, (PG ). So I should still use the same course as you stated?Thanks for your help. A little confused because Cingular still has something in their system. Should I send them this letter stating that it's not me, or shouldn't they send me a contract, which they probably purged?They told me that they wouldn't send anything unless I stated that it wasn't me. I was just going to state no knowledge, or I don't remember to stay on the safe end.

[willingtocope]

If Cingular is not reporting on your credit reports, then forget about them.

Do not call the CA...never talk with them on the phone, they'll lie, and try to bully you into doing things you don't need to do. Send them a DV, with "all further contact must be in writing", CMRRR, and insist upon verification of this debt and their right to collect it. If they don't respond within say 60 days, send a copy of your letter to the CRA (again, CMRRR) stating that the CA was unable to verify this debt and it should be removed from your reports.