I am going to use the sample letter from this site to negotiate my debt with a ca and have the negative listing completely removed from my reports. On my credit report it shows the oc with a "charged off as bad debt" and also shows the ca with a listing of "collection account". Should I be dealing with the ca or oc? If I get the ca to agree to a settlement and delete the negative listing then what about the oc's original negative report? I want to wipe them both clean, any advice? Thank you.
You will have to deal with the CA. The CA bought the charged off debt from the OC. If the CA and you agree to a settlement make sure that they also agree to remove that item from the CRAs. The OC's entry will stay on there until the 7 year period (from when they reported it as delinquent) is over. Then it will automatically fall off.
What sample letters? If the OC has charged off there is not much that ou can do for a pay for delete with OC. JDB you can dispute as duplicate sometimes amony other disputing techniques. How do you know this debt is valid? Did you DV? I have never had any luck with a pay for delete so others hopefully will chime in. Woofer
People are making the assumption that the CA is a JDB. That may not be the case. You need to find out who owns the debt. If the debt is not owned by the collector, than the collector has some influence over how and whether the OC reports it. If it's owned by a JDB, particularly if that JDB isn't the first JDB to own it, the influence over the OC is much less. If the JDB is the first JDB to own it, it's possible that the JDB and the OC have a relatively tight relationship (a "forward flow" contract) and that the JDB might have a bit of influence over how the OC reports the TL.
You can attempt the PFD, but donâ??t count on it. If you make the settlement offer, and they donâ??t accept it, then you send in validation, and if they validate it, donâ??t look for a settlement again, look for a summons for court. Anytime you send in a dispute letter, they have to cease collections until it is validated. They are not required to respond to your validation request within 30 days; they can take 3 months or 3 years if they want.
