I had some discouraging news today. I have two collections, Citibank and Gateway. I owe Citibank $772 and Gateway $1224.00. Citibank sold both of the accounts to Academy collections. The Citibank rep told me that they could not remove the charge off status off of my credit report even if the account is paid. She says that removing the trade line is breaking a federal law. She says that she can not negotiate a settlement because it would break their contract with Academy collections. I just feel like I am getting the run around. I have to pay off the accounts in order to be approved for a mortgage. The credit bureaus have verified the accounts so it still remains on my credit report. I have student loans that are in forbearance however earlier this year I was sixty days late on the account. I also was late earlier this year on my car note. I have paid all the other credit cards except for Sears which I have been making timely payments. I just don't know what to do now. Everyone always says a paid collection is just as bad as having a chargeoff.
She says that removing the trade line is breaking a federal law. WILL THEY PUT THAT IN WRITING??? INCLUDING THE REFERENCE SITE CODE??? NO DELETE---NO PAY Will they go for???---->PAID/NEVER LATE BALANCE $0 "ACCOUNT CLOSE BY CONSUMER"
I will try your approach and get it in writing. Should I just negotiate with the credit collection agency since the original creditor says they can't negotiate or accept payment.
Unfortunatly I think you might be in a bit of a tight spot because of the mortgage. Most of the people here are able to say "If you don't delete the negative info I just won't pay," and if the OC or CA doesn't delete, then they don't get paid. You don't have that luxury because, as you discovered, you can't get a mortgage with an unpaid collection on your credit report. They way I see it, you have a couple of options... First, if you can get by without getting a mortgage for several more months, then you have a better chance of getting the collection removed. Let the CA and/or the OC violate the law a few times, then sue them. Like I said, though, this will take time and if you can't afford to wait then this won't work. The other option is to tell the CA and/or the OC that you won't pay unless they delete their negative TL. You may get lucky and they'll do it, but if they call your bluff then you've got to pay them anyway to get the mortgage. Obviously a paid collection is bad for your credit score, but if the only thing holding you back from getting a mortgage is the fact that the collections are unpaid, then you're probably not in too bad of shape (Assuming you *can* pay them, of course). If that's the case, then try to get them to delete, but if they won't, just pay them. Let your mortgage go through, then start working on them to delete... try the nutcase letter or maybe a goodwill. (Of course, if you're nasty to them now then you'll have less of a chance for a goodwill to work) If your score is so bad because of the collections that you are having trouble getting a mortgage, then paying them won't help your score and may not allow you to get a mortgage. In that case you'll need to get them to delete their info, or put off the mortgage and try my first suggestion before you re-apply. HTH, Brett
Have you tried working with the student loan people on the 60 days late... Was the 60 days the same time that you were requesting the forbearance for? I had a similar instance where they processed the letter requesting the deferment/forbearance as a letter requesting the forms, instead of the deferment/forbearance itself. After a little review of the letter they reversed all of the comments, and made the payments paid as agreed/never late/payments deferred.
Re: Re: Discouraging News Re Tradelines Should I just negotiate with the credit collection agency ? firsthomr | ============= Not unless the CA has properly validated ! THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""'''
Re: Re: Discouraging News Re Tradelines I want to get approved for my homeby December. I think I will write a settlement letter to the CA asking them to remove the negative tradeline in exchange for payment. If it doesn't work than I will just have to pay off the balances. I will write a letter to student tech regarding the negative information on my report. I had asked over the phone and was told no. My scores are now in the low 500s. The lender suggests getting the score up to the high 500s in order to pre qualify. I also need at least 6 months of clean history.
Re: Re: Discouraging News Re Tradelines 1*The Citibank rep told me that they could not remove the charge off status off of my credit report even if the account is paid. 2*She says that removing the trade line is breaking a federal law. 3*She says that she can not negotiate a settlement because it would break their contract with Academy collections 4*I have to pay off the accounts in order to be approved for a mortgage. 5*Everyone always says a paid collection is just as bad as having a chargeoff. first homr ============ *lie 1 *lie 2 *lie 3 4*The ole mortgage blackmail scheme 5*paid or un paid same difference. THE END ** *** ** LB 59 .1* Should that automatically take the account out of collections and remove the negative information from my credit report. 2*should I just pay them $1K and call it a day. dcj120 ================= 1*About the only thing automatic is the screwing one gets from scoring and reporting. 2*Never never ever just pay anything.Good way to get railroaded! """"```--~~~~~~~~~--```'""''' Gotta Love Sheriff Joe. [color=dark blue]In Arizona they are having a heat wave now.... hot enough to melt candles, cause dogs to get heat stroke from the pavement.... well the inmates are griping how hot and inhumane it is there.... they live in tents there since the sheriff.... my hero Joe Araphio makes them live in tents and wear pink prison suits.... they gripe how hot and inhumane it is....and his response???? Joe Arphaio, the tough-guy sheriff who created the tent city and long ago started making his prisoners wear pink, is not sympathetic. He said Wednesday that he told the inmates: "It's 120 degrees in Iraq and the soldiers are living in tents and they didn't commit any crimes, so shut your mouths."[/color] THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""'''
