I recently asked for verification from M&I bank and they sent me this letter: --- We have received your recent correspondence in regards to the accuracy of how we are reporting your M&I bank account (serviced for Clout Visa) with the credit bureaus. As of today, we are reporting the above reference account as sold/transferred to another lender. Due to the sale of this account, there is no debt owed to M&I bank. Clout credit card accounts that were in collection were sold to RB Consulting. Please forward any and all further correspondence to the above address. For your records, we have attached copies of several statements that were sent on this account, and a copy of a payment that was made. --- what are my next steps? i am thinking they should take this off my cr since i dont owe them anything, i dont have any thing from any other RB Consulting or any other ca on my cr with regards to this account.
No, M&I sold it, so it will eventually show up on your credit reports as a charge-off. Now you'll need to deal directly with the collection agency, who will likely report this as a collection in the near future too. Unfortunately, you'll probably have 2 bad marks on your credit reports for this debt. As they said, you'll need to work with the CA now and validate the debt through them before discussing any payment arrangements, settlements, etc. If you haven't heard from them yet, you probably will soon.
This posting is from a few years ago, there is no new collection agency that has this debt...so basically M&I are hte only ones that have a listing for that debt. so i should send a DV letter to M&I? they sent me a copy of my statemtns and a copy of a check i sent for one of the payments. im assuming this doesnt validate the debt?
I don't think there's a lot you can do with M&I at this point. If they're listing it as a charge-off, they have every right to do so. That's exactly what it was, since they sold the debt off to a CA. The DV process doesn't work with the OC, as they are not bound by the FDCPA. Have you ever been contacted by this "RB Consulting" company that you mention? From what you're telling us, it seems like they now own the debt, so I'm surprised they aren't reporting it as a collection account on your credit reports.
i have never been contacted by RB Consulting. i did not even know it was sold. so there is nothing i can do?
You should be happy that the CA that bought your debt isn't reporting it as a collection too. Now, it's up to you to decide if you want to contact them, or just let sleeping dogs lie since they haven't contacted you yet. M&I's response to you was pretty clear, and I'm sorry, but I don't think there is much more you can do with them. Perhaps someone else has an idea? Every time you contact them, they will most likely just redirect you to the CA that now owns the debt. You can always try disputing something that's missing or inaccurate about the listing through the CRAs, and then await their response.
I did a quick Google search for RB Consulting, and the first result brought me to their home page. Here's a link: RB Consulting, LLC Also, here's their address: Address: 1480 Lake Dr W City: Chanhassen State: MN Zip: 55317-8518
You apparently had an account with them, which they reported to one or more CRAs. They are obligated to report the status of said account with 100% accuracy to the CRA, which is sounds like they are doing. The CRA has an obligation to report negative accounts for 7 years after the date of last activity (DOLA). If the debt's been sold, it's up to whoever bought it to report it as a collection account. They don't have to report anything, but anything they do report, has to be 100% accurate. Your best bet on this is to wait a year or two and dispute it again to see if they've forgotten about it. Sometimes they do, sometimes they don't. But it doesn't hurt to try.
