by shughes » Thu Mar 06, 2008 03:46:43 PM
I "bought" a laptop when I turned 18 in 2003. It was a deal of no-payment no-interest for 6 months (or 1 year , I can't remember). I never received anything from the laptop company (MDG computers). Not a bill or a notice or anything. I moved to school a few months after I bought the lap top, but my father still lived at that address, and I still got nothing. I moved once a year for the next five years. (One year leases) I changed the address on my driver's license and with my bank every time. One time I even changed it with the courthouse. I still never got anything.
I thought I had bad credit because of outstanding student loans that I missed payments on, which are now dealt with.
So now I'm trying to buy a house and this "Wells Fargo" report is on my credit report. ( I don't actually have a copy, a real estate broker was nice enough to tell me what was on there) and apparently I own them $3500.00
So I called Wells Fargo and they said it went to a private collection agency, and they said the balance was $7500.00, I asked which one, but they couldn't tell me cause the "Credit" department of their company was closed and I would have to call then tomorrow, and they gave me the 1-800 number to call.
So questions:
- Is there anything that I can do? They didn't contact me for 5 years! and now I have tracked them down.
- Is there anyway I can get it off my credit report quickly, I am trying to get a house.
- Do I really have to pay the $7500.00 to make it go away?
- If I start to pay it, will it "reset" the 6 year rule?
- If I start to pay it, will it get off my credit report?
- Should I just ride it out for one more year? I really don't want to, but will I get a clean credit report if I just wait one more year?
- did I already screw myself by calling Wells Fargo?
Any help is appreciated.