New to Credit Repair...Need Help

[Loudguitar76]

I think this should have gone in this fourm

Hello,

I have just really started to try and repair my credit, i got a credit report from Myfico.com and on there was a negitave from 2002/2003. It is a collection agency saying i owe 95 dollars. I had NO idea this was even there. What do i do to get this off my credit? I can pay but will that hurt my rateing even more or how can i pay this and help my rating? Please help.

Thanks

My score from Myfic is 610.

[GreatGadsby]

have you tried DVing them ?

[KentWA]

Don't pay them until they prove that it is yours. Then only if they agree IN WRITING to delete upon payment.

[Loudguitar76]

Thanks for your replies.

What is DVing them? Sorry i am new.

How do i handle that, when i call them tell them that i need a letter saying they will delete upon payment before i pay?

Thanks for the help

[breathing_easier]

Welcome to the CIC, loud.

DV=debt validation

As a newbie you first need to read, read, read everything in the "stickies" (permanent posts) at the top of each of the forums (in your case, especially the Credit Repair and Collections forums). Also, read everything under the links on the homepage and at the top of this page. You can also find threads pertaining to your particular questions by using the Search feature.

As for your question in this thread, a "Paid Collection" is as bad as if you'd never paid the debt at all. So, as KentWA said, only pay this debt if the CA (collection agency) or OC (original creditor) will agree to delete the negative tradeline in return for payment. Otherwise, it won't help your FICO one bit. If this is a debt that was purchased from the OC by a JDB (junk debt buyer / collector), then you need to send a DV letter to the CA (you'll find samples under the Sample Letter link above). Once you receive your CMRRR receipt back saying they've received your letter, then you dispute the tradeline with the CRA (credit reporting agency). You can't DV an original creditor, but if they still have the account then negotiating a pay for delete may do the trick. After you've done your required reading come back and ask questions.