Collection's agency & college student

Question

Hi ya'll... Im a 21 year old college student with pretty much, outstanding credit. I've never made a late payment, never overdrawn, and i have several accounts. However, my freshman year of college i made the mistake of joining a sorority. To make a long story short, i realized it was stupid and now im knee deep in 1,000 dollars of debt. (A LOT for a part time employee).... they are threatening to send me to a collections agency...what are the consquences and how will this affect my future.

thanks in advance.

Answer 1

Speaking for a lot of experience, because this is what I do for a living. Don't let them turn you into a collection agency. It usually takes 7 years for it to be removed from your credit and looks bad on your credit report. If you truly owe the debt, set up a reasonable payment plan that works for you and for the company that you owe.  I don't recommend just not paying them, they can charge extra fees, like legal fees and late penatly fees.  I highly recommend getting on the phone calling the company and working out something that works for both of you.  Don't let this go!!  

Answer 2

You can settle this yourself.  Just see if they would take $250.  They would probably take less than you owe.

http://debtnegotiationzone.com/2008/07/2...

Answer 3

some jobs look at your credit history and if you are getting any job that requires a security clearance, you will have to explain yourself. I would call a parent and explain the situation and get it paid off. You have a lot of stress with school work and a job. Last thing you need to worry about is your credit. Take it as a learning experience.

Answer 4

The first thing you need is the most current copy of all three credit bureaus.It's available for free form many providers but not all of them give you your score as well.

Q.  Can I Really Get a Free 3 in 1 Credit Report?

A.  Yes, according the The Fair Credit Report Act which FTC regulates and enforces.  We have provided you with companies that can offer you a free copy of your credit report.  The Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies; Equifax, Experian, and TransUnion, to provide you with a free copy of your credit report, at your request, once every 12 months. The FCRA promotes the accuracy and privacy of information in the files of the nation’s consumer reporting companies. The Federal Trade Commission (FTC), the nation’s consumer protection agency, enforces the FCRA with respect to consumer reporting companies.

Q.  How Fast Can I Receive My Credit Report?

A.  In minutes!  Get immediate online access to your credit report and score instantly through any of the companies we have provided you with.  Why wait for it to be mailed when you can access your credit online in minutes!