If you receive a letter from a collection agency regarding a really old debt, you can ignore it (if it has already dropped off your credit report) but doing so will mean they will continue to send letters every year no matter where you move to. It also means that they have access to your credit report (as a soft inquiry). If you want to be rid of it once and for all, you must be very careful as to how you proceed: Here is a suggestion: Get a free copy of your credit file and be sure the debt in question is no longer being reported. Send–via certified mail–a copy of the letter you received along with something to this effect: Dear Sir or Madam: I am willing to settle the balance of my Time-Barred Debt referenced above for $xx.xx as full and final settlement of the disputed debt originally owed to (name of Bank). (The amount you offer them can either be their offer or a lesser amount–whatever you can afford) By accepting this letter of settlement, you agree on behalf of (Name of Original Bank) and (Name of Collection agency) to the following: 1) You agree to accept $xx.xx as an agreed full and final settlement of all outstanding charges/fees on the disputed account referenced above. 2) You agree to cease any and all attempts to collect this debt in the future, either directly or through a third-party. 3) You agree not to sell any part of this debt to a third party since you now recognize this account to be “settled as agreed.” 4) As a time-barred debt, this account no …
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