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NEED ADVICE: Inquiry dispute = BIG TROUBLE!


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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(?)

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First of all, I wouldn't bother talking to them on the telephone anymore. They are more likely to give you the runaround than anything else. Anything they tell you will be meaningless in court. Get it all on paper.

Your first priority is to send them a validation letter. The purpose here is to get documentation on just which loan this is for. Ask for a copy of the original loan papers. (There is plenty of excellent information about debt validation on this site.)

Don't count on the CA to give you all the facts. I would also try to contact someone who might have had something to do with all your original school loans so you can get the details--account number, last payment, outstanding balance, etc. Once you have all the facts, you can establish your settlement and credit repair strategies.