What happens when a lender is repaid an old debt long after they sold it to a collection agency?
Thursday, March 26th, 2009
alizarinlily asked:
I have a bunch of negatives on my credit report and I am in a position where I can pay back my debts. I want to pay back the original lenders not only to assuage my guilt, but also to make a deal to delete my negative info. If I pay back lenders in full, what happens to the collection agencies that are on my report that “bought” the debt? Do I inform the credit agencies to investigate? Do I ask the lender to help? (Why would they want to?) Does it just go away? I’ve searched everywhere online and at the library and I can’t find the answer. Thanks in advance for your advice!!
Gregory
I have a bunch of negatives on my credit report and I am in a position where I can pay back my debts. I want to pay back the original lenders not only to assuage my guilt, but also to make a deal to delete my negative info. If I pay back lenders in full, what happens to the collection agencies that are on my report that “bought” the debt? Do I inform the credit agencies to investigate? Do I ask the lender to help? (Why would they want to?) Does it just go away? I’ve searched everywhere online and at the library and I can’t find the answer. Thanks in advance for your advice!!
Gregory