I'm hoping to get some advice and will try to keep this short and sweet. I filed a BK in 08/95 and it was discharged. I had planned on retaining a Mobil gas card and the paperwork reflected this. Therefore, it was not discharged with everything else. Due to my oversight, this account just remained on my credit reports. Last month, I disputed it as "not mine". Experian deleted it, however, on TU and Equifax it now shows up as "Calvary INVS Collection Account" established 08/2002. Calvary sent me the standard "attempt to collect a debt letter". I responded with a letter indicating it was inaccurate/incomplete, was included in a BK in 08/95 and per the FCRA should be deleted "7 years from the original delinquency". I asked they delete it from all reports and provide me proof. This was sent 3 weeks ago, certified return receipt and they signed for it and I haven't heard back. My question is what should I do next? The "last activity" is shown as 07/96 - probably because of the law that indicates that pre 12/97 it's the "charge off date", not the original delinquency. I want it removed though because it's now showing as a collection account. Even though it will automatically be dropped off 7/96, I need to purchase 2 cars early next year. My credit scores are around 675-690 on all three but this Collection account may hurt my options. In my mind I have several options: 1) Send a validation letter to Cavalry, asking that they validate the debt. 2) Send a "settlement letter" to Cavalry requesting they agree to delete the account in return for payment. It's only $50!! 3) Continue to dispute with the remaining CRAs (already deleted from Experian) 4) Do nothing and hope the "collection account" doesn't hurt my ability to get a good rate on two cars next year. Sorry for the long post but wanted to completely explain it. Any suggestions are greatly appreciated!!! Mark
I know my message is a little long but if ANYONE has some suggestions I would really appreciate it! I have seen MUCH longer posts. I just need some help from people experiences on this board. Thank you!
ther may be others here that would advise you differantly, however my advice would be to start the validation process and redispute with the CRAs. I have had success with this method as many others who post here have. that's my free advice you can do with it what you like, either way good luck
Right, start with the CRA's and cross your fingers. If that doesn't work, go to validation letter. It's kind of "play it by ear."