Credit card debt in collection
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.
Tue Mar 25, 2008 09:03PM | Copyright: www.bad-credit-advisor.com | More in Credit Card Debt | Comments (0)
Recent Entries
- Capital One Secured Credit Card to Improve Credit Score - Review
- How to get approved for mortgage - loan approval help
- Spouse average FICO credit score is higher?
- Why average credit score?
- Getting mortgage after bankruptcy - go FHA
- Debt settlement and how it affects credit score
- Debt settlement with Citibank
- Can I settle with credit card company with no late payments?
- Credit card limit lowered, credit score goes down
- Gold price will rise in 2011
