Alright, I had an account in collections for a really long time. When I started paying it down the collector told me that once it was all paid off that I should send copies of the paid in full letter to the 3 main credit bureaus (transunion, eqifax and experian). However, she did not provide me with the addresses I needed. So I have been circling the internet for hours and hours trying to find these addresses and phone numbers. I found addresses and phone numbers for all three, but these addresses and lines are for obtaining credit reports. My questions are:
Q: If I send my paid in full letters to the main addresses listed, then will someone there know what to do with it, or throw it away because I was supposed to send it to some other (super-secret) address
Q: is it even necessary to send the paid in full letters to the credit bureaus? Because one would think that a collections agency would send that info off in their special way as soon as a debt is settled. ALSO, if it were necessary, you would think that there would either be a designated 1-800 number with PEOPLE to answer questions, a designated PO box address listed somewhere on the internet used for people who need a little more service than a free credit report, or a straight answer about any of these issues somewhere.
Sorry, that last question kind of turned into a rant….
If anyone can help me that would fabulous, and worth 10 points!
Colleen
Sam
It would the collection agency’s responsibility to report that the debt is paid in full to the credit bureaus. Federal law states that anything reported about you to the credit bureaus has to be true.
The credit bureaus will not delete anything as long as the entry is correct.
The debt will not be deleted unless you negotiated a “pay for delete” agreement with the collection agency in exchange for payment. The collection agency can delete any information they placed with credit bureaus about you. They cannot, however, delete the entry from the original creditor.
Hope this helps
Comment by ∞infiniti∞ — July 29, 2010 @ 9:03 am
Ray
Simply use this link for their information.
BUT, be advised, even though they are paid, they will remain on your credit report for 7 1/2 years from date of last missed payment (to the original creditor) as per Running of Reporting Period – Section 605 [15 U.S.C. § 1681c]
Comment by Sgt Big Red — July 29, 2010 @ 6:40 pm