thats about a 40% settlement. I dont know what my options are. It falls off in about in about 8 months, but I need it paid or gone for my mtg. Equifax verifies everytime, and I dont think rma has violated anything, I thought they reaged it, but i think they only added the 180 days to it, which i think is legal to do. Anyways, I guess I'll have them send me an offer letter and pay them. He said it wouldnt be deleted, but marked as paid in full. Which wont help my score alot, but thats ok, I just need it cleared for the mtg. Anyone have any other ideas before I drop the cash?
I havent even sent rma a validation letter yet. I know it should be the first step, but from what I hear they keep immaculate records...And they are in bed with equifax. Equifax verified it twice. I was thinking about doing that for kicks, but I dont want them to demand the full amount instead of 40%. the mtg broker said we are prime...and can go anywhere for a mtg, as long as the RMA is paid. Scores are good, debt ratio and income are way beyond good enough. I just have to fix the rma. punks.
original is sears, had dla of 12/95 and has been deleted due to 7 yrs. My assumption is that rma added the 180 days, which i think is legal per fcra.
Yea, i'm not sure about the laws concerning the 180 days pre-1998. If you are about to close then I would pay it off, but would continue to validate with them and rack up FDCPA violations. That way you can sue them to pay for your new furniture.
NO, RMA can't add 180days to DOLA. The CRA's can keep an item up 180 days past 7 years after DOLA - big difference. From what I've read, CRA's usually don't do this. So if RMA had the CORRECT DOLA it would've fallen off with Sears. I don't know where you got the idea RMA has immaculate records. They have a record (pun intended) of trouncing people's right's. Refusing to validate and continuing to collect. Not putting items in dispute. Reaging AFTER payments. Sears reaging AFTER payments......... Validate with RMA, when they screw up - earn some money. Maybe send dispute to CRA showing DOLA of RMA doesn't match the original debt. My 0 cents worth.
TROUT- write up a settlement offer: $566 AND they have to promise to report the CORRECT DOLA to EQ which is 12/95... that way everyone gets what they want> you get TL deleted cause it expired AND RMA gets the $$ AND doesn't have to settle for deletion per se. Fair?
Oh, i assumed you were closing within the month. In that case, you should go follow zerodown's advice. OR just tell the CRAs to delete as the line is obsolete (sometimes they will delete a few months before 7 years)
Come January 2003 you will get a 1099 for the 60% you did not pay. You then have to pay income tax on that. *Suprise!*
I need a good letter I guess. A validation-nutcase-SOL-reage hybrid letter. they didnt even seem to care about collecting. I told them I KNOW they cant sue me (SOL) and that it was alomst 7 yrs reported on my reports. He said I'd get a letter from them every now and then, but thats about it. They tried to make it sound like a good deal, but they actually have added lots and lots of fees/interest over the last 7 yrs. So...how can I get an aqccurate charge-off or DLA date?? How can I prove DLA?
If you have an old credit report showing the DLA as 12/95 for the Sears tradeline, that should be good enough to prove to them the DLA.
prove to who? I'm worried that Equifax doesnt care...i think RMA is an equifax affliate. So if I show Equifax that sears had the DLA as 12/95, then they should agree and change the RMA to 12/95 as well. Also...RMA does an inq every month to see how it is reporting, if it falls off, wouldnt they just reinsert it? So...should I just call and explain this to equifax? or send them the old report?
i would not attempt to settle with RMA, they will screw you. validate, estoppel, lawsuit. that is all they understand.
Is the RMA notation on all your crerdit files, or just on Equifax? If its just on Equifax, perhaps you can get your mortgage broker to pull from one of the other two companies. When I applied for a mortgage through Countrywide, they said they took a middle score from the three CRAs, not a tri-merged report. Since I knew of a derogatory on my wife's TU score, and I also knew what our Equifax scores were, I asked her to pull Equifax. She said she couldn't do it... it was all randomly generated by the computer. I said I'd find another broker not constrained by a computer. After about 20 seconds hesitation, she agreed to use the Equifax score as the "middle" score. Might be worth a shot... if you can't find a broker/lender that pulls a middle score, you can always proceed with your current repayment plans. Wichita
You're right, EQ doesn't care AND they are affiliated. What I am saying is IF you are going to ask for a settlement with RMA, then send them a letter along with a copy of the Sears tradeline. In the letter, include something like the following... I am willing to settle this account according to the following terms: I will settle for $xxx as full payment for alleged debt. When full payment is received, RMA is required to update the associated tradeline on my credit report such that the date of last activity reported for this account is 12/1995. The latter date is the date of last activity reported by Sears, as indicated in the enclosed Equifax documentation. By law, 12/1995 is the date that RMA must report to the credit bureaus as the date of last activity." Blah, blah, blah...
why pay for something that they are required to do by law? That is extortion! It should be accurate without him having to settle. right?
