After u pay a credit collector off and theres a zero balance, whats next?call the credit card co?what happens?
815986
Give it 30 days before you call the creditor. And as far as your credit report goes it can take the bureau up to 90 days to update. After that time period you can call them to correct it.
951749
You are finding out the trap I've been trying to tell people for years now.....\n\nJust because you pay off a collection account does not mean it will improve your credit score.  All they are required to do is report that the bill is paid, but all information about late payments and charge offs will remain on your report.  You paid the bill but it's still hurting you!  Is that fair?\n\nNote that there are only two ways a negative report can be deleted from your records.\n\n1) The creditor must delete it\n2) The creditor fails to respond to a dispute investigation from the credit bureau.\n\nSo, as Amanda states, you can file a dispute with the credit bureau and HOPE that the creditor doesn't respond back.  But this doesn't happen that often, especially if it's a large collection agency.  They are wise to this game.\n\nAnd once you have paid this bill, you are going to find it extremely difficult to get the collection agent to help you.  But this may be your only way to get this fixed.\n\nSend them a letter and ask them to delete the report.\n\nIn the future, NEVER pay a collection agent unless they agree IN WRITING to delete the negative information from your history.  Don't pay them a dime until they do!
1090624
I think the collection agencies actually purchase the debt BUT you are right. The company writes it off and your punishment only should then be a negative mark on your credit. \n\nThey end up getting to write it off AND get their money back when the collection agency buys the debt. All the while you are being chased around by collections... \n\nI'm with you bud.
192357
Once a bad debt (charge off) is reported to the credit reporting agency, it stays there for 7 years.  It will stay there unless the creditor tells them to remove it.\n\nTherefore, if you pay off the debt, the creditor >>>CAN<<< remove the negative report.  However, many of them will not do it unless forced to do so.\n\nOnce you have paid them off, you no longer have any leverage to force them to do anything.  Remember, collection agents don't give a darn about you, they just want their money.  \n\nThat is why it's so important to GET IN WRITING before you pay them anything that they will remove the report from your record once the debt is paid.\n\nWhy in the world would you pay them and still have a bad credit rating?  \n\nUse the sample letter below as a guide, and negotiate a settlement with them.
393937
A couple questions first.  Has it appeared on your credit report yet?  Check it out by getting your free report at www.annualcreditreport.com.\n\nIf it's not on there yet, and you can pay it off, do it NOW!  There is a procedure that the collection agents must follow before they can place a negative report on your record.  By paying the bill you stop that process.\n\nIf the Cell Company already put a report on it, try to negotiate with them to remove it in exchange for payment of the bill.  Use the letter below if you need guidance.  \n\nGenerally it takes a few months before the collection agents get involved, so get moving!
958792
Call the credit card company and make sure that your payment was received.
130502
The collection department of the creditor can begin calling you the day after your payment is due. Normally it is at least 60 days past due before the account is turned over to a collection agency.
13694
I'm assuming that you are talking about an old debt that you never paid and is now in collections.  The best option is to contact the collection agency and tell them you want to work out an arrangement to pay a portion of the balance.  Make sure you get them to agree to this in writing before you make a payment to them.  After you pay the settlement amount your credit report will reflect the account as a paid settlement, which will let future creditors know that you didn't pay the full balance but at least made an effort to pay a portion of the amount you originally owed.
526986
How soon will it be cahrged off? Your credit is already affected so it won't hurt it any more if your credit is bad already. Secondly, make CERTAIN it's your bill and call the company to ask for verifacation that this is a legit bill. Even if you know it is. Why? Because most companies don't really keep good records for the long haul and they maybe can't produce your bill. Thus, you're off the hook.\n\nThen again, BEFORE you make arraingements understand that once you inquire on the bill that you're opening up the credit hounds to pursue you until payment is recieved. \n\nI appluaude you for wanting to clean it up. Just understand what it is, how much to pay it off in a lump payment and don't over commit to something you can't afford as far as payments.
767265
sounds like you should pay off your old credit card first!!
249523
This is a classic example of how collection companyes screw you!\n\nEven after you have paid off the debt, they continue to post your histor on your credit report.\n\nNext time, send them a letter telling them that IF you pay off the debt, they MUST remove any negative history.  \n\nNow look where you are?  Broke and bad credit.  \n\nYour first job is to contact all of the creditors and credit bureau and demand that the status of all those loans say "paid in full".  Have the credit reporting agencies place a letter in your file explaining what happened.  You are allowed a short message.  \n\nGo through the links I've supplied and see if it helps.  \n\nGood luck.
544277
While Icsowesmemoney is mostly correct, and is a professional collector who knows the law, let me correct a few things.\n\nHe implies that if you do not respond to a collection agency within 30 day of the innitial contact, you are considered liable for the debt.  This is incorrect. \n\nThe Fair Debt Collection states "The failure of a consumer to dispute the validity of a debt under this section may not be construed by any court as an admission of liability by the consumer."  \n\nThe purpose of the warning is to give the consumer the right to demand the debt be validated.  During that time, the collector must cease all collection activities.  Failing to respond within 30 days is NOT an admission that you owe the debt, but simply places a bar date on when the collector can begin collection activities.\n\nEven though I apparently don't know the law, and can only "cut and paste", this does seem fairly clear to me.\n\nThe law is also very clear on how long any investigation takes place.  The credit reporting agency has 30 days to respond to a dispute, and either reaffirm the entry or delete it.  I see nothing in the law allowing a "reasonable amount of time" for the creditor to respond.  \n\nOK, now that we have cleared that up...\n\nSUE THEM!\n\nFirst, you need to read and understand the Fair Credit Reporting Act, as it outlines exactly what the dispute procedure is.  If you don't follow it to the letter, you will mess up your court case.\n\nSend all letters by certified mail, so you can prove that they were sent and received.  \n\n1) Send a demand letter to the Credit Reporting Agency (CRA).  Give them any proof you have to dispute your case.  In your case, you claim the listing is about being late?  Send them copies of any bills and checks to prove it.  The CRA has 30 days to "investigate" this charge.  All that means is they will contact the creditor and ask them if the listing is correct.  If the creditor says "yes", the listing is now "verified" and the listing stays.  On to step 2....\n\n2) Send a "Demand for Validation" letter to the creditor.  The creditor has 30 days to respond.  They must send you copies of bills, receipts, contracts, and everything used to calculate your debt.  This will be the evidence they use in court if you sue them, so look it over carefully to see if you still have a case.  If you still think you are right, and they still refuse to remove the listing...see below.\n\n3)  If they don't respond at all, send a copy of the "demand for validation" letter plus another demand to remove the listing to the CRA.  Tell them that the creditor has failed to "validate" the debt.  If the CRA still does not remove the listing, you can now add them to your lawsuit also.\n\n4)  File a small claims suit against these guys.  You will need to investigate how your local small claims court works.  Generally, pay a small fee, serve the process, and go to court.  If you can convince the judge the entry was incorrect, you can collect $1000 from both the creditor and the CRA, plus any damages the judge awards.\n\nYes it works, I'm in the process of doing it right now.  Already have a settlement with one of the parties.\n\nDo your homework, and read the links below.
1010925
whatever you do don't pay it off. something that old no longer has any effect on your score so just leave it and be thankful. charge offs look bad on a credit report bcuz it shows that not only did you not pay on time, you barely paid at all and the only result was to charge off your account in hopes of retaining some money back. should you decide to pay off the card think about this. once you pay off that balance, the bad credit history from that point up until now will come with it. You will actually lower your score drastically by paying off your old debt. leave it alone a nd move on.
245025
A warning first.  If you plan to pay off your debt, GET IT IN WRITING that they will either remove the report from the credit report, or they will change the entry to "paid in full, never late".  \n\nDo not believe them (especially a collection agent) that they will do it without such an agreement.  For $400 they will lie to their mother.\n\nNow, if they follow through with their promise, it doesn't matter what the timeframe is, it will show up as a good report once it's been paid.\n\nFor future reference, the "clock" for reporting debts on your credit report is 7 years from the time the debt occured.  I have also heard several people say that it restarts after a recent activity, but nobody has shown me where in the law it states this.\n\nBelow is the actual law from the Fair Credit Reporting Act.  Now I'm no lawyer but it does appear to state pretty clearly when the "clock" starts.\n\n§ 605. Requirements relating to information contained in consumer reports [15 U.S.C. § 1681c]\n\n(a) Information excluded from consumer reports. Except as authorized under subsection (b) of this section, no consumer reporting agency may make any consumer report containing any of the following items of information:\n   (4) Accounts placed for collection or charged to profit and loss which antedate the report by more than seven years.\n      (1) In general. The 7-year period referred to in paragraphs (4) and (6)(2) of subsection (a) shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action.
184747
If you don't pay off your credit card, the debt will be turned over to a collection agency.  It will stay on your credit report as a bad debt until it is rectified.  In extreme cases companies have been known to file a lien against an individual and their assets. (It does not go to a "credit bureau")
643722
cancell the card like now...and check if they billed you. If they did report as fraud. Get a new credit card
848512
At this point Amex probably does not even own your account anymore, as for the charge off it will remain on your credit even if you settle the debt. Once it gets to charge off status you can't do anything about that. As far as paying off in installments the collection agency wants it in one lump sum. Their thinking is if you ca pay 1260 you can pay the whole amount.