Collection Agency stole my money

Discussion in 'Credit Talk' started by robinrenee, Apr 24, 2005.

  1. robinrenee

    robinrenee New Member

    I settled with a collection agency to pay off a "charged off" account with Bank One. I made sure everything was in writing. They agreed to 60% of the balance as payment in full, and also agreed in writing to remove all negative info from my credit reports. This was paid 11/7/03, the check was cashed on 11/27/03, but nothing has happened. I have sent many letters, certified, overnight, the Collection Agency, and Bank One refuse to respond.


    Do I just kissed $2900.00 good-bye, please let me know what I need to do. The Credit Bureaus already verified the dispute, and say I own the debt.
     
  2. jenz123

    jenz123 Well-Known Member

    Hell NO! I wouldn't write $1 off!

    take them to court - and i hope the legal experts will jump in - but i see breach of contract, and violations of the FCRA.
     
  3. LadyDeb

    LadyDeb Member

    Robinrenee, may I ask what type of letter or strategy you approached to get them to agree "in writing" that they would REMOVE this from your credit report. I thought you could pay a debt but they will only show it as being satisfied - no removal. I have had several negative items on my reports for years. I made many credit mistakes very young and then got frustrated because of the CA abuse. I have been a cash buyer for years but now I realize the value of good credit and high scores so I am determined to get mines their. I still do not want a bunch of credit cards but I am willing to open them with a credit line (once i get to that milestone) and then put the money into an account that will automatically make the payments. Hopefully this will help me build a payment history since I hear that just opening accounts that you never use does nothing for your score.

    Anyway I have a long road ahead of me. Since I'm new to this board and havenâ??t gotten enough feedback on my issues, I thought I could ask you how you did it. Thanksâ?¦

    Bumbed out by this whole bad credit deal...
     
  4. jenz123

    jenz123 Well-Known Member

    its often called pay for delete or PFD. you pay them only if they agree in writing to delete the negative item. i think there may be a letter in the sample letter forum.
     

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