Here's my story... hopefully someone can help me or at least point me in the right direction. Way back in 1996 I opened a Mobil Credit Card account. Near the end of 1999 I started to get behind on it and they closed the account in the beginning of 2000. In the summer of 2000 they sent me a letter offering to settle on the account. I took them up on the offer and settled and heard nothing from them since. In retrospect, this probably wasn't the best idea so far as my credit rating goes, but I was young and stupid then and what's done is done. Unfortunatly I no longer have any record of the settlement agreement, but the account is listed on my credit record with the creditor's statement "Account legally paid in full for less than full balance." Flash to November of 2002. I got several "Please return our very important call" messages on my answering machine while I was at work for a few days in a row. They managed to catch me in the evening when I was home one night and I discovered that it was Calvary Investments attempting to collect $524 from the original Mobil Oil debt. In talking to them they told me that they have owned this debt since 2000. I asked why I'm just hearing from them now... two years later... and he couldn't explain it. I told him that the original debt was settled and he asked if I wanted to dispute the debt. I told him I did and he said that they would send over paperwork to allow me to dispute the debt. I never recieved any paperwork or any further phone calls from them. It's now May of 2003 and I'm looking at buying a house. After being turned down for a mortgage I looked at my credit report and discovered that Calvary Investments is listed on the report as a collection account for $524. I disputed it with the credit reporting agencies, but that was just last night, so I don't know what the results will be. My questions are: If all works out and they don't verify my dispute will the records just disappear from my credit report? If it doesn't work out and they verify the info to the credit reporting agency then what is my next step? Can I get the records removed entirely or at least get them to put a "listed in error on it?". Ideally I was looking at applying for a mortgage in the very near future. Can I prove to the bank that this listing is an error so they will allow me to get the mortgage? Thanks much, Brett
Brett, if you paid by check, the bank can probably research it for you and get you a copy, for a fee, of course!!
I could do that, but I'm not sure how much help it would really be. I'm not sure how it would be possible to distinguish that check from just a regular payment to the account. Even if I wrote something in the memo field I can't imagine how that would be legally binding. Thanks, though. Brett
Others may tell you differently, but you might send a dispute/validation letter to the CA. If they can't validate, they can't report.
I just had an account deleted from all CRA reports for Cavalry. They sent me a letter about two months ago asking for a settlement of my oustanding debt. I sent a validation letter and then disputed it on my Credit Report. I did not hear back from Cavalry, and the accounts were deleted by the CRA's.
1*he said that they would send over paperwork to allow me to dispute the debt. I never received any paperwork 2*It's now May of 2003 and I'm looking at buying a house. After being turned down for a mortgage I looked at my credit report and discovered that Calvary Investments is listed on the report as a collection account for $524. 3*My questions are: If all works out and they don't verify my dispute will the records just disappear from my credit report? 4*If it doesn't work out and they verify the info to the credit reporting agency then what is my next step. 5*Can I prove to the bank that this listing is an error so they will allow me to get the mortgage? --------- Brett ============================== 1*You don't use their paper work to dispute. Here's the paper work you use. Here is the Val Letter you want to send . Don't make any changes on it and don't hand sign it. Your Name Address City State Zip Company Address City State Zip Date RE: Account #_________/Original Creditorâ??s Name Dear Sir/Madame: Thank you for your recent inquiry. This is not a refusal to pay, but a notice that your claim is being disputed. This is a request for validation made pursuant to the Fair Debt Collection Practices Act. Please complete and return the attached disclosure request form. Be advised that I am not requesting a "verification" that you have my mailing address, I am requesting a "validation;" that is, competent evidence that I have some contractual obligation to pay you. You should also be aware that sending unsubstantiated demands for payment through the United States Mail System might constitute mail fraud under federal and state law. You may wish to consult with a competent legal advisor before your next communication with me. Your failure to satisfy this request within the requirements of the Fair Debt Collection Practices Act will be construed as your absolute waiver of any and all claims against me, and your tacit agreement to compensate me for costs and attorney fees. Sincerely, Your Name don't sign - - - Include the following on a separate sheet of paper - - - CREDITOR DISCLOSURE STATEMENT Name and Address of Collector (assignee): _________________________ Name and Address of Debtor: ____________________________________ Account Number(s): ____________________________________________ What are the terms of assignment for this account? You may attach a facsimile of any records relating to such terms. Have any insurance claims been made by any creditor or assignee regarding this account? YES/NO Has the purported balanced of this account been used in any tax deduction claim? YES/NO Please list the particular products or services sold by the collector to the debtor and the dollar amount of each: Upon failure or refusal of collector to validate this collection action, collector agrees to waive all claims against the debtor named herein and pay debtor for all costs and attorney fees involved in defending this collection action. ________________________________ Authorized signature for Collector Date_______/_______/_______ Please return this completed form and attach all assignment or other transfer agreements that would establish your right to collect this debt. Your claim cannot be considered if any portion of this form is not completed and returned with the required documents. This is a request for validation made pursuant to the Fair Debt Collection Practices Act. If you do not respond as required by this law, your claim will not be considered and you may be liable for damages for continued collection efforts. 2*It's the old screw the home buyer trick. 3*Not much chance of that. 4*You're not ready for the next step-You haven't taken the first one yet. 5*The bank will let you pay it again so you can get the loan.see #2 again. THE END ** *** ** LB 59
Re: Re: Calvary Investments... Help please Well... yes and no. The reason I was turned down was because my fico score was 558 and the lender in question would only deal with scores of 620 or higher. I'm hoping that getting rid of this collection and also making one account that I'm 30 days behind on current will push me up over 620. I've already disputed it with the CRA's, so we'll see what happens in 30 days. Thanks for the ideas, Brett
Re: Re: Calvary Investments... Help please I would ask the OC for an accounting of the debt and a balance zero letter. The way that the OC is reporting the TL is proof that the debt is settled.
Re: Re: Re: Calvary Investments... Help please That's a good idea, actually. I hadn't considered that. I didn't see any appropriate letter templates for this the letters section. Can anyone point me to a good place to start? On my Experian and Equifax reports it's being reported as "Paid in settlement" with a note from creditor that says "Account legally paid in full for less than full balance.", so that's about the best I could hope for, I guess. On TransUnion, though, it's being reported as a Charge Off I disputed it with TransUnion, so I'm hoping that will be fixed shortly. Thanks again, Brett
Here is what you should do - dispute the tradeline w/ all CRA's as inaccurate. Contact Mobil 1 and tell them the situation.. that there is a CA coming after you for something that was settled.. ask them for proof of settlement. If they fail to provide, you can start sending them letters and state how they are responsible for actions of any CA's that come after their debts.. there is an FTC letter addressesing this as well as the FCRA. Send validation to Cav. for them to prove they even have a right to collect on this. You have multiple battle fronts to fight.. good luck.
I don't think they are questioning the amount he paid. I think they are after the 524 left after he paid. Validation Must Reads!!! Originally posted by humblemarc The Validation/Dispute Sequence http://consumers.creditnet.com/stra...n"#post207457 Validation to OC? http://consumers.creditnet.com/stra...n"#post208973 http://consumers.creditnet.com/stra...n"#post155510 A Signed Contract in not enough! http://consumers.creditnet.com/stra...n"#post155510 3 month clean up, How? http://consumers.creditnet.com/stra...n"#post116094 ----------------------------------------------------------- There are MANY more, but I'm not gonna do all your research for you!!!! ~ THE END ** *** ** LB 59
I could do that, but I'm not sure how much help it would really be. I'm not sure how it would be possible to distinguish that check from just a regular payment to the account. Even if I wrote something in the memo field I can't imagine how that would be legally binding. Thanks, though. ======Brett=========== ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ You need the complete account history so that you can see what is going on. Validate with the CA. ````````````````````````````````````````"""""""""" *ON A LIGHTER NOTE * Adopted? --------- Checking out of the grocery store, I noticed that the bag boy was eyeing my two adopted children curiously. They often draw scrutiny, since my son is a blond Russian, while my daughter has shiny black Haitian skin. The boy continued staring as he carried our groceries to the car. Finally, he asked. "Those your kids?" "Yes, they are!" I answered proudly. "They adopted?" he asked. "Yes," I replied. "I thought so," he concluded. "I figured you're too old to have kids that small." THE END ** *** ** LB 59
Brett, if you paid by check, the bank can probably research it for you and get you a copy, psp in nm ================== There won't be a copy if the Ca is trying for 524 over and above what he paid. THE END ** *** ** LB 59
