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Hello Everyone, I have (had) a business credit card with Wells Fargo a while back and always made my payments with them. Back in 2014 I was the victim of identity theft and in process of getting new accounts, monitoring credit, etc. I got really busy and got late on payments, but still made payments. Wells Fargo was very kind and decided to help me out by maximizing the APR and find new ways to add fees, etc. My due payment doubled. Since it was a business cc, they could apparently just do what they wanted. Talking to them didn't do anything and the hyenas kept on laughing, so I simply stopped making payments since I could not make them anyway and focused on fixing the harm to other accounts from identity theft. I didn't really hear from them that much, until lately, when they sent me a letter offering to settle for 20% of the debt ($25k debt reduced to $5K). It is very tempting. Any other time I would actually feel bad about not paying what I fully owe but I am unsure about what I should do to ensure that they do not report anything on my credit and don't find new creative ways to try to screw me again. I just want to be prepared so that I can put it behind and also not suffer further consequences. What should I do and get in writing when contacting them? How and how would I be able to negotiate a short payment plan? Are they willing to listen and work with me or are they simply all heartless and bloodless creatures aiming the earth in search of souls to torture? Thank you in advance for any tips and advices. Oliver
I am an American-born expat living in Peru. All my personal debt is paid as agreed. I am also the legal representative of an English Institute, which has a separate tax identification number. There are three partners. The business is not performing. A few months ago, the business entered into a rental agreement. It has paid 3 months but cannot pay the remaining 3. The first two months I personally paid out of my own pocket. Since there are three partners, I want my partners to pay for the other 4 months (2 each), but they have declined to do so. The landlord has said that if I do not pay the debt, said debt will be placed on my Equifax credit report and will prevent me from getting credit. I went today to Equifax, and the person there confirmed that this might indeed be so. Since I am an American citizen, Equifax is an American corporation, the information is hosted on www.equifax.com, a U.S. domain name, and the information is often transmitted through the Internet, I believe that the matter is covered by the U.S. Constitution, which grants authority to Congress to regulate Interstate Commerce. In short, I believe that the Fair Credit Reporting Act is in full force and that it covers this matter. I entered an Equifax portal to determine how to dispute negative information, assuming that derogatory information may be placed against me in the future. The portal asked for a 10-digit identification code. However, the credit report I have in hand from Equifax does not contain a 10-digit code. It contains a 15-digit operation number. Any advice or information would be appreciated.