The FTC settlement against NCO, you're right in that it was them and CAMCO, is what makes it so easy to remove NCO.
Thanks for the many replies... Going back to the topic. This is what I have received in the mail from Nelson: Creditor: Pinnacle Credit services (aka. the first CA) Original Creditor: Verizon Wireless Acct No: XXXX The above referenced account has been placed with this office for collection. Remittance of the payment in full is hereby requested. For your security, please make all payments payable to Nelson, Watson & Assoc. Unless you notify this office within 30 days after receiving this notice that you dispute the validity of this debt or any portion thereof, this office will assume this debt is valid. If you notify this office in writing within 30 days from receiving this notice that you dispute the validity of this debt or any portion thereof, this office will obtain verification of the debt or obtain a copy of a judgment and mail you a copy of such judgment or verification. If you request this office in office in writing within 30 days after receiving this notice this office will provide you with the name and the address of the original creditor, if different from the current creditor. Please call..xxxx This communication is from a debt collector. This is an attempt to collect debt. All information obtained will be used for that purpose. closing xxxxx... Anyway. The debt is mine, but then this is really old stuffs. I am not sure whether they could find enough support/evidence? Last time they called they had my current address, ssn... Any thoughts? <going back to more readings from members on this forum>
The Verizon debt is not even on Experian. As for TU and EQ Date opened (charged off probably): 06-2003 (TU only). Prior delinquency: 01-2005. (EQ only) As far as SOL, what category does cell phone debt fall under? For both IL and IN (I moved from IN to IL), the SOL on open credit is 5 yrs. Am I heading to the wrong direction here? (State vs. Federal) - sorry, I am pretty n00bish on this subject.
I've no idea what the amount is for this account, but you may be in a good position to negotiate a "Pay For Delete". Simply request that this item be removed from your credit reports in exchange for payment in full. Get it in writing if they agree! If the amount is small enough, it may make business sense for both of you.
Sorry I am bring my thread back to life... I used an existing PFD template and ready to shoot it off to the CA this week: To Whom It May Concern: This letter is to inform you that the validity of this debt is disputed. In the spirit of compromise, I am willing to pay this account IN FULL (or settlement percentage) if you agree to immediate delete this account from any and all credit reporting agencies (i.e. Equifax, Experian and TransUnion). The purpose of this settlement is merely to have this item removed from my credit file. It is not to be construed as an acknowledgment of liability of this debt in any form. If you agree to the terms and accept this agreement, certified funds for the settlement amount of XXX, XXX will be sent to Collection Agency in exchange for full deletion of ALL references regarding this account from my credit files and full satisfaction of the debt. As certified funds will be used for payment, there shall be no waiting period regarding the deletion of this account from the credit reporting agencies. Collection Agency agrees to delete ALL information regarding this account from the credit reporting agencies WITHIN TEN CALENDAR (10) DAYS following receipt of payment as specified above and will not discuss the terms of this settlement with anyone, excluding your client on this account. If contacted by any third party, including credit-reporting agencies, Collection Agency will not acknowledge that any settlement offer was made, accepted or executed and will, in fact, deny knowledge of any such account. If you agree to the above terms, please prepare a letter on your company letterhead explicitly agreeing to the same terms as the above settlement offer and have it signed by an authorized representative of Collection Agency. It will be implied that this letter shall constitute a legally binding contract, enforceable under the state law in Illinois. Your response must be postmarked no later than 15 days from your receipt of this settlement offer or this offer will be withdrawn and I will request full validation of this alleged debt, as provided for by the Fair Debt Collection Practices Act. Please address all correspondence regarding this account to: Blah blah blah Let me know if you guys feel this is sufficient enough.
Doing my due diligence in the last week or two. I actually talked to a guy that owns a collection agency; he told me agencies that buy out of Stat debt are in it for quick returns. They don't have the time, cases, ability or desire to chase judgments. They Invest 30-50k in out of stat debt and they get a quicker return by trying to prey on the ignorance a lot of people have. Most of these guys need a quick return and need to make that money back asap. As far as them breaking the rules he said that is due to the lack of regulation the penalty is only 2k per offense so the benefits outweigh the risk for these guys. He told me if you get contacted by an agency that deals with In Stat debt then they have the ability, incentive & manpower to go after liens and judgments and they do it in Bundles and stacks. Talking to this guy I felt like the matrix finally started to make sense, these guys have a script, they can walk on the edge of breaking the law but as you noted above their greed makes anyone who uses the resources on this web site and the scores of other resources on the net have a high chance at success.
The challenging of the In-Stat CA when he pursues collection activities changes the economic model on which the CA is basing his business decision. Yes, they have the ability, incentive, and manpower to pursue liens and judgments, but as the costs escalate, the returns diminish. It can make a mash of the model. A number floating around is that it costs a CA $2300 to take a collection to judgment. That's a lot of money to spend on a $1000 dollar debt, even if you only spent $10 to get it. They are relying on the unsophisticated consumer's own fears to do a lot of their work, whether what they do to try to collect is legal or not.
