• 0 Posts
  • 237 Comments
Joined 2 years ago
cake
Cake day: June 13th, 2023

help-circle

  • As far as I can recall, there will simply be a note on your credit report that the collection is contested. For the small credit union where I worked, contested or not, you were disqualified for all loans and credit.

    I haven’t worked in that industry in 15 years now, but I don’t imagine much has changed.

    I hate our credit system and I think it needs to be torn down. It’s predatory and we don’t even attempt to educate people about how it works (or we didn’t when I was in school).




  • As a former loan officer, I would caution against leaving unsettled debt even if you’re in the right. They can and will report you to a collection agency because the agency buys that collection amount from the rental company (and hope to get to collect more than they bought the debt for originally).

    It doesn’t actually cost the rental company anything, but it will damage your credit (and contrary to popular belief, no collection records just disappear from your credit history). You’ll also then have a harder time finding new housing.

    OP, talk to a lawyer.



  • “A way out west there was this fella, fella I want to tell you about, fella by the name of Jeff Lebowski. At least, that was the handle his lovin’ parents gave him, but he never had much use for it himself. This Lebowski, he called himself the Dude. Now, Dude, that’s a name no one would self-apply where I come from. But then, there was a lot about the Dude that didn’t make a whole lot of sense to me. And a lot about where he lived, like-wise. But then again, maybe that’s why I found the place s’durned innarestin’.”




  • You can. It’s incredibly generous of you to do that!

    You’ll need to know his account number and where the payment gets sent. It might be difficult to get this information quietly though.

    Usually you’d want to call the company that is servicing the loan and ask them to calculate a payoff amount as of a specific date. That way when you make your payment, all outstanding interest is paid off as well as the balance.

    That company may not give you this information depending upon laws and policies. Since you’re not the person they’re contracted with for the loan, it’s possible that they won’t. I don’t expect that to be the case though.

    I used to be a loan officer / underwriter, but I never dealt with student loans which have different laws governing them, so this is the best info I have to share (it’s also been 15 years since I did that work). I used to give payoff amounts all the time to other people and organizations though. People refinance their loans all the time, so it’s very common to give out that payoff calculation when the requester has the account number and name of the loan account holder.