Credit Report issues, part 2
I thought Id answer some of the questions first.
Prince Romp,
That's what collection agencies do. My guess is that my account was part of a bulk of uncollectible accounts that the original creditor sent to the CA for pennies on the dollar. In other words, they probably had 100 past due bills they couldn't collect. So they sold these bills to a collection agency for 20-50%.
Pretty much they are trained to get full payment and will even try to bully you to get it. They will only negotiate if they believe that you wont be able to pay all of it.
Mamijarum,
Actually, I initially had to get a co-signer, but now that this matter is cleared up, I have to talk to the bank again about getting the loan on my own.
Prince Romp,
That's what collection agencies do. My guess is that my account was part of a bulk of uncollectible accounts that the original creditor sent to the CA for pennies on the dollar. In other words, they probably had 100 past due bills they couldn't collect. So they sold these bills to a collection agency for 20-50%.
Pretty much they are trained to get full payment and will even try to bully you to get it. They will only negotiate if they believe that you wont be able to pay all of it.
Mamijarum,
Actually, I initially had to get a co-signer, but now that this matter is cleared up, I have to talk to the bank again about getting the loan on my own.
