I just called a collection agency and the guy told me he wouldn't talk to me if I continued recording the conversation. What should I do? I was requesting that I get complete removal of the collection account from the credit bureaus and not just "paid in full" (from what I hear, that doesn't do a lot of good to improve credit score, you need to have it completely removed). They told me that they could not do that (saying that FCRA does not allow them to) and when I asked to speak to a manager, they told me that they wouldn't talk to me unless I had the recording off. I told him I wouldn't do it and I would have an attorney contact them. I figured that he didn't want me to record it because he obviously was going to use tactics that go against the FCRA, probably the threat of lawsuit with no intention of following that up.
Many agencies will not remove it as it is a valid tradeline. Also, many agencies dont record the calls but may monitor them.
That's interesting. So tell us how much they get paid by the credit bureaus for each valid tradeline they report? Oh, they don't get paid? Then they must get to do it for free and get brownie points instead of payment, right? NO??? Don't tell me they have to pay a fee for that "priviledge" while the credit bureaus also get paid every time a creditor pulls a credit report? Surely you won't tell me the credit bureaus get paid coming and going???? Then they won't mind if the consumer has someone monitor the call too. I have two monitors. Miss Sony and Miss Olympus.
I was referring to Miss Supervisor or Mr. Attorney. ha! We have to pay each time we list a tradeline on the report as well as pulling the report.
Mr. Attorney is not all that far from Miss Sony or Miss Olympus. They are close friends. Mr. Attorney just loves those two chicks.
I just listened to my recording of the conversation I had with the lady from the collection agency and she actually told me that it would be "against the law" for them to delete information from the credit bureaus. There's no such law, right?
There is no such law. They have a contract with the credit bureaus that covers that. Many collections employees simply don't know or understand the difference or they say that because it is easier and more convincing to say there is a law against deleting information.
cap1sucks Thank you for your help, I really do appreciate it. I've been learning a lot about credit, since I've done a horrible job managing it in the past. Anyways, do you think I should call back the CA and take the "Paid $0 balance" that will be reported to the credit bureaus? I wrote an e-mail to supposedly high-up people at Cavalry (got'em from another site, mwarren@cavps.com abrown@cavps.com, rlewis@cavps.com, abrothers@cavps.com Mr. in charge dstrauch@cavps.com part owner, ttipton@cavps.com over all sites. Not sure if they're legit or not) stating the situation. Also, they can't revoke a settlement that they've made to me just because I called and demanded that collection account be removed, can they?
collectman, that's exactly what I stated in the letter and the conversations to them! Now, the SOL on this account will reach it's 7 year term, starting with Experian in August of this year. I stated that I am totally willing to pay BEFORE the SOL is up as long as I can get this deleted. So, why wouldn't they take the money and delete the account rather than risk not getting any money at all once the SOL runs out? Thank you for your help, seems like you're an "inside" man!
They can still sue you until that SOL is up that month, if the SOL is already up on the account, under state law, then you have a better position to deal with them. I have never worked at an agency that will agree to delete the tradeline, not that I have a say in the matter. Usually after paying you can start disputing every week and one of those times they might forget to respond and it will be removed. Im not saying that is the way to do it but it might be a alternative when they say no or refuse to do so.
Good advice. I remember yesterday when I told them that if they didn't agree to delete the account, that I may just not pay and wait until the SOL was up. She then asked (and this is almost in direct quotes), "Are you saying Mr. Robinson that you will not pay the $1200 and will wait for the SOL to reach it's term?". I had a very sneaky feeling that this could be held against me in the court of law. Know this I said, "No maam, what I'm saying is that I would like to pay the $1200 if I can get this account deleted". I think I may have covered my butt by saying that. It does appear that most CA's are not willing to delete an account. I'm a little timid now to call back to ask for the "Paid $0 balance" because it may appear that I'm desperate (the only thing that I'm concerned about is going to court, not the credit). I still have the original settlement in writing, they would still have to honor that, right?
You calling back now gives them the advantage that you are trying to get something. Someone who is persistant on either 1. paying off in full or 2. requesting it deleted needs it off their credit usually to get a car/house/loan.
Yes, but I still have the orginal settlement offer. It states I have until March 10th to pay the $1200 settlement offer and that once I do, it shall be reported to the credit bureaus as such. I have been told that this is a legally binding contract and that they must honor it until the deadline that they set. I also was informed that by me calling, it is giving them an advantage and the actual reason why the women yesterday asked me if I wanted to not take advantage of the $1200 settlement offer was not for legal reasons, but so she could void the contract and reinstitute the original terms. But by me not saying "yes, this is correct", it still legally binds them to the contract. Do you agree?
They have to honor the letter sent to you for 1200.00 due by 3-10-07. If you haven't reached an arrangement by that time to have it deleted from the CR then the full balance will be due and it is unlikely they will settle for that low again, until it is out of stats. How much savings are they offering you if I may ask.
Let's just say it's about a 75% savings. But that was a secondary reason, my real goal was just to start cleaning up my credit. That's much more valuable in the long run than the money I would save. I'm not trying to buy anything, it's just been something that has been weighing on me for some time.
They are settling the account for 25% of amount owed? That's a very good deal. Next time you call ask for one of the higher ups that you sent an email to. Unless they are a supervisor the person you speak with isnt able to make that kind of agreement to remove the tradelines. If you are just speaking with a regular collector you're waisting your time.
That's a good deal? In one sense, yes it is. Yet, one should ask themselves, "Why are they willing to reduce it so much?" Is it because they have no proof of the debt and are willing to reduce it because they know it is a scam? Is it because it is well outside the statute of limitations for bringing a lawsuit? Is it because it is outside or nearly outside the reporting SOL? Then another question is, "If I pay this how much will it hurt my credit scores?" The older a debt is the less it impacts credit scores. Then another question might be will the debtor incur any 1099 tax liability as a result? Might turn out that the only good deal is the collector meeting his bonus.
A higher up actually just called me. Now, he's given me a THIRD different way they will list it on my credit report. He told me it way say "Disputed - Settled". I had one woman tell me last week it would be stated "Paid Zero Balance" and then yet another woman tell me on Monday, it would say "Paid in full for less than entire amount". Are any of these better than the other or should I just tell the guy where to shove it? I recorded both of the other conversations. Oh, I totally forgot. Listen to this little trick he tried to pull. He told me that if I paid the FULL amount, then they could change it to a "paid" status on my credit report! How much of an idiot does he take me for???
