In November, I found that I had a collection account for $26 with Gulf State. I was shocked, and being ignorant of the ways of the credit industry, I sent a check off to Gulf State. After visiting this board, I sent dispute letters to all 3 CRA's in December, and successfully had the account deleted from TU/EX/and EQ. Today I recieved a statement from another company, saying that they received my $26 and the account is paid. If they report "paid" to the CRA's, could this account be reinserted as a "paid" collection?? That would suck, especially after all of the work to get the item removed!! Please advise. Thanks Jason
Also, the CRA's are supposed to notify you of the reinsertion, rather than just putting it back in there without telling you. **EDIT** Terry beat me to the punch!
Ron, They cannot reage the account for another seven years. They MIGHT report it to the bureaus as a paid collection, however, the bureaus must notify him with in the 5 days as perscribed by law. Many companies will attempt to reage an account. If they do, make sure you keep copies of your old credit reports to reflect accurate dates.
Thanks. I was afraid that they would reinsert w/o notice. I am in the middle of the mortgage application process, so this freaked me out. I thought all was cool in the credit area (that was my only negative acct) and then this came in the mail.
For your mortgage it won't matter. Keep a copy of the cancelled check. Your underwriter will only care that it's paid, not that it existed. that's such a minor issue
