Hi all, CA just called me and said that they will update the trade line to say "PAID" $0 balance if I settled for the full amount due of $477.64. Is this trade line acceptable? I asked for it in writing and he said he could either send it postal mail or fax. I chose fax and am waiting for it now. Is that OK? Or should I call him back and ask for a mailed hardcopy? Thanks.
You want paid for deletion, not paid 0 balance. A paid collection will not better your score. If, you are going to pay, pay for deletion only. Get it in writing and from someone who has the authorization to make the decision.
this is the fax i just received: Dear (me) This letter is to confirm our agreement on the above referenced account. Upon receipt of $477.64 cleared funds on MARCH 31, 2004, this account will be paid. We will issue you a release letter stating the account is paid and no further obligation remains. If you have any questions, please contact the undersigned at xxx-xxx-xxxx. the fax has the person's name printed and below, is his signature and initials. i just check my CR and it's being reported as the following: BLMD/FDSB 120+ DAYS PAST DUE Account Closed By Credit Grantor, Charge What should I call back and request for? A hardcopy first of all, then deletion or for it to be more specific? Based on my TL, can I still contact the OC about this?
Forgot to add....He even mentioned that it's up to Bloomingdales/FDSB to update my TL. Should I call Bloomies in this case?
OK here's the update. I tried contacting Bloomies the OC, to try and bypass the CA. He said I had 8 months to work with their in-house credit dept., and therefore a contract was made between them and the CA. Based on the fax, I received, can someone help me out as to what I should demand be done after I pay in full? I was already told that deletion is absolutely not possible, but PAID $0 balance is the best they can do. But on my CR, the CA is even reporting this. I'm stuck, and a newbie. Please help me.
"But on my CR, the CA is even reporting this. I'm stuck, and a newbie. Please help me." IN THE ABOVE STATEMENT IS SAID THE CA "IS" REPORTING, BUT MEANT TO SAY "ISN'T" REPORTING.
Dude, Relax and think about what you are doing. I have a couple questions for you: How old is the debt? How much is it for? Why do you want to pay it? If they will not delete, do not pay. Your credit report will not change if you pay it, other than to say paid collection-No effect on your score. Make them prove that you owe the money. If you know you owe it, make them prove it anyway. Unless you are trying to buy a house, paying this WILL NOT help you. If they want their money bad enough, they will delete (or at least agree to it). When they don't, you sue them for that too. They are trying to cover their butts by saying that you have to contact the OC to ensure the TL is reported properly. But, you the informed consumer know that they own it now and whatever happens is on them. Also, since it appears that you are settling for a large amount (if you do pay-which you shouldn't) make sure the contract also states that they will not assign the balance to anyone else. This is another favorite trick. You settle for less than the amount owed, they sell the balance to someone else and BAM you have two collections on your file. Hope this helps. Just don't be in such a hurry to part with your money. It would be better spent paying down other debts (if you have any), paying your current bills. Just bide your time until the SOL runs out and the collection won't matter. p.s. My current scores are with a 3 month old collection and between 60-80% utilization.
thanks a million for the input! the thing is though, i don't believe they own the debt, and that bloomindales still does because that's who's reporting. this CA hasn't reported anything on my CR. (just checked 2 days ago) so if the OC is the one on my CR, can the CA who's not, do anything about it? the date of last activity is 2002. i do intend to purchase a home within the next 2 years or so. any advice?
1*i don't believe they own the debt, and that bloomindales still does because that's who's reporting. 2* ygboi ================= 1*They can still report it even if they don't own it. 2*Start learning your rights-click my signature links ><- <>- ><- <> ~~~ ><- <>- ><- <> ><- <>- ><- <> ~~~ ><- <>- ><- <>
If you find out they do not own the debt, just write a letter to the Exec. Office at Bloomie's and tell them you are fed up with the collection agency playing games and that they have been unhelpful and uncooperative in settling the matter with you and that you would like someone from corporate offices to recall the account and settle it with you. (this is all assuming you have decided you are settling the account at present) This should trigger either a phone call or a letter from Exec Office and hopefully they will either settle it with you themselves or assign it to their recovery department for handling directly with you. It's alot easier to deal with the OC than the CA in most cases.....at least in my experience. Your other option is to wait until the last day of the month whch is coming very soon and call them up and present your offer.....the CA that is. Tell them they MUST delete and they can fax to you in writing and you'll pay by Western Union or whatever and this may work. Reason: They're trying to achieve goals for EOM reports and yours will be one they want to settle quickly because all they have to do is delete and they get the $$. This is my $.02
If they will not delete, do not pay. Your credit report will not change if you pay it, other than to say paid collection-No effect on your score. also states that they will not assign the balance to anyone else. This is another favorite trick. You settle for less than the amount owed, they sell the balance to someone else and BAM you have two collections on your file. bfit01 ============== Yep it's really neat the way they screw you.
