My co-worker had an old Citibank account that was sent to Asset Acceptance in October 2010. The account was eventually charged of and she was sent a 1099C. Im assuming that the account went back to Citibank. My quesion is shuld she try to have the Asset Acceptance Collection removed since it was sent back to Citibank?
Mar 222011
Mar 222011
I called the collection agency that had the account, but they said that Direct TV took the account back. What does that mean?
I have a repossession that will expire in Sept. 2011, but I need to start making payments for the sake of maintaining my security clearance. If I start making payments on the account, will it extend the seven period to 2012?
Mar 072011
I have a charged off credit card that is about fall off my credit report in June.  Will the corresponding Collection fall off too or do I need to wait 7 years from the time the account was sold to the collection agency.
Mar 062011
I had an old GE Card from 2005 with a low balance (around 300) I got a call from Midland Credit wanting to settle the account. We settled for 150 and i paid them over the phone. The account was due to stay on record until 03/2013. I’m hoping i didnt reset my SOL. If i did, does that mean that the account will be on my report for another 6 years? (thats the SOL in Michigan) If thats the case, has anyone had success with a GW letter to Midland? ThanksÂ
I have an old Chase account for 5k, which was charged off approximately three years ago, but while the charge off is being reported, there’s no CA showing on my report, and I haven’t been contacted regarding the account for at least two years. I have no idea what CA might own the account or what the outstanding balance might be. I’d like to get the information I need to begin working toward a settlement, but if my account somehow fell through the cracks, I don’t want to bring it to their attention. Any suggestions?
Thanks for your time.
Feb 252011
My most recent Equifax fico score, per score watch, is 629 and I recently settled a Cap One charged off account. My utilization prior to the last payment was 97%; once updated to zero balance, my utilization will be 5%. I’m curious as to how much of a score increase I can expect.
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I’m not worried about the DOLA updating because I’ve been making settlement payments over the last 5 months. And yes, Cap One has agreed in writing that the account will be settled in full for the 50% payment and that I’ll received a 1099-C for the amount forgiven.
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Any guesses?
Feb 202011
I currently have an account that has been charged off as bad debt, and is due to fall off my report in July/August of this year. If I repay the account in full, or make a payment plan agreement with the creditor, does that mean that the account will stay on my report for an additional 7 years? I’m assuming that it’s better to have the account paid off in full and request that they report it as so with the reporting agencies, but is there really a benefit to this in the eyes of creditors who check my report between now and the time it falls off (if it does fall off)?
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EQ 639 TU 649
Feb 182011
Dealing with LVNV again…
Their letter in response to my DV sent to them in April 2009. I’ve been working on other things on my report and now have found my way back to them and starting thinking about this so-called validation.
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“Account #7987….for (me) acquired from GE Capital is now owned by LVNV Funding, LLC.
At the time the account was acquired fro GE Capital, GE Capital advised that the balance owing was $785. Since that time, additional interest, fee, payments, credits, and offests, if applicable, have been allowed, for a current balance of $968.”
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If this isn’t a validation, can I send a request for deletion the CRA with this letter or do I have to have a current DV?
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Side note: Lvnv doesn’t have this account anymore. Now a collection lawyer has it. This is due to fall-off 10/2011 but I’m afraid it will come back and haunt me.
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Suggestions?
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Feb 142011
At the age of 18 in 1999, I went to college and there was a Discover Credit Card in my student mailbox. I activated the card and began makiung purchases. The card had a $1000 credit limit. Either myself or my aunt always made the minimum payments. Well, at some point due to financial problems we both stopped making payments. In May/2007 I was was served with a civil summons to appear in court regarding the debt. To make a long story short, Discover won a judgement against me and I had to setup payment arrangements to keep them from garnishing my check. I have made 57 payments totaling $4, 097.13 which means I have paid the $1000 limit 4 times!!!! They still say I owe them $4999.18, which is all interest and fees. I can’t even believe that this is legal. This judgement isn’t going any where as the account continues to accrue interest eventhough the account is over 10 years old. I am facing great hardships in dealing with this. I have been denied credit and have been forced to move back home with my parents as no one will approve me for anything with this judgement on my credit. At this point, I feel Discover should forgive the remaining balance as I have paid for everything I received. I can’t file bankruptcy because this is the only major debt I have. Does anyone have any suggestions on what I can do concerning this very old debt which has caused me all types of problems 11 years after the account was opened.Â