I just checked my Equifax report yesterday and there was 1 derog tradeline, 120+ days past due, from Sherman Associates, a CA. A current account that was sold to them only 6 months ago. I posted what I thought was the correct story of how this tradeline appeared here, yesterday.. http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&postid=361641#post361641 Well.. I did some detective work and as it turns out, my entire original post is wrong... I called the CA again, I know, bad move right? Asked the CA how they received my file. CA said it was sold to them from First National CA. First National CA was the one the one that I had paid years ago. The CA on my report told me that I needed to fax them a letter of satisfaction from First National CA and then their tradeline would be deleted completely. If I couldn't obtain the letter, he then suggested I mail them a dispute letter and they would investigate if the charge was truly paid or not. SOOO, I call first National CA. The receptionist tells me that no one will speak with me because my account has been sold to another CA. I calmly explain to her that it should NEVER have been sold because I paid it off with them, years ago!! Luckily, I had saved the canceled checks along with FedEx receipts that contained the contact name at First National CA. Receptionsist finally puts me through to the actual agent. Get this... Not a "hello" not "how can I help you." She picks up the phone and immediately says "Mrs. XXX, I am very sorry for the confusion and inconvenience, I don't understand why your account was sold after it was satisfied." I will mail a a letter of satisfaction out today. So now I need to receive this letter and fax it to CA on my report. Will they really delete the tradeline? Isn't this illegal???? How dare they sell a collection account that has been paid in full???????????? I'm so pissed, this is the ONLY derog on my report and my Equifax score is only 633, probably because it says I have an open, active account that's 120+ days late!!! Do I have any recourse?
You are getting mad at the wrong party and if you do it right, Sherman will gladly send you $1000 for your trouble. I had a situation exactly like this with them and I got my $1000 already. Her's what you do: 1: Dispute with the CRA that the det is "not mine' and "paid". The CRA will supposedly check with Sherman (sometimes they do, sometimes they don't). Either way, the CRA will tell you Sherman verified the debt. 2: Repeat this process. Same results will happen. 3: Send an e-mail to Kevin Branigan (Kbranigan@shermfin.com) at Sherman's NYC Executive Offices threatening to sue for posting a derog on your CRA file that you don't owe, and never did owe to Sherman. CC it to their Corporate Counsel, Scott Silver (Scott@shermfin.com) 4: Give them 15 days to forward $1000 damages to you or you sue. Follow up with that. Serve their New York City offices (you can get their Statutory Agent's address at the NYS Secretary of State's Web Sity - Corporations Division). I did this and they settled with me for $1000 to go away. Good luck.
I don't know, it seems like a lot for 1000.00, I just hope they will delete this and it will NOT be returning to haunt me again. I just can't believe they'd sell a paid off/closed account. Now that's a scam if I ever saw one.
I can think of alot harder ways to make $1000. I am involved in the validation process with Sherman currently and I promise you that if they fail to validate and delete the entry from my CR that they will pay me the $1000 or they will get sued! Best of luck!
Lisa, I concur with the others. They've violated your rights, and the $1000 is a statutory award. Follow through as Flyingifr suggested. Then go claim it. Doc
