Is this possible?

Discussion in 'Credit Talk' started by keltexx, Oct 12, 2001.

  1. keltexx

    keltexx Well-Known Member

    A creditor sold my account to another one several years back (something like 1997). Well, experian lists this account, which 0$ is the listed balance, as 30 days late.

    Is this legit? TU nor EQ seems to have a problem w/listing this as closed/transferred. I disputed this, and it came back "verified."

    So far, no response from original creditor. I have a feeling this is deeply impacting my EXP score, as it looks like I am currently 30 days late on an account that has a 0$ balance.
  2. bbauer

    bbauer Banned

    The original creditor says they sold it, they probably don't even have a record of it anymore.
    If you know who the collector is, go after him, make him prove the debt and when he can't, then make him take it off your credit report.

    Not all that hard to do. I do it all the time.
  3. keltexx

    keltexx Well-Known Member

    Not a collector Bill. The account was transferred to another lender. The original creditor account remains notated as being 30 days late. EXP says it has been verified.
  4. Larissa

    Larissa Well-Known Member

    This is the way mine looks too...MBNA sold it to NCO...the MBNA account shows transferred or sold, but currently late with a 0 balance. MBNA DOES have records because I called them, and they will not delete until they get notification from NCO that it was paid, and MBNA will not negotiate with me...even for payment in full. The NCO account doesn't even show on my reports, does the MBNA look like an unpaid CO then, so it will keep me from getting a mortgage????
  5. bbauer

    bbauer Banned

    Is the account now paid in full or charged off or what is it's true status at this time?
  6. bbauer

    bbauer Banned

    Yes, it will most likely keep you from getting a mortgate at many places, but probably not all of them.

    Most of them will force you to pay the bill to get a loan.

    You can force NCO to pay the bill for you and take it off the credit reports too. NCO is the #1 largest collection agency in the U.S. today. They are a strange story indeed because they spend tremendous amounts of money training their staff and yet if I've caught them once in violations of FDCPA, I've caught them a dozen times and made them pay the bill for my customers and take it off the credit reports too. They just never seem to learn.
  7. Larissa

    Larissa Well-Known Member

    I hope it works out that way Bill...I sent them the letter you gave me on 10/4...have not gotten my green card back yet. The wierd thing, and the reason I ask, is that when I had my loan officer look at the report(he agreed to look at the one I had) he meationed other items on the report, but did not seem troubled by that one...I wondered if the 0 balance lead him to believe it was paid, and a computer will catch it, or if it just plain looked like it was paid after all.

    I am hoping to qualify in Dec, but I guess it depends on how long it takes to get the NCO issue taken care of.

  8. keltexx

    keltexx Well-Known Member


    The account is transferred. From XYZ Bank to MBNA.

    It was never charged off-I received a letter from XYZ saying that they had sold my account to MBNA-no CA was ever involved.

    TU had this initially listed as transferred/30 days late but I successfully disputed it to transferred/closed. EXP refused to budge, and it is hurting me, as with the exception to this, EXP is probably my best report. My EXP score is about 70-80 points lower than the other 2, and I am willing to bet it is because of this.
  9. keltexx

    keltexx Well-Known Member

    Not sure if the last post made sense, but I do not owe anything and the account is closed.

    I think that they just left it notated as 30 days late rather than change the status to closed/transferred-which is what other creditors have done. DLA is October of 1995, so will it fall off in a year?
  10. bbauer

    bbauer Banned

    Generally takes about 10 to 12 days to get a green card back, Larissa.
  11. bbauer

    bbauer Banned

    Maybe so.

    A properly worded 100 word statement might very well convince them they ought to change the listing to one more favorable.

    I've done that maybe 4 or 5 times altogether and it's worked every time so far. They don't want to post my 100 word statement because it's too mean, so they had rather correct the situation than post my 100 word or less statement.

    Usually a 100 word statement will do you more harm than good, but there are those times.
  12. Larissa

    Larissa Well-Known Member

    Thanks Bill...I will keep waiting...yesterday was 10 days. I am getting impatient I know...I am a "lets get things moving" person, rather than a "wait and see what happens" person.
  13. keltexx

    keltexx Well-Known Member

    So are you saying that the only recourse that I have is only a 100 word statement? That even though I owe these people nothing, and another creditor has the account, that I am still 30 days late?
  14. PsychDoc

    PsychDoc Well-Known Member

    Just for clarification, I know Bill Bauer and I agree about those 100-word statements. Most of the time, they'll do you more harm than good, because of this simple fact: Both CRAs and creditors regard typical 100-word statements as your own verification of the debt, which is basically all that matters to them, and such self-verification will preclude you from ever successfully disputing the item. For example, a typical 100-word statement usually looks like this:

    This was not my fault. I was unexpectedly layed off in September and it took me 6 months to find a comparable position in my field -- medical record imaging. Although this tradeline indicates that I fell 150 days past due, I quickly paid it in full when I became employed the very next month and have maintained it perfectly ever since.

