Is this a legitimate company?? I read some scary things on this site... I received a letter earlier this month stating that I owe almost $5, 000 in debt from a card opened up in 1994. (Foolish college student!) I spoke with them today and they said they can settle it and provide me with documentation that it has been settled if I send in a payment of $1500 by July 31st.

I told them that I was 99% sure that I had resolved all my debts and nothing shows up on my credit (having bought 2 homes in the past 6 years... they explained that not all lendors dig back that far and not all creditors report it...). They had all my old addresses and provided me with the last 4-digits of my SSN. I did not give them any of that.

They said a payment of $200 was made in 2000 and that was it... if I remember correctly, I thought that payment was to clear everything! But I have no documentation of any of this...

They also explained that this is a secondary line of credit (apparently I paid off a visa... but was then given a MC and this is what they are collecting on.) The company passed my account to another collection agency which then sold my account to these people...

Any advice is greatly appreciated.