Hello... Thanks for the great service you offer on this board...here is my problem in a nutshell. In 1997 I ran into a great deal of personal problems, which resulted in a charge-off Bank of America Master Charge for the amount of $6100. A company in Tulsa, OK called CFSConsumers Financial Services, Inc.) was servicing the account. I asked them to verify the debt and then CFS went bankrupt!! The credit report lists this as a charge off in 1/1998. I have receieved no additional collection attempts since then. If I want to clear this account, what do I do? Just sit and wait? What is the probability that they will eventually collect?
Re: Bank of Americ Master Char Try disputing it as "PAID IN FULL" see what happens. IT MAY BE LOST IN LA LA LAND...
Re: Bank of Americ Master Char Most likely, CFS purchased this debt from BOA for pennies on the dollar. Collection agencies then buy and sell old debts to each other all the time. So, there is a possibility that even though they went BK they may have or could in the future sell the debt to yeat another collection agency. However, you are in good shape. You can get this off your credit file by disputing it with the CRA's as "not my account." If CFS is no longer in business they won't be able to verify so it will have to be deleted. In the future, if this account does turn up again from another collection agency chances are they won't have much if any documentation or valid proof other than your name, SS# and the amount you owe. If you hear from another collection agency dispute the debt IN WRITING and tell them to cease and desist all contact with you. In the meantime, if you really want to clear your name with BOA the best thing to do is contact them directly. They may tell you that they no longer own the debt if it was sold to CFS. If CFS was just collecting on behalf of BOA then they will probably negotiate with you.
I'd try disputing it as Not mine. You don't owe a collection agency a thing. you only owe the original creditor. Dispute directly w/Equifax, et al. If should come off.
Re: I'd try disputing it as I have the same things as you did and I had Bankamericard Visa . I owe them about 6000 dollars including finance charge. Back a couple my BankAmericard accounts sold to CFS and now and then they sent me numerous letters to me and I ignore them because the charge-off foruntately not in my credit reports. The nice things I got back credit cards from Bank Of America. If it is not on your reports ,don't pay them. Even on your reports your charge-off accounts should come off after seven years. Even on your accounts on your credit reports, you tried to dispute itt either you say it is not mine or don't have account with them. I think that Commercial Financial Serivices is Tulsa, OK. After seven years, you don't have pay them and this doesn't help your credit. If you paid them the account will show charge-off and paid satsisfactory something like that , it doesn't look good in the credit report.
