Thanks for answering my questions in the past but I'm running into more problems. I gotten my credit reports and there a 4 chargeoffs which are not paid at this time. I thought the best approach would be "negotiating" with each creditor but after visiting and posting on credit forums I was told to "dispute" everything as "not mine". I have read books, asked questions, search forums...and I would like to honestly know if anyone has been in my situation and how did they get out of it? I keep reading about similar situations but they are still different from my own. The stories I've read are of those who have paid chargeoffs, the sol was up, or they had proof of "violations"...none of those things apply to me and I would like to know what should I do...I'm being told many different things and all of it is confusing. I was told to "dispute" but on the other hand I read that you can open up a can of worms or you can get in trouble by "lying" stating the account is not yours even though you know it is. Meanwhile, I need a car and can't get approved for a car loan.
Lashay, if the tradeline isn't 100% accurate, it is not yours. For example: if you have a Sears account # 22345 with a balance of $500 and they have the wrong account number, the wrong balance, the wrong payment amount, then it's not yours. Think of it like this, you are not stating that you don't owe "sears" $500. You are stating that as that account is listed on your credit report, it is not yours. Your not disputing the account or debt, just the accuracy of it. Shanyl
Okay, what if none of those things are wrong? I mean Discover and CitiBank has a balance way over the amount of credit I had because they added up all the late interest charges, late payments, etc. until they charged it off...is that a case to dispute it?
Re: Re: What should I do? How do you know that those extra charges are accurate? Dispute it as "not mine" until they can validate that it is. Further, you contracted with Citibank and Discover - if they are charged off, that means that XYZ Collections likely bought the debt. Did you contract with XYZ Collections? Of course you didn't. That's also what makes XYZ Collections not yours.
Re: Re: What should I do? If it's a collection agency reporting it, you should write to the collection agency (NEVER talk to them on the phone) and ask for validation. Since the original account isn't with them, they must prove it's yours, and prove how they got to the amount they're claiming. Do a lot of reading here. In some states there is a limit on how much interest they can charge. They may have charged more. In some states they can't charge interest after it's paid off. Send them a letter asking them to send you proof that it's your debt and an itemized accounting of how they arrived at the amount. A piece of paper with your account number and amount isn't enough. There are court cases to back up a lot of this. Send the letter certified mail, return receipt requested. In the letter, tell them that you will not accept phone calls and all further contact should be in writing. Also, how old is the debt? You need to check your state's SOL (Statute of Limitations). Do a lot of reading here, especially the threads at the top. Then ask more questions.
The people who told you it was wrong to disput an account are wrong. Disputing an account is in a way like stating your plea in court. Guilty or Not Guilty. They say you owe the money pay up and you say "well prove it". You haven't lied. It is true that you can make things worst if you dispute them but thats similar to lawyers telling clients not to say anything without lawyer present. They don't want you to give the cops more info than they already have. Some times all the collection agency has is your name and last known address. They use that to track and match you with the acct. It's easy and they are right a lot of times but it's not fool proof. There are a million reasons why they could be wrong. However, if in your dispute you give them more reasons to tie you to the acct, then you have opened a can of worms. (Hello dear honorable abc collections, a review of my credit report shows that I owe you money But this can not be true because I have never done busines with you. Could you please remove this notation from my report or show me some proof that I did business with you.) Also, you would get better help if you break down your situation into smaller bits. A general problem like you discribed above would only generate a general answer. You have 4 charge offs on your report. How much are they and with whom? How old are they and what was the last day of activity? When did you last make any payments? Generaly, you should first dispute them and wait for the results. Ask questions about how you should dispute your particular charge off. If you want to negotiate a payment plan that would benefit you, then you can ask for help on that also.
Re: Re: What should I do? In some states there is a limit on how much interest they can charge.<<<<<< can someone update me on this. i recall awhile back i had a charge off myself from sears that was way out there. how can i find out what are the limits of interest they can charge on a charge off account.?
