NEED ADVICE: Inquiry dispute = BIG TROUBLE!

[bizwiz41]

Okay, I think I've screwed up....so any advice will be greatly appreciated (and used!)

I wrote to "Immediate Credit Recovery" re: an inquiry they made on my CR. I wrote requesting inquiry reason and removal. Yesterday I get a "message for an important call".....it was "ICR" stating I had a STUDENT LOAN (Perkins type)in collections, $5,000.00! It's been over a year they say they've held the acct., and that all mail was returned (though they did have all the correct contact info!)

Now, my problem is this....I'm 99% certain I've paid this loan, but I cannot find my "validation" evidence. I have a "Release" from the Dept of Ed. for a loan, but I'm not sure if it's for this loan.

I did request "validation" (verbally) from CA, they are agreeing to send a "statement of account". (I didn't say that I knew this wasn't proper validation yet!)

The good news is that this is NOT on my CRs, and the amount I can pay, so......WHAT TO DO??

Any advice/suggestions are greatly appreciated.

My priorities are:

1) Prevent appearing on CRs

2) Pay as low a "settlement" as possible

3) Get inquiry removed also(?)

[kb9tbq]

Then you want to keep up as you where doing to have them validate with the original student loan company what they have for payment history.

Is there a chance you have any of this paperwork kept somewhere / would start flipping the house over looking for it.

Best to pay student loans - cause they will follow you forever no matter what. If you can't prove that you paid,or unless they can find something on their end.

But you are up against a wall to insure they keep it off of your credit report. Best of luck here... and make sure if you pay, that they agree to keep this off of your credit report (get it in writing).

[bizwiz41]

Thanks kb....

Yes, I have "flipped" the house over, but I think the documents might have been destroyed/lost between a basement flood and moving w/in the past three years.

But, if I "negotiate" w/the CA, they CAN decide NOT to report if I pay, right? I've been doing my "crash" homework, and it seems they are not "bound" to report. They can't report yet as they have not "technically" contacted me (in writing), and I have 30 days AFTER I receive their "validation statement".

My strategy is $$$! I read the "collections" forum boards (WOW!! very interesting!), and it seems most collectors work on a commission/bonus structure for the bulk of their income (noticed they're very low paid also).

So..."a bird in the hand" approach of paying/settling NOW, for NO REPORTING, AND INQUIRY REMOVAL,(w/agreement in writing before payment, of course) may work (I hope). I have a few other negotiating points in my favor, and I am investigating it today w/ my old university so who knows.....

Thanks Again......

[onedrop]

You want to start your paper trail.

Send them your request for validation. That way if they report the account to the CRA's you can sue them for continued collection.

[kb9tbq]

Yes, you definitley have the gist of things here, it is always trial & error from one company to the next. There is no absolutes as to how they will re-act to negotiations in such matters. Some can be paid off, and some will stick to their guns on reporting data.

I think it is important to come off accomidating; give them the impression that you are willing to work with the, just that because of concern you want to resolve this matter with them validating - since you had every believe that this debt was paid already. If you work at that - they may cut you some slack and get futher with them collecting information for you.

[bizwiz41]

Thanks, Good Advice.....

My only "issue" here, is that I feel I got "taken" by a CA somewhere in this mess, or they just messed up my payment.

So, shame on me if I do not have, or wasn't diligent enough to secure evidence!

Thanks Again