hey everyone.. i just paid a macys charge off account today and the woman i spoke with said thank you for your payment. your credit file will be updated to R1 status.. anyone know what R1 means?..thnx in advance
"pays as agreed never late" this only applies if it is actually listed by the OC. if it is a CA listing it as R1 then it is still bad, just for the fact that it is a collection agency listing it as R1. make sense? Its going to be listed under 'collections' on your report.
on my cr i have no collection accounts. the macys account lists as charged off as bad debt. my accouint went to a collection agency and was just recently bought back macys. thats the only reason i payed. the woman from macys said she would post the account as R1. not a collection agence.....now on the other hand , i have a capital one account that is in collections with an outside agency. if someone from there told me the same thing that they would post my account as R1 it would bad because it is a collection agency posting it? I was under the assumption that when a debt goes to an outside collection agency it is up to the ca to collect the debt, however once the debt is paid in full the ca is obligated to inform the origional creditor of the paid debt and it is the oc who updates your report. am i correct?
that hardly ever happens..and I don't think it is supposed to. Most likely the OC entry will remain the same and the CA entry will show R1, which will still be bad because it is listed as a collection. This would technically be accurate, as originally the OC listing was indeed a charge-off, that wouldnt change if you paid it off through a CA..because at this point the OC is done with you, you are dead to them ;p. They've written you off and taken the loss and moved on to bigger and better things. so, the key is to try and negotiate a deletion of both TL's. In some cases the CA might be able to get the OC to delete as well, but I've never been able to swing this one myself. I could be incorrect, but this is my personal experience talking. I'm sure you will see many posts soon if I'm throwing out senseless blather. ;p
so basically when a CA settles with a consumer and they promise you they will update your CR within 90 days that doesnt mean that the origional tradeline from the OC in my case macys will be updated? are you saying that the CA will post another tradeline on my report showing the account as beeing a paid charge off? and that tradeline will be under the part that says "collection items" if that is the case why would they post a collection TL after i payed them. i have a few CO accnts on my report and none of them are listed as collection items. but they were sold to outside agencies...im confused...
i got the letter faxed to my home today...but if they are going to post this as a collection item settled and not the origional tl accnt as settled than i think i just made a huge boo boo
what does the letter say? dont post the name of the CA or the account number, keep it generic. Also what is the DOLA on the OC TL? i once paid a CA $1500 or so to change an account from Charge-off to paid charge-off thinking i was helping my credit...how surprised i was to find out it didnt help it at all. luckily the place I paid went out of business and I was able to dispute the TL off a year later. but I pretty much wasted $1500 IMO. so don't feel too bad.
Dear xxxxxx xxxxxx This letter is to confirm a payment made to settle a delinquent debt with XXXXXXXX. The full balance of 281.37 was payed in full on 3/11/03. This account is considered settled and you are of no further obligation with xxxxxxxxx. Within 90 days after your payment clears your credit file will reflect a status of R1. Sincerely XXXXXXX XXXXX XXXXXXXXX XXX XXXXXX
DOLA?....if that means date of last activity it doesnt say...all my report says is when the accnt was opened....when it was reported ...and the balance...
you know what i cant stand about ca's is that they bounce around from one to another. I have a co accnt with gateway from 2000. since than the accnt has been in the hands of 4 different ca's...i dont get it..what do they auction them off after a certain ammount of time. what scares me about gateway though is that on the letter of the new ca it states that i better pay or they will get a judgement against me. How can they do that?
please read the FAQ if you havent already. It looks like you may have already paid the CA? if so there isnt much you can do. If you havent paid, you might want to try contacting the CA and seeing if they will work with you further. see if they will delete their TL altogether and/or see what they can do for the original TL. Probably a longshot at this point, but who knows. If you've already paid asking them to delete probably won't hurt you too much either..you've really got nothing to lose at that point. The reason you were able to get that fax in the first place most likely was because they know good and well that R1/R69/Rwhatever makes no difference since the account is a collection to begin with. You were correct, the DOLA is the date of last activity.
how old is the debt? this would determine whether or not they can pursue legal action against you. There are statute of limitations on debt collections, they vary state to state. Plus I think threatening you with legal action is illegal (if you can prove it)
1*post my account as R1 it would bad because it is a collection agency posting i the debt is paid in full the ca is obligated to inform the origional creditor of the paid debt and it is the oc who updates your report. am i correct? 2*however once the debt is paid in full the ca is obligated to inform the origional creditor of the paid debt and it is the oc who updates your report. am i correct? joey1123 ==================== 1*Any showing of a Ca on your report is bad. 2*Not necessarly.Who ever is doing the reporting is responsible. 1*so basically when a CA settles with a consumer and they promise you they will update your CR within 90 days that doesnt mean that the origional tradeline from the OC in my case macys will be updated? joey1123 ============== 1*You got it. The END ************************* LB 59
