Risks/Rewards of paying off collection not legally owed?
So here's the question. Last activity noted on the account is early summer 2002. It is dragging down my otherwise good credit rating and I want it off my record. Based on what I've read, I either can wait until summer 2009 for it to "fall off" my report or get a "paid for deletion" letter signed and pay the debt. I'm willing to pay the debt to get it off my record, but it is very frustrating as it seems to be a scam the cable company has done more than a few times. The company is in Tennessee if that matters. Any advice?
Answer:
File a dispute with all three credit bureaus. Be as detailed as possible - submit proof that you've returned the equipment if possible, provide specific dates (e.g., when, where, how you returned it). Also let them know that you weren't contacted at all *until* the bill went to collection - so you had no opportunity to correct this error until then.
I know it's hard to remember stuff from 2002, but it will be worth the effort.
Personally, I think this should solve your problem. The bureaus will investigate this, and will most likely (1) find that you don't owe this debt, or (2) find that it's not worth investigating, and just delete it.
I personally would not pay this debt - not just because it's unfair and wrong, but also because I think you can fix this. In any case, I would try all the ways available to dispute this debt before paying it. Good luck.
First, contact the Tenn. Attorney General's office and see what they say. If that is of no help, pay it off.
The cable companies are the worst!! 5 years ago when the cell phone companies were horrible about disconnect fees, I served my time with Verizon and disconnected our 2 phones. They charged me a 462.00 disconnect fee saying I disconnected a week early..and the best part..they said it was noted that I called someone an idiot in a phone conversation. I just let the debt sit on my credit and it is still sitting.they still send out settlement notices and I refuse to pay. I did contact the 3 credit reporting agencies and explained my side.hasn't really hurt my credit enough to make any difference in my life!! I refuse to pay something I don't owe. When I applied for a mortgage, the broker asked me what that Verizon debt was about and I told him. He just laughed and said that as long as it was not service owed and just the disconnect to no worry about it. If someone disagrees, please say so.
I'm going to assume you don't have a receipt or any proof that you returned the equipment, right?
That's going to make it hard.
I would first start out by disputing this with the credit burear, and send the collection agency a demand to validate the debt.
Do nothing, say nothing and just let it fall off and then get the new credit report with it gone that way you can sue them if they try to put it back.
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