please dont kill me for asking

Discussion in 'Credit Talk' started by Christi, Mar 6, 2001.

  1. Christi

    Christi Well-Known Member

    I noticed a few threads back someone talking about buying the rights to your debt etc. If you can simply become a member of TU for $50 why can't you have someone (a friend or relative) become a member and report some good trade lines for you? I'm just asking.........don't KILL me. I've been lurking here for quite a while (actually around XMAS) and have noticed newbies and dumb people or people with dumb questions seem to get attacked. I am trying to rebuild Ch 13 in 94 (off 2 reports still on Equifax) some old medical bills, charged off accounts (3 to be exact) and some supposedly Telecheck and Accucheck for "hot" checks i've already paid. I am trying to get started with a new secured card and disputing now. I Have manged to get about 7 things deleted from TU and Experian.........equifax just SUX> amazing how they can verify something that came back to me as "unknown address" when i sent the same collection agency a certfied validation letter.
  2. Marie

    Marie Well-Known Member

    Yes, Equifax sucks

    BUT on to more important subjects... how did you get the ch13's off your reports?

    I don't know the answer to your question.. or I'd answer it. I think you have to report so many accounts per month t to be able to add to reports.. I do know they verify locations but if you had a legitimate business... OH, I don't know.

    Do we really blast newbies? I hope not. Maybe it's a bit tiring answering the same questions over and over... it's great you've been reading the posts! I read every post here and every post on Yahoo, read about 20 books before I ever posted even once... I was chicken! :)

    Oh, I did notice on your post... if you've sent validation notices and Equifax verifies... I'd send copies to Equifax and to the counsel or sue them. what the heck. push them, quote Wenger v Transunion.
  3. Hal

    Hal Well-Known Member

    Re: please dont kill me for as


    Are any of the accounts listed from your Bankruptcy? It sounds like you are making progress. I am not certain Equifax verifies other than checking via computer. You may want to send a detailed letter disputing the item and require they provide you the method of verification, and the name and address or telephone number of the party they verified the item with at the creditor.

    As for buying the rights to your debt, I don't know a lot about this, but I don't believe it is as easy as that post indicated. I don't think subscribing to the CRA is as simple as indicated, if so, everyone would be doing this and cleaining their credit records. This would do a lot of damage to the CRA business.

    I may be wrong, and this may be possible. But I believe if so it is more difficult than indicated.
  4. LKH

    LKH Well-Known Member


    regarding chapter 13 bk - I believe they only stay on your report for 7 years. Chapter 7, 11 etc. stay for 10 years.
  5. Marie

    Marie Well-Known Member

    ok guys: different issues

    I'm seeing a big divergence on this post. Let's clarify.
    Buying the rights to your debts is easy if your collection agency etc is willing to do it. No big deal. Your friend will not report it as positive. Your friend will NOT be a member of the bureaus. So what.

    You then dispute directly w/Equifax.

    the CRAs will try to verify the debt. ONce your friend owns it, they also vicariously own the rights to it.
    The easy part is this: your friend has ownership of the debt. When (IF) the CRAs try to "verify" the balance, for expample (because now it's paid) they would be referred to the person who bought the debt. If your friend doesn't respond, BINGO, it's off. This is just logical.

    The other idea is very different. Being a member of a bureau is a totally different issue, and it's difficult, and costly. So you see? Being a member and putting positive info on someone's file is very different (and illegal if not valid)

    But, someone buying your debt and just not responding to Equifax's request for verification is a normal everyday procedure. Lots of big companies don't respond either. big deal, then the item comes off entirely. This is basic credit repair. Having your friend own the debt accomplished 2 things: you pay less for the true satisfaction of the debt, and you guarantee the debt won't be verified, so it gets removed (THIS is exactly the same as you getting the collection agency to agree not to verify the item/ or to agree to remove the negative info) Same idea. Debt gets paid.

    Equifax calls XYZ collection company... the collection company should say the debt has been sold. Equifax calls the person who bought the debt... or writes, the person (your friend) doesn't respond to the request for verification; and by no response the debt is off.

    This theory is just advanced and just because it's new to some of us... well, just stay open minded. New ideas are what this is all about. If we followed what we were told by all the companies... we'd all have bad credit for 7-10 years.

    The flip side of this is: Equifax gets caught in a lie saying it verified the debt. Then you sue their butts off.
  6. Erik

    Erik Well-Known Member

    Re: ok guys: different issues

    On Trans Union I have a collection account from Sears. It's labeled that I owe $0 and that it was purchased by another lender. The lender that purchased it (Equifax Risk Management) doesn't report the account to Trans Union.

    I don't really know much about trying to purchase your own debts although I have heard of that before. It seems to me that it is not a sure fire method of cleaning reports as evident by the way Trans Union is reporting my Sears account.
  7. Hal

    Hal Well-Known Member

    Re: ok guys: different issues

    Junum actually does this. They have a Debt Exchange program in which they have purchased collection portfolios from collection agencies and work politely and professionally with the debtors allowing them to make payment arrangements on the debts and reporting the accounts postively on Credit profiles.

    Odd, how collectors just can't get a clue about doing this themselves. Most would be willing to pay in exchange for being treated courteously and having negative entries removed or changed to positive.
  8. ShyGuy

    ShyGuy Well-Known Member

    Equifax Risk Management

    I had a Amex debt go to Equifax Risk Management, and it reported only on Equifax. It's still there (unable to locate consumer), despite being included in BK. Equifax recently divested itself of its collection unit. So now the account is listed under a different name (Rmapp Pur-Pap), but it's still only on Equifax.

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