Well, I just received two letters back, one from a CA (RJM Acquisitions) and another from an installment account I have. The letters I sent to both companies didn't work. I sent a Goodwill letter to remove the delinquent marks, since I have been making payments on time for about 5 months, but they said, "We have researched the account and found no errors...therefore we are unable to remove any delinquent marks from this history". And the CA sent me back a form with settlement options. That isn't that bad, the options are actually reasonable, the only problem is after I finish paying the account, it will how as " Satisfied in Full". Do anyone have any suggestions on what i should do from here. Im feeling really discouraged!!!!
Well, at least you tried with the GW letter. The fact that you've only been making on-time payments for about 5 months didn't help your cause. You probably would have needed a much longer history of on-time payments to prove that you deserved to have the late pays removed. You could always wait awhile and try again. I would counter the CA's offer seeking a "Paid in Full" status instead of "Satisfied". "Satisfied" is basically the same thing as "Settled" and will continue to negatively affect your credit scores. At least the CA is providing you with some reasonable payment options though- that shows they're willing to work with you.
I think I will try again towards the end of the year with the GW letter. I know that I will be making my payments on time so hopefully they will be more forgiving next time.....Thanks for the advice about the CA, I wasnt sure which route to take with them. So, how will a "Paid In Full" status affect my credit and score? Also I just received a letter from a retail card that I had years ago from Nordstrom. They advised me to call and speak with some one. They didnt include any of the information that I requested from them. I actually want to pay that debt back and see if they are willing to give me a new line of credit. Should I call them? Or should I only speak with them on paper?
"Paid in Full" is better than having a "Settled" notation on your credit reports. I can't tell you exactly how your credit scores will be affected because there are so many other variables at play, but the general idea is that you want to avoid any type of "settlement" or "satisfied" notation if you can get the CA to agree to it. "Paid in Full" is a good option to go for if they simply won't agree to any type of PFD after several attempts. Regarding Nordys, you may just want to give them a call to determine if this debt is still being handled in-house or if it's been sold to a CA. Once you find that out, you can devise your strategy from that point on.
Hey guys, I just wanted to say thank you for all your help! This process is very new to me and I really dont have much knowledge about credit repair, so thank you again for all of your help, advice and support!!!!! The lastest on my situation is, I received a few letters back from the DV letters I sent. It's been about 30 days and I havent received anything from the other companys I sent letters to for my husband and I. What should my next step be considering the fact that its been 30 days and some of the companies havent sent me anything at all???
If the CAs haven't responded and are still reporting the debts on your credit reports, you may want to try sending a copy of your CMRRR, a copy of the first letter you sent and a statement that they have not complied with the FDCPA. Request that they immediately remove the collection from your credit report as they are in violation of the FDCPA. Then wait and see what happens.
Im still getting to know this subject, so can you let me know what CMRRR is, sorry I still havent received any validations from the CA's. Who exactly do I request the deletion with, the CRA's or the CA's? It doesnt make sense to me to request deletion with the CA's, they havent even sent back the information I requested, so that would seem like a dead end, right? Please walk me step by step through this because I DESPERATELY need the help..... Thanks creditnet fam!
CMRRR is Certified Mail Return Receipt Requested. It'll allow you to keep track of exactly when your communication is received by the CAs. As far as requesting deletion goes, a good place to start is to dispute any inaccurate information through the CRAs. They will delete if something can't be verified. On the other hand, if a CA hasn't responded to your DV request, I would think about taking the route I suggested in my previous post.
I have good news (I think)!! Today I got a letter in the mail from one of the CA's I sent a DV letter to. The debt by the way was $938. So the letter says, "Our Client reviewed the account....in the interest of customer service, this account has been removed from collections.....A request was sent to the 3 CRA's to have account from your file". So Im assuming this will no longer show on my CR. But is there a chance that another CA will buy this debt? Also how much of a difference will this deletion of debt be to my credit and score?
How old was the debt?The older it is, the less impact it will have.Also if you have alot of other debt that could make it go up less.I had a CA get delted and it boosted my score by like 25 points.On the other had I had an account that was about 15 years old.It was a charge off and it droped my credit score,b/c I lost the lenth of that credit.So it hard to tell.Could get sold,but probbaly wont.
This is good news- you should see the collection disappear from your credit reports within the next few months. Like Juss11 said, it's tough to say how much of an impact this will have on your credit scores because there are so many other factors at play, but it should be positive.
Thanks for all your help again guys....I'm beginning to be more optimistic about this process. Since I've come to terms that this process is hit or miss, I will continue my journey!! So my new question is in regards to 2 credit cards I had. One is with Nordstom and another is a "rebuild credit" type card. Well I have recieved a letter from nordstroms saying that they can't validate my information because my original signature wasnt on the DV letter I sent them. I really would like to settle with them and re-open the card. I know thats wishful thinking considering that fact I owe them $1100. Do you all think thats a possibility? The other card I owe about $400 bucks. I would also like to do the same with that card. The balance is so low I dont mind paying it but I want to keep the card. I checked myfico report and it showed that the First Premier card was reported late for 2 months which was in Jan/Feb of this year, but the months after that are in good standing. I dont understand how that's so, because from my understanding the account was sent to collections and I know for sure I havent used the card nor have I made any payments on it! So what should I do about that??
Regarding the Nordstrom credit card, what's the current status of this account on your credit reports? Is it in collections? It sounds like the debt is still with Nordstroms, so you'll need to negotiate payment with them. I wouldn't count on getting the account reopened if it's already been closed due to nonpayment. I wouldn't count on getting First Premier to reopen your card either. Have you received any communication from the CA that has the First Premier account? Have you sent them a DV letter? Please provide some more info. and we'll be able to give better guidance.
