Paying off derogatory accounts

Paying off derogatory accounts
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My apologies should my post be repetitive to someone else’s, however in the effort to shorten my time and streamline this process, I have a quick question.
I have (5) derogatory/Collections accounts on my credit, the earliest being back from 2013, 2014, 2015 and (2) in 2017. How would I go about reaching out to these companies in order to arrange a pay off in order have that reflect in my report that I have paid them off?..In Nerdwallet, it only gives abbreviated company names, not sure if it’s an actual company or collection agency. I’m not sure who exactly the company is that I owe to, but how would I go and locate these places I owe money to in order to settle the claim?


Hi searie,

Welcome to the community! To save you some time, let’s get straight to the point. Before you pay off anything, read this story on how to deal with debt in collections. You have rights as a consumer, and it’s better to know what they are before you take any action.

Also be sure to check all three of your credit reports (you can learn how to get a free copy of the Experian and Equifax reports here) to see if the same debts are listed on them, so you can tackle them together. The contact info for all your creditors should be listed on the credit reports you get online.

To find out more about a company or mark listed on your report, I’d recommend doing a quick online search for the company’s contact information. You’re also welcome to post the abbreviations here and we can help you figure out who the companies are.