Taking care of old cell phone bill

[HoleInTheRoof]

I'm looking at some of the letters right now, which a letter from the phone company is January 5th, 2005, (Telling me the breach of contractual agreement amount and warning me that they'll turn it into an agency if not responded to in 10 days), and another one from the collection agency, September 9th, 2005. Saying that it was turned in to them.

BTW state is Maryland.

I don't have a calender handy, but I think the 10 days has passed.

 

[Bob Sacamano]

I don't have a calender handy, but I think the 10 days has passed.

:laugh2:Just using it to relate that it was turned over to a collection agency. I think what I'm gonna do is call the phone company and tell them that I will settle for the original amount owned with them.

 

[Maikeru-sama]

I'm looking at some of the letters right now, which a letter from the phone company is January 5th, 2005, (Telling me the breach of contractual agreement amount and warning me that they'll turn it into an agency if not responded to in 10 days), and another one from the collection agency, September 9th, 2005. Saying that it was turned in to them.

BTW state is Maryland.

If you have the money, then you should pay them as soon as possible before they send it to a collection agency.

But before you do, make sure you call them and get a mutual understanding that it will not be reported on your credit, if you do pay and get that in writing.

Before I learned how to clean my credit up, one of the foolish things I did was payoff items (in credit repair circles we call them 'negative tradelines') that were about to fall off my credit and/or that were already on my credit and paying them off meant nothing.

 

[Bob Sacamano]

If you have the money, then you should pay them as soon as possible before they send it to a collection agency.

But before you do, make sure you call them and get a mutual understanding that it will not be reported on your credit, if you do pay and get that in writing.

Before I learned how to clean my credit up, one of the foolish things I did was payoff items (in credit repair circles we call them 'negative tradelines') that were about to fall off my credit and/or that were already on my credit and paying them off meant nothing.

It was sent to the collection agency almost 5 years ago.

 

[Maikeru-sama]

It was sent to the collection agency almost 5 years ago.

If it were me, and it has been 5 years, I would not do anything about it and wait until it falls off my credit. I would make sure I understood when it was placed on my credit (a lot of times it is 30-60 days from the last payment received) and then make sure it is off after 7 years.

Here is a list of the Statute of Limitations (which is different then the 7 years it will fall off your Credit Report and represents the time in which you can be dragged into court and be sued) for each state:
http://www.nolo.com/legal-encyclopedia/article-29941.html

Looks like Maryland is 3 years.

Now if you are in need of credit because you need a loan, that is a different story and I would go the PFD route.

 

[Bob Sacamano]

If it were me, and it has been 5 years, I would not do anything about it and wait until it falls off my credit. I would make sure I understood when it was placed on my credit (a lot of times it is 30-60 days from the last payment received) and then make sure it is off after 7 years.

Here is a list of the Statute of Limitations (which is different then the 7 years it will fall off your Credit Report and represents the time in which you can be dragged into court and be sued) for each state:
http://www.nolo.com/legal-encyclopedia/article-29941.html

Looks like Maryland is 3 years.

Now if you are in need of credit because you need a loan, that is a different story and I would go the PFD route.

hmmm, but what happens when the credit reporting agency is based in another state? In this instance, California?

 

[Maikeru-sama]

hmmm, but what happens when the credit reporting agency is based in another state? In this instance, California?

Doesn't matter, you signed a written contract in the state of Maryland.

If you don't need access to credit at the moment or the next couple of years, I would just let it fall off.

If you have the money and the need to access credit, I would only do a Pay For Delete.

Before I learned the 'Credit Game' around the time I graduated from College, I paid some old bills off (similar to yours but a few were stuff family members got in my name), foolishly thinking it was going to help my Credit. And of course, when I went in to get my first 'real' car at David McDavid Honda in Irving, they slapped me with a 18% interest rate or something ridiculously high like that.

So paying old collections off that were on my credit didn't do squat for me and that is why there is a push (legislation may be in effect in one of the northern states, maybe New York) to allow negatives to fall off Credit Reports faster, if people pay off old collections.

Play the System, don't let it play you.

 

[Bob Sacamano]

Thanks Mike. You've been a world of information.

 

[Maikeru-sama]

Thanks Mike. You've been a world of information.

No problem.

Like I said, I had a very poor credit score when I graduated from College, some of it was the result of others getting things in my name.

Regardless, I found a great website that taught me how to clean my credit up myself and learn how the Credit System is setup in the favor of the big banks and businesses.

 

[big dog cowboy]

Good luck Bob.

Yes I mean that.