Hey all, I sent an accord and satisfaction to a creditor (USAA Fed. Savings Bank) stating that if they cashed my check, they would be bound to delete their listing from my credit reports. They only show up on Equifax. After they cashed the check, I sent a dispute to Equifax stating that USAA had entered into an accord and satisfaction agreement with me to delete, and that they must delete the account immediately. They verified the listing as "the creditor has verfified that the account is not paid in full" DUH. I didn't say it was. I said the A&S was for deletion, not settlement. I haven't sent anything to the creditor yet because I believe they are allowed to send the money back and opt out of the agreement within 90 days. They cashed the check on April 8th. My plan is to try to get the item removed through Equifax and hang low with USAA until after the 90 days has passed and they can't back out of it any longer. Has anyone had luck with this type of strategy? I know the A&S is legally binding, but I don't know what I would have to do to enforce it. This is the topic I talked about in my other thread titled "Equifax wants me to call them" Any ideas would be appreciated.
A few thoughts for you: Someone here posted a letter from Equifax to its affiliates a few months ago (I couldn't find the link just now, but maybe someone else will) in which they blasted both affiliates and CAs for agreements which trade payment for deletions. Basically they went on and on about the "integrity of the reporting system," etc. To summarize, Equifax -- and probably the other two CRAs as well -- doesn't think that payment is an adequate reason to change the historical record they maintain. I don't know of a court case where a CRA was bound to uphold the substance of an accord and satisfaction agreement, although perhaps someone will clarify the matter. Finally, you're probably going to have to work on your CA to enforce their end of the A&S. Most likely, you're going to have to go to court to do it. I realize these aren't happy observations. Doc
