Can a collection company that bought my old debt raise the amount owed then post it to my credit report?

Question

I have been trying to fix my credit in the last few months. I view my credit report on a monthly basis. I receive a call from Arrow financial claiming I owe them 1301.00. I tell them no I do not, I check my report regularly and that its a mistake. I am then transferred to a manager that tells me they acquired an old CC account and the total is $956.00

I do have an account that is 956.00 but I don't tell him. I keep saying I dont owe anyone 1300.00 dollars, then hang up.

Now a month later on all 3 reports it has Arrow financial 1301.00 orig. first premier 956.00

I know comp. buy debt to collect it and post it in your report, but

HOW CAN THEY ADD $350.00 to a $956 account that was charged off 2 years ago.

Please give me some advice, thank you

Answer 1

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Answer 2

"Charged off" does not mean forgiven.  It just moved from current accounts to collections at that time.  Interest and late fees or attorney fees continue to accumulate.  Since it is a valid debt, it will remain on your credit report for at least another 5 years or so (a little over 7 years since you last paid it).

So you can either pay it to clear it up, or wait for it to fall off your report and hope they do not get a court judgement against you (which can last longer and give them other means to collect).  If you are going to pay it in full, get in writing from them first, that they will remove it from your credit reports when paid off.

Answer 3

Trust me,

This is what life is like in the Credit Crypt.

When you let your debt age and move from creditor to creditor, they will tack on administrative and processing fees as well as ungodly amounts of interest and penalties.

Typically, handling your credit in this manner is a lose-lose proposition because it ruins your FICO score and typically costs you more than developing a "work out" payment program with the original creditor BEFORE the debt became 180 days past due.

You can still try to set up a pay-for-deletion situation with this collection agency.  See link below.  Please send this letter in writing and do not communicate with this company over the phone.

Answer 4

Hi,

I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It's legitimate. I came across this company on NBC News Special Edition.Check it out here:

http://memurl.com/furetu