Dealing with a negative TL from a creditor who's sold the debt?

Discussion in 'Credit Talk' started by cleanby14, Mar 21, 2012.

  1. cleanby14

    cleanby14 New Member

    I have 4 negative TLs on my CRs from OCs who no longer own the debt. They are all out of the SOLC and the SOLR will expire in 2014.

    How would you go about getting them removed? It's well past the initial 30 days, so hoping for a lapsed validation period probably won't work.

    I'm thinking either a 623. Should I consider a PFD?
  2. JoshuaHeckathorn

    JoshuaHeckathorn Administrator

    Welcome to Creditnet cleanby!

    Are all 4 charge-offs? You can't DV an OC anyway, so forget about that. Also, a PFD would only work with the CAs since the debt has been sold.

    Have you already disputed through the CRAs?
  3. cleanby14

    cleanby14 New Member

    I have already disputed with the CRAs. They've come back verified, some were updated as well.
  4. JoshuaHeckathorn

    JoshuaHeckathorn Administrator

    This is a tough situation because the OCs really have no incentive to remove the charge-offs, especially since the debts are still unpaid. Trying the 623 method might be the best option at this point. Good luck, and let us know how it plays out!
  5. BCOHEN2010

    BCOHEN2010 Well-Known Member

    All of my OC's who sold the debts removed their account from my credit reports. However, I realize that my experience is not typical, and some will refuse to do this. In any case, after selling the debt, the OC must report the balance owed as zero, and stop updating the date of last activity. Therefore, having the OC tradeline on your credit reports should not affect your score very much, if at all, after this much time has passed.

    Also, with the SOL past, I would not pay anything, and instead simply let the account(s) fall off my credit report, which will happen in less than 2 years.

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