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Young, trying to get credit back on track


cabuki
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alright, im only 22, i BARELY have anything on my credit, one unsecured boa visa with a 500 limit, my car loan (17,000 left) and one closed collection account, now with this collections account, what do i do? when i looked up my cr, i see this

Account Name: OXFORD COLLECTION SERV

Account Number: *******

Acct Type: Collection Department / Agency / Attorney

Acct Status: Closed

Monthly Payment:

Date Open: 9/1/2004

Balance: $105.00

Terms: 1 Month

High Balance:

Limit:

Past Due: $105.00

Payment Status: Seriously past due date / assigned to attorney, collection agency, or credit grantor's internal collection department

now does this mean i should contact them to pay? never even knew i had this debt till now! it says account status closed, and it did not give me the full account number to where i could pay this off online! how should i go about handaling this?? Thanks for all the future responses i might get!!

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On your credit report it should say who the original creditor is? This is the person you should be contacting. I, as many on this forum, try never to deal with collection agencies as they are rude and disrespectful! Once you determined who the original creditor is, contact them to see if you pay them in full, will they remove the collection from your credit report. It's imperative that you have this in writing. The mistake you don't want to make is to pay them and then try to get them to remove it from the report. It's extremely difficult and sometimes impossible. You can send them a letter stating that you will be willing to send them full payment and by accepting this agreement, they will remove it from the credit report. Collections can stay on your credit report for 7 years. xpopcornx

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cabuki: You don't say whether you have any idea what this account represents. That is important information for us to know. If the original creditor (OC) still owns this account and has just hired Oxford to collect on its behalf, then as thomassl says you need to find out who the OC is and deal with them. If the OC sold the account to what is known as a junk debt buyer (JDB) -- and JDBs are also considered CAs -- then the OC will not work with you. They've already written off the debt, received their tax benefit and they're done with it. This account may not even be yours, so you need to follow the debt validation procedures outlined on this site. Keep in mind that a notation of "paid collection" on your reports does nothing more for you as far as your FICO score goes than never paying the collection at all. The only time a notation of "paid collection" can possibly help is if you're applying for a mortgage or auto loan and the lender conducts a manual review of your reports. They usually require any unpaid collections to be paid before approving the loan.

Read, read, read all the sticky (permanent) threads at the top of the Credit Repair discussion forum on this site, as well as everything under the Credit Repair link at the top of this page.

Welcome to the CIC and good luck!

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