I disputed an old (6/96) Mobil CC account with Equifax. Next thing I know I get the standard "Attempt to collect a debt" letter from a "Cavalry Investments, LLC" (they bought the account) and it is now showing up on all 3 CRAs as a collection account. I disputed with EX when it was still "Mobil" and it was deleted. This account has a whopping balance of $50 and is due to fall off 6/03, however, the original delinquency was in 07/95. don't think the FCRA change of "original delinquency date" applies though because it's pre 12/97 so they show the charge off date of 6/96 as the last activity. Should I: 1) ask the collection agency to validate and dispute it with the other CRAs? 2) attempt to settle with Cavalry? 3) Not worry about it and let if fall off next June My FICO is 690 TU, 722 EQ and 710 EX but I'm needing to refi some cars soon and would like it removed. Any input is appreciated!
I would probably write a pay for delete letter to them, since it is such a small debt, and it is due to fall off in less than one year. If they won't agree to that, I would just let it age off.
But I have read that paying to delete can be really tricky and you rish resetting the clock. I sure don't want that to happen. I decided to dispute with the two CRAs that are still reporting it (Experian already deleted) and also send the CA a validation letter. If they validate, I might just send the cease and desist , tell them to stick it (SOL is expired - was over 6 years ago) and forget about it. Any other suggestions on handling this differently??
The problem with disputing it with the CRA's is that the CA can go back in and re-insert it at a later date. That means, you never really received a successful deletion. This is why it is always best to go to the root of the problem. Send the CA a validation letter, and see how it goes from there. If they do validate (HIGHLY unlikely given the age of the debt) then you can work out a payment for deletion or let it drop off. If they don't validate, then I would let them sink themselves into the violation spiral and then use that info against them to get the listing removed from your reports. If I were you, I would not pay for deletion. This debt is pre 1997. If they don't want to play the game, send them the C&D, and watch it fall off.
