If the OC and a CA are both reporting an account on a CR, but the OC balance is $0, does that mean that the OC or the CA owns the debt? Thanks!
Feb 252011
Feb 132011
If Equifax concludes that a debt is yours(a collection account) does that mean that the CA reporting is the one who really does own it? Would I still DV to make sure the CA owns the debt? I realize now I should have DV’d the CA but I had a major brain breakdown on this one…it happens 
Aug 312010
I have CA reporting and I started dealing with the original creditor. I got all excited because OC said they would ask the CA to remove. Now, I read it over and I got nervous because she said she would “request” they remove it. Does this mean that it is up to the CA whether or not they delete the TL or since the OC still owns the debt would the CA have to honor this request or be likely to honor it?
Related Blogs
- Related Blogs on OC request to CA for deletion
- CBDT put burden on Taxpayers to persuade the deductors to rectify …
Aug 242010
Hello everyone, and thank you in advance for any advice. I have been reading on the forums that cap 1 is the worst to work with. My question is has anyone had any success in rehabing an old charge off with them. I know the chance of getting a PFD is like zero, but I was hoping that maybe I can work with them to reopen the card and rehab it. I have the money to pay the full amount, and Im hoping someone else has had success with this. The orignal limit of the card was 300, and now it is up to 899. The account was opened up in 06, closed in early 07, but I just starting getting charge off paperwork from them this year. I got a letter from a collections agency about the account, but cap 1 still owns the debt. Any help or advice is appreciated.
Related Blogs
- Related Blogs on Cap 1 question
- 5 Questions I've Never Been Asked: Benjamin Forster « Clyde Fitch …
- New Product Spotlight: Beer Savers Silicone Bottle Cap
Jul 152010
Hello All,
Â
It has been some time since my last post. I am committed to getting back to the 700 club! Here is my situation: I took a financial hit & thought my income would have recovered by now..NOT. I had pretty large credit limits. I had 2 investment properties, I was able to do a short sale on 1 & loan modification is pending on the other. I am under a reduced repayment program right now. My TU  credit report is showing the short sale as “Payment after chargeoff/collection,” EQ is showing it as “Bad debt/collection (repossession/foreclosure).  It is also reporting as acct pd for less than full balance. Is there anything I can do to update this? The property I am keeping I have been paying on my loan mod consistently & it is still reporting 120+ days past due. I have never missed a payment since I signed up for the repayment program.  Is there anything I can do to update this?Â
Â
In regards to my credit cards I had 1 Citibank (they closed & charged off bad debt) but they are still showing a balance on my credit reports. I have not heard anything further from them as to who owns the debt or what the next steps are… I had a Sam’s Club (they closed & charged off bad debt), balance showing $0. now Midland is showing up as a collection acct yet they have never contacted me. Any suggestions?
Â
My Discover & Wells Fargo I was under a 1 yr reduced/hardship plan. The time is up & my income is not back up, I can’t afford the minimum payments, credit card co has suggested I contact/enroll in DMP. How does this affect my credit because ALL of my credit card companies have closed my accounts.Â
Â
Jun 092010
Looking for some advice with an AT&T account placed into collections with CMI Group. I started to get letters from CMI, and thought it was some sort of scam, since I dont remember having a balance with AT&T. I logged into my account with AT&T and sure enough it had a zero balance. I emailed AT&T to make sure everything was ok and and got a response the same day. A rep said that the account was sent to collections on 12-2-09 and transferred to CMI and the balance shows zero. The rep said I can contact CMI and discuss the amount owed or submit payment to AT&T and they will contact CMI to notify about the payment.Â
Â
Correct me if Im wrong, but that sounds like AT&T stil owns the debt and CMI is just collecting for them. I sent an email reply and asked if they would be nice enough to contact CMI to remove any negative reporting on my CR after I submit the payment in full. That was sent today and about an hour later I get a response with a friendly no. And this is what the rep claims
Â
“Unfortunately at this point, the only thing that will happen after you make the payment for the $193.29 payment is that your account will be marked paid in full for seven years before being removed. Having a paid in full on your credit history is better on your credit score than the current status of unpaid. If you have any further questions or concerns, please contact us”.
