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Credit card debt in collection

Tue Mar 25, 2008 09:03PM | By Tony

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Q: I have got a $4,700 credit card debt in collection. That was an old American Express card, that went to a collection agency roughly 8 months ago, and I am about to start paying it. The problem is my credit report shows $4,700 debt to American Express, and $4,700 credit card debt with collection agency. Once I pay it off, will they remove the $4,700 debt from American Express trade line or attach a note or will that be there forever?

A: The American Express trade line will be there for 7 years. See Bad Credit Time Limits. Before paying to this collection agency try to do some debt settlement or debt negotiation and settle for something like $2,000 to $2,500, and request removal of debt collection agency record. Otherwise, there is no sense to pay. Needless to say, all the promises must be in writing with collection agency letterhead.

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