To pay your collection debt, follow these steps:
- Contact the collection agency:
- Search online for the agency's contact information and give them a call
- If you can't find their details, contact the customer service department of the original lender for this information
- Verify the debt:
- Confirm the amount owed and that it's your debt
- Request written verification (if necessary)
- Discuss payment options:
- Ask about full payment or a payment plan
- Inquire if they offer any settlement options
- Choose a payment method:
- Common methods include check, money order, or electronic transfer
- Avoid giving direct access to your bank account
- Get everything in writing:
- Request a written agreement before making any payments
- Ensure it includes the payment terms and that the debt will be considered paid in full
- Keep records:
- Save all correspondence and payment receipts
- Follow up:
- After paying, ensure the collection is marked as "paid" on your credit report
Remember, you have rights when dealing with collection agencies. If you're unsure about any aspect of the process, consider seeking advice from a credit counselor or financial advisor.