I'm new to this and trying to straighten out old credit issues. I have three old accounts that were charged off and I am working on paying those off. My question is, one of these accounts shows up numerous times on the same report. It is the same account information each time. Are they allowed to make five seperate entries of the same item? Any info is greatly appreciated. whyspers
No. They can not unless the CA does not own the debt. Ok, Creditor 1 assigned the debt to CA 1. CA 1 could not collect, so they assigned to CA 2. Creditor 1 still owns the debt and they are allowed to report it. CA 1 cannot report, since they have nothing to do with the debe anymore. CA 2 can report the debt because they are actively collecting on the debt. Another Scenario: Creditor 1 assigned then sold the debt to CA 1. CA 1 could not collect so they assigned then sold to CA 2. CA 2 is collecting on the debt so they can report. Creditor 1 and CA 1 no longer own the debt and they cannot report. Clear?
No, this is the same collection agency that has had the account. They have never tried to collect on it, but I am trying to clean up anything negative, so I called them and made arrangements to pay it off. When I pulled the report, it showed up four or five times...all but one of which was from the same collection agency and the original one was from the credit card company. How do I go about getting all of these entries consolidated into one? Thanks!
Dispute with the CRA's as duplicates. That should take care of it. I hope you got something in writing that says they will delete in exchange for full payment before you started paying. Otherwise it may be on there for 7 more years. If the debt was from before 1997, payment constitutes activity and resets the clock. If you didn't, STOP PAYING!!!!!! Your money is the only leverage you have. Send them a letter saying that if they want the rest of your money, they will delete all entries associated with that account from your credit reports. Good Luck.
Okay, now I'm confused. I didn't know they WOULD remove an entry if you paid it. I thought there was no way to remove an entry on a credit report once it was reported as delinquent. The debt was from either 1995 or 1997, I can't recall which. It is now showing as a charge-off. They offered me a settlement for 3/4 of the bill. They said it would not come off the report, but rather it would show as paid. I am not due to make the first payment until the end of October. Did I do this wrong? Thanks again for all of your help.
DON"T PAY!!!!!!!!!!!!!!!!!!!!!!! Send them a letter, look in the sample letters section, there may be one there you can modify to use. They will tell you that they won't remove it, but lots of people here have had experiences where they paid in eschange for deletion. You hold the cards here. You have what they want, and they have the power to remove this entry from your credit reports. The other thing you can do, is search for payment for deletion letters using the search feature. Good luck
I believe the creditors or collectors who sold the account can report the account as "sold or transferred".
No they can't. it's illegal. I got a discover chargeoff off because they didn't own it anymore. Hasn't popped back up in 2 years.
Hmmm, I have a charge off that was just changed to sold or transferred. It is also being reported by gulf state who bought it. I called the cra and was told yes it can be on there twice as long as one of them shows as being sold or transferre..
Okay, lol, here is what is happening. When I made arrangements for a settlement yesterday, I was not aware it would come off my report in just a few months even if I didn't pay it (seven years will be up from the date of delinquency). I gave them three check numbers and the information and the payments start coming out at the end of the month. Now if I stop payment, will this debt come off at the end of the seven years? I tried calling the collection agency and they got really nasty saying they can report it forever and it isn't true it won't come off at the end of seven years and they can continue reporting it for as long as they want.
I think you learned your lesson here. Never do anything over the phone. Stop payment on those checks, let the account fall off. They violated the law when they told you that they can report it forever. As a matter of fact, pull your reports in about 4 weeks and see if they reaged the debt. if they did, sue the pants off of them.
Thank you! I stopped payment on the checks. I just want to make sure they can't reage the debt because of those checks even though payment was stopped. I don't want to end up in a bigger mess than I am already in. I haven't received a call from a creditor in years and don't really want to start getting them now from Gulfstate, but naive me gave them all of my contact info! The date of last activity showing on the credit report is 2/96 so by my calculations, the SOL should run on 2/2003 (made a mistake, thought it was close to seven years, but looks like I have a little over a year to go for this).
Write a letter for payment for deletion. if they take it, great. If not, old chargeoffs don't really hurt your score anymore. So, just let it fall off. Good Luck!!!
Well, when they start calling you, be sure you tell them that you don't discuss such matters on the phone and that they will have to make all contact by U.S. Mail from now on. That way they won't be so likely to badger you into more bad deals. Erica is pretty well telling you the way it is although I most definitely don't agree with paying them anything. I always say you should never pay a bill once it has gone to collections. And the reasons I say that is exactly what Erica is telling you. Why pay and get nailed for a hickey on your credit report? Don't make no sense to me when you can do other things. But all that aside, Erica is telling you straight.
One more quick question...If information is supposed to fall of after seven years, why do I still have a JC Penney account on there with the last activity of 7/92? Its not a bad account so I don't mind, but would still like to know why it is still showing up if everything is only supposed to be there for seven years. Thanks!
OK I have a charge off that was sold or transferd to wells fargo they then sold or transferd it to another agency and so now it shows three chargeoffs for the same account but they have different account numbers on them I disputed them but they came back verified any advise on this mess, Thanks Pam
