I disputed with JC Penney's 30 days ago. I also faxed them letter intent to sue. I waited in called them. They told me that they had sold my loan back on 2/5/03. I had explained to them that I paid in full except late payment that they the rep should have taken off but it resulted in charge-off. I talked with a rep today 4/15 She said I would have to call Arrow Financial Services that who purchase the loan. My question is if JCP continues to report the charge off and verify it with CRA's what can I do. Arrow is not displaying it. Should I tried to send a letter to the CEO of JCP and send him intend to sue letter because I feel that they are totally responsible for the mess up and they will not attempt to correct their actions. The rep offer to display it as sold but she would not update the trade lines. What should I do? Arrow is not reporting it yet. I have been waiting for JC Penny to contact me after receiving two letters that said we would contact you shortly. The rep also told me that they would forward the letter to Arrow. Is it a violation? If Arrow does not send me a letter before they display it on Credit report. Can Arrow change lawfully JCP trade lines if the loan was sold to Arrow? Please help I need several response ch-off reported since 10-2001 but not transferred or sold. Is that a violation too? Hey nard, I'm getting the same run-around from Penney's! My situation is that I had a CC w/ them which was paid off, but was sent to Arrow at about the same time I paid it off. One CR shows paid/never late, one says paid after charge-off, and one shows as an open collection account. I got a letter from JCP stating "We believe we are reporting correctly." UGH! At any rate, to address your concerns, I'm sure someone will correct me if I'm wrong, but as far as I know it doesn't matter if the OC sells, transfers, or assigns a debt to a CA, they're still the OC. If Penney's is reporting on your CR, no one but Penney's is able to update/correct that listing. Also, as far as I'm concerned, if you have disputed, and they have refused to research or provide you with information, it seems like a violation of the FCBA. I have just sent a "friendly" letter to JCP telling them they have 30 days to get their asses in gear before I sue (I have at least three violations on them under my state's credit laws, the FCBA and the FCRA). Oh, and Arrow folded like a house of cards when I sent them a validation letter. Hope this helps, good luck with the JCP dumb-asses! "They that can give up essential liberty to obtain a little temporary safety deserve neither liberty nor safety." - Benjamin Franklin http://www.lp.org/