Â
Does this basically mean im screwed for the next 7 years? Even if I submit the full amount, wouldnt this still affect my credit for the next 7 years? I dont believe the payment being marked paid in full really helps or am I wrong?
Â
Â
Â
Mar 112010
I was just curious, so I can understand all the wording and can come up with come-backs if necessary:
Â
First and foremost the best route to take is send a DV letter, then a PFD letter. In the DV letter, we ask for validation of the CA owning the debt, right?
Â
In Tuscanis (awesome) PFD letter sample, I have a question on the first paragraph phrasing:
Â
This letter is to inform you that the validity of this debt is disputed. I am not sure of the account number, as I have never heard from you regarding this account. The account number I have is the one listed on my Experian credit report – which omits the last few digits.Â
Â
But didn’t we already establish the validity of the debt, when we sent and received validation of the debt? I know we can tweak the wording as far as “never heard from you regarding this account”, but how does the CA take it when we send letters of DV, then replying with a PFD stating again we dispute it?
Â
Am I reading too much into it and the main purpose of the DV letter is to make sure the CA owns the debt, then we PFD and state although the CA does own it legit., we ourselves dispute the amount and circumstances that led to having a CA own this particular debt?
Â
Just trying to clear some thoughts up. Thank you!
Hello,
Â
I’m trying to get my girlfriend out of financial trouble. She has two accounts that currently went into collections. The credit card company, Citibank, still owns the debt. They will no longer deal with her directly and just give her a phone number stating it went to legal. The credit cards debt totals $5500. The account is currently at 112 days delinquent. My plan is to loan her the money to payoff or settle the debt. She will then make monthly payments to me. We are in the process of pulling her credit reports now. Here are the steps I would like to take:
Â
-call the collection agency to notify them that we are in the process of resolving the debt, but we would prefer to handle all communications in writing.
Â
-Send a written pay for delete letter
What are my chances here? I can see an old collection debt being removed, but what about a debt still owned by the creditor? Should I even attempt a PFD letter?
Â
-If the pay for delete letter fails, I will try to settle the account and have her credit report state Paid In Full
Â
We tried to have the account pulled out of collections and reinstated to no avail. She is willing to pay the full balance if that is the best route.
Â
What is the best course of action to take at this point? Will it make a huge difference, if we can not get this resolved before the 120 day mark?
Jan 282010
Several years ago I had a checking account with a bank in CA. I rarely ever used the account. I was in a car accident and for several months my daughter took care of the bills for me. Anyway the account was overdrawn I believe by only a few dollars. I didn’t realize it so fees started adding up. The account was closed by them and now reports on CR. The amount is now $287.00. I am sure it is all their fees compounding on top of each other. I am willing and able to pay this just to get rid of it but I am seeking advice on the best way to handle it. My goal is to have the entire TL removed. The OC owns the debt and I have not heard from any CA. The thing is they are reporting it as an installment account with a past due amount of $18 every month. This is obviously wrong reporting. It is causing my scores to be held down because it appears every month that I have an ongoing past due account. So I think I have several approaches and I’d love feedback on what you think is the best way.Â
I can DV them. ( I live in AZ and I can by state law DV anytime).
I can send them a GW letter explaining the situation and ask for PD.
I can send them a GW letter asking for a PD and also point out that they are reporting it incorrectly.
I can threaten to sue them for incorrect reporting and hope they remove the TL.
I can sue them.
What do you think? I really want to just get it removed. I’m not inclined to go to war over it but I will. Do I play nice at first or should I get aggressive from the beginning? I am not under any real time constraints.Â
Thanks in advance!