Hello! This is my first time on the site. I have a CC account that shows up with a $3K balance and closed/past due 90 days. This account was sent to collections and payment was made. Upon payment it was agreed to be reported as settled in full. I have a letter from the collection agency stating that "the above referenced account has been setttled in full." Should I send a copy of this letter to Experian and TU (Equifax deleted it from my file)? Should I contact the credit company directly? I'm afraid that if I do and they report it, Equifax will add it back to my file. Please advise and thank you so very much for your help!!!
A collection agency CANNOT negotiate a "delete" or "positive" entry on an acount being listed by another (original creditor) BUT, if you send a DISPUTE to the credit reporting agency, with copies of the letter from the collection agency, they will provide that to the original creditor. The original creditor will THEN have to change the statuts/ amount etc on the credit report. IF THEY DO NOT, they are in violation of FCRA 623 (b), which is actionable by the consumer. IF YOU DISPUTE THE ACCOUNT with the original creditor, YOU HAVE NO CONSUMER RECOURCE UNDER 623 of THE FCRA.
Thanks for the info. Do you have a sample of a dispute letter I could send? Thank you so much for your help!!!
1*A collection agency CANNOT negotiate a "delete" or "positive" entry on an acount being listed by another (original creditor) hiding90 =============== 1*This may not always be the case as shown below. ><- <>- ><- <> ~~~ ><- <>- ><- <> ><- <>- ><- <> ~~~ ><- <>- ><- <> << When we (Re CA) make the purchase or servicing transaction, we receive a power of attorney that gives us the inherit rights under the original cardholder agreement. We have the ability to "bind" the original creditor in certain situations. This gives us the right to settle an account and REQUIRE that the original creditor, such as Citibank, MBNA, Household etc. remove the original trade line and OURS. WestCap =========================== Some one was asiking a while back about getting the oc to delete in addition to The CA. Don't know who the poster was or on what thread they posted but here is your answer!! This gives us the right to settle an account and REQUIRE that the original creditor, such as Citibank, MBNA, Household etc. remove the original trade line and OURS. The END ************************* LB 59 >>
Thanks everyone for your great advice!! You guys are so knowledgeable! "This gives us the right to settle an account and REQUIRE that the original creditor, such as Citibank, MBNA, Household etc. remove the original trade line and OURS." If the above is true, how do I go about asking the CRAs to update my file. I know I have to write a letter but I'm afraid to say the wrong thing. Should I ask for deletion? TU is showing the account as "charged off as bad debt" with a balance of $1757. The account wasn't charged off, it was assigned to LTD Financial Services for collections. Can someone please help me with a letter? I would appreciate any assistance.