    Since practically every lender has abandoned hand-qualifying applicants in favor of FICO scoring, statements like this are virtually never read by anyone other than the person who inserted them. Making matters worse, how could the individual who inserted the above sample 100-word statement ever dispute the late-pay notations as incorrect? "Never late?" Uh-huh, that's not what your statement says. "Not mine?" Yeah right, lol. Lexington Law Firm, Jack Schroll, and others (Bill Bauer included) almost always advise people to contact the CRAs and remove their 100-word statements before beginning to clean up the files.

    On the other hand, Bill Bauer sometimes advises something quite shrewd, and he alluded to that here. He creates a 100-word statement that is so mean, so insulting to the CRA, so incredibly amazing, that the CRA might be prompted to come back around with another solution rather than inserting the statement. Such a 100-word "statement" might read:

    Trans Union is violating several provisions of the Fair Credit Billing Act (sections 123a, 153b, and 166c) by reporting this debt as having been charged off. Trans Union agrees to assume considerable civil liability by intentionally including this tradeline in this file. Trans Union has a track record for dealing with consumers unfairly (Smith v. Trans Union LLC, et. al.)

    How's that for a statement? :) Keep in mind that Bauer's object is really not to have a 100-word statement included; it's just another guerilla tactic when dealing with an incalcitrant credit bureau. In any event, if the CRA calls your bluff and inserts the statement anyway, you can subsequently remove it.

  15. bbauer

    bbauer Banned

    I don't know that it's the only recourse you have because someone else just might have another recourse, be it better or worse.

    But it's the best recourse I know of at the moment, given the conditions you have outlined.
    Now then, the way I do it is to adhere to the rule that I don't want any 100 word statements on my reports. So I word the 100 word statement in such a way that they would not want to print my statement under any circumstances and distribute it to all those who had pulled my credit report for the last couple of years or whatever.

    In fact, my 100 word statement is so vicious that they would wind up like a snake before they would print it. But they would have no choice but to print it unless I gave them a way to avoid printing it and they way I give them to avoid printing and distributing it is to give them the option of putting the correct notations on the report or removing what I want removed or deleting the account altogether. Whatever it is that I want them to do.

    So I get my way or they have no choice except to print the satement or I sue them. They would rather switch than fight.

    I guess that when Congress or whoever wrote the law, they figured that about all that people would ever put in a 100 word statement would be how it wasn't their fault because their Aunt Harriet's pet canary died and they had to pay for the funeral and how terrible it all was. Sick excuses.

    I don't do that. I turn the cabbage patch to skunk cabbage.
    They don't like the smell one little bit.
  16. PsychDoc

    PsychDoc Well-Known Member

    Bill, I think we must have been typing our replies at the same time, LOL.
  17. bbauer

    bbauer Banned

    Yes, that's close, but as Doc knows, mine is even meaner than that. Far meaner.

    He used what he did rather than divulge the actual contents of the 100 word statement I actually do use which he knew I would not like for obvious reasons.

    And you see that he points out another fact, i.e. you have not claimed it wasn't yours, i.e. lied to them in any way, so you would not have a major problem getting it removed later after it had done it's damage.

    I'm betting I'll never see my 100 word statement in print.
    You probably would not see the one Doc just used as an example either, but it seems within the realm of possibility to me.
  18. rubyjean

    rubyjean Well-Known Member

    If your account was charged off by MBNA and sold to NCO, The only record that MBNA would have would be the date and the amount of the Balance at the time it was sold.. It would also have the Toll Free Number for NCO.. MBNA does not own the Debt.. All Dealings will have to go through NCO.. Good Luck
  19. Larissa

    Larissa Well-Known Member

    Thanks rubyjean...I did call MBNA, and they gave me the toll free number for the CA, but it doesn't work. What I want to know, is why MBNA can continue to report it to the CRA when they no longer own it, and NCO is reporting as well. MBNA has pulled 2 hard inquiries in the last 1 1/2 years but have never contacted me, NCO has never contacted me. I want to get this off my report, but MBNA can't help even though they are now it looks like 2 CO.

  20. GEORGE

    GEORGE Well-Known Member

    Have you tried to dispute it as NOT YOURS with the CRA(S)?

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