I paid a collection account in full with the condition that the TL would be deleted from my CR. The company instead, updated my files to mark the account a paid collection account. Is this a breach of contract. My home state is Texas and the company is located in Texas.
This collection account was paid two years ago. Question 1. How many FICO points is this account costing me? Question 2. How negative is this account if my file was reviewed manually by a credit officer? Question 3. If it prudent to attempt to explain the debt in a 100 word statement?
1. Nobody can tell you that with any certainty. 2. It would be up to the human reviewing. 3. Don't use the 100 word statement option... unless you are using it as a tool to get even with the CRA's <inserting evil grin>
johnl I paid a collection account in full with the condition that the TL would be deleted from my CR. The company instead, updated my files to mark the account a paid collection account. Is this a breach of contra ><- <>- ><- <> ~~~ ><- <>- ><- <> ><- <>- ><- <> ~ ~ ~ ><- <>- ><- <> Was it in writing ?
yes.. I attached my check to a letter explaining the conditions of my payment. I too, believe this is a breach of contract. (Regardless of a certain states position on restrictive endorsement.)
You might want to send out an ITS letter along with a copy of your documentation and see if they budge. Don't talk to the credit bureaus about any restrictive endorsement, you will self verify that the collection was paid, and then they can keep the info on your reports until the reporting period ends.
