Some stupid company sent me a "free" music CD in February of 2007. They tried to collect the debt since then but I've been hard headed coz I don't want to pay money I don't owe. Now that my credit score is in the shams, I'm debating whether I should pay the delinquent/derogatory debt. Yeah yeah I know I should get a written agreement of a payment for deletion but my question is:
WILL IT REALLY IMPROVE MY CREDIT SCORE???
some other info that may help:
my score is in the lower 500's
total outstanding debt: ~$1500
% of available credit: ~20%
Amount of delinquent debt: $31 (I know.. I shouldn't have been soo stupid over 30 bucks!)
Paying derogatory items won't improve your score. The damage is done and the item will rcd music for deletionemain for the balance of the 7 year reporting period, whether paid or not.
Did you actually order this free CD or did it just show up? If it just showed up, you don't owe it.
At this point, you could try negotiating a pay for delete -- you pay X and they remove the item from your credit report. Send the collection agnecy a letter. Specifically say that you are not acknowledging the debt but making the offer to expedite removal of the item from your credit. Offer $15 to settle in full. Ask that an authorized agent of the collection agency sign and return a copy of your letter indicating acceptance. When you get the signed copy, send them a money order.
I heard on a talk show, eons ago, that you don'tcd music for deletion have to pay for anything your received through the mail that you didn't order.
The laws may have changed since then.
It's happened to me before and I wrote 'them', "I did not order this, I will not pay for this". I never heard another thing about it and it didn't show up on my credit report.
You really should not give up on your credit that easy
you can make a hell of a come back
you don't owe much and you can get your credit score back up quick!
get a secured credit card for like $300 at your local bank
then pay off those little balances gradually
Keep your credit balance at aleast 30%
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