Restoring Credit Rating After Collection Agency
My fiance's credit card bill was recently sold to a collection agency. My first question, I guess, is what happens to him now? Does he have to pay it? How long will he have?
My bigger and more important question is what does he do now? How can he repair his credit rating? This is going to hurt him if he ever wants to get a loan on a car or a lease on an apartment - how can he get his credit rating back so it won't haunt him?
I appreciate any help.
Baderin,
Have him read all the posts in this forum and he will figure out what needs to be done.
There is a chance to fix his credit reports if he is smart.
Make sure that he pays all his other bills on-time.
Just my .02 cents
baderin,
How about if HE GETS a second job and...
PAYS FOR HIS OBLIGATION...
HeCharged?~~~HePays!
CaseClosed...
....as always,
GoodInvesting, Rocky
The worst possible thing he can do is ignore it and hope it goes away. Although it won't! The collection co. will hound him until he pays, and the whole thing will show a negative on his credit.
The best thing he can do is immediately contact the new owner of his account and agree on a payment schedule. Then pay it!
Although his going delinquent & late WILL damage his credit, it's not forever, and if he shapes up now and pays as agreed, this can be a positive thing for him
as the collection co. probably will report it as "paid as agreed", which never hurts.
i can tell you the fact it that it went to a colection agency is bad news, it will be on his creidt report for 7 years and is worse that a 90 days late ding on his credit score, and not quite as bad as a bankrupsey.
never be late on a payment of anykind, even if you make just a partial payment.
John