no response to settlement letters

[ablessin]

What is the name of your state?NY

Question - About 6-8 weeks ago I mailed 4 creditors letters asking for settlment offers (I used templates from a site on found on this forum).

I only heard from one of them, offering me a settlement. To one, I sent a second letter, indicating it was my second attempt in contacting them - the letter was returned to me as un-deliverable.

Anyway, if I don't get replies from my letters asking for settlements, what is the next step?
I want to buy a house next Spring, and I am trying to get rid of some of the older accounts on my credit report so that next year I have a better chance of getting a good mortgage loan. This is on the advice of a lending manager at Nothnagle realtors from this year (talked to her 3/2005).

 

[Ladynred]

If they don't respond to your offers, there's not a whole lot you can do, really. Are you sure the ones you sent letters to are the current holders of the debts ?? You can try a 2nd mailing, perhaps to higher-ups in the creditors organizations.

Before you go mortgage shopping, OPT OUT, otherwise the collectors will come out of the woodwork looking to get paid and then you'll be stuck with your back to the wall to get the debts paid before you can get your mortgage.

 

[ablessin]

If they don't respond to your offers, there's not a whole lot you can do, really. Are you sure the ones you sent letters to are the current holders of the debts ?? You can try a 2nd mailing, perhaps to higher-ups in the creditors organizations.

Before you go mortgage shopping, OPT OUT, otherwise the collectors will come out of the woodwork looking to get paid and then you'll be stuck with your back to the wall to get the debts paid before you can get your mortgage.

How do I go about OPT OUT?

I used the info for mailing that I got off my credit report, which Nothnagle had given me a copy of - I "assumed" that was the most current info.

I did notice that there were what seemed to be duplicate, like I had a CC and it looks like 2 credit collections have it on my credit report. Is that OK?

This was how I found out Chase bank had sold my account to 2 agencies, I had paid one, and ASSett acceptance was still looking to collect from me!!
That is all taken care of, by the way.

 

[Ladynred]

How do I go about OPT OUT?

If you go to one of the credit bureau's web sites, there is info there on how to OPT OUT and a toll free number you can use to opt out of all 3 bureaus at one time.

CRA's SELL information to all kinds of companies, including collection agencies, which is why they suddenly come creeping out of their caves when people start mortgage shopping. They PAY for 'services' sold by the CRA's to let them know when there's new action on your reports.

As for what's reported, there should be 1 entry for the original creditor and only ONE collection - the one that has your account NOW.

 

[ablessin]

If you go to one of the credit bureau's web sites, there is info there on how to OPT OUT and a toll free number you can use to opt out of all 3 bureaus at one time.

CRA's SELL information to all kinds of companies, including collection agencies, which is why they suddenly come creeping out of their caves when people start mortgage shopping. They PAY for 'services' sold by the CRA's to let them know when there's new action on your reports.

As for what's reported, there should be 1 entry for the original creditor and only ONE collection - the one that has your account NOW.

Thanks! I printed this for future reference. When it gets closer to mortgage shop, I will make that call.
It's very interesting