I have been trying to fix my credit. I have four collections, all medical bills that are suppose to fall off by Aug 2013. I decided to try and pay them. The collection agency says they have 6 unpaid bills that total $4800. I only see four of them on my credit report totaling $4400. We tried to settle but I couldn’t come up with the the $3500, I could only come up with $3100. So now I’m trying to figure out if I should let them fall off my credit report…
Will the fall off date of the debts stay the same now that I made contact with the collection agency? Will they all be off my credit report next year? Will this harm my credit anymore if they do fall off?
Your credit report is not an accurate reflection of what you owe, certainly not a single bureau credit report. A consolidated credit report will give you a much better idea. Not all accounts are reported to all credit bureaus so the blended tri-merge consolidated credit report is the most comprehensive look at what people are reporting.
It’s quite possible that there is an additional account. It also sounds like with some expertise and/or guidance you could settle these for the cash you have on hand. If you wanted to look at companies that might be able to coach you through this contact
Just because a debt falls off your consumer credit report does not mean it isn’t still collectible. In fact depending on where you live you might still be within the statute of limitations for the debt and might possible be sued over the debt. Even if the debt is outside the statute of limitations, collections can be attempted until you are dead and gone.
It sounds to me that your goal is to resolve these past debts in a positive way so you don’t need to worry about the resurfacing in the future. That’s a healthy approach.
Please post your responses and follow-up messages to me on this in the comments section below.