Disputed w/CRA's - came back verifed Wrote Sears and requested proof of debt. They sent me copies of all my credit transactions which I signed for. The most recent being in 1996. It's now with a CA and is on my report 2xs. The CA has sent me a settlement ltr for 1/2 of the amt. Any suggestions on other way I could get this removed? Or is it time to try to settle the acct? If I negotiate a settlement, what's are the odds of getting both Sears and the CA to remove it entirely from my credit profiles? Any input would be greatly appreciated. Thanks Nina
Ok, I will give this one a try. The most important component is the first date of delinquency and or the date it was charged off. This date will establish when the 7 year clock begins. You have two options. First only one company can report the debt. If Sear's sold this debt to a collection agency, then they no longer have the right to report it. If Sears and the CA are both reporting it, then it is inaccurate information and must be deleted per the FCRA. Depending on the amount of the debt, Sears is notorious for seeking judgments, worked at the courthouse last semester and witnessed these quite often. Then the statute of limitations comes into play. Depending on which state you live in, the statute of limitations may have expired. You can determine that at: http://www.creditinfocenter.com/rebuild/statuteLimitations.shtml Also, you can try to settle with the collection agency, ONLY IF, they will delete the negative information. A paid collection or charge off is said to be no better off than an unpaid one. Or you have the option to wait it out and to continue to dispute with the collection agency and with the CRA. Remember GET ANY SETTLEMENTS FOR DELETIONS IN WRITING!!! It should come off before the due date as many of us here at creditnet has discovered. Good Luck, I hope this helps.
Thanks for your input. I will dispute this with the CRA. Your response leads me into another question. I have another item on my report 1st USA. Disputed it w/CRA - came back verified. Contacted 1st USA - they sold the acct therefore they no longer have any record of it. I told them I wanted it removed then. They did not remove it. They added a statement that says sold acct. Are they suppose to remove it?
In regards to an item being reported twice, Sears is showing a zero bal and marked Acct Transferred or Sold Collection Acct. CA is showing the balance on the acct. The CRA is stating since the acct is marked Transferred or Sold it will remain on the acct. IS THIS TRUE?????
Sorry. I'm new at this and was trying out the quotes for the first time. I suppose I'll get it eventually.
