I received a notification from Vital Recovery Services in July for an alleged old bill that I didn't pay from March of 1999. I had several old bills that I didn't pay from that same period that were on my credit report and I negotiated payment with all of them to try to rebuild my credit score. I have been successful. Now this bill pops up. If it is what Vital Recovery Services say it is, it was sold from a bank to a collection company who reported it as a credit card account transfered or sold and with a 0 dollar amount and it has not negatively impacted my credit report. Vital Recovery Services company told me if I paid 50% they would report to the original debtor as a paid for negotiated balance account but they would not guarantee that it would not be reported to the credit bureaus. They have threatened to report it in August. I sent a dispute letter to them in July and they never acknowledged in writing they received it and are offering now 30% payoff. They have been calling from 800 numbers and other 412 area code numbers incessantly. If this bill is what Vital Recovery say it is, the 7 years since I haven't paid is reached in a month or two and the 7 years since they sold it to First Select is in May of 07. The woman at Vital Recovery Services said they don't report to CB's. It sounds as if it doesn't behoove me to pay this because it might get reported if I do???
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.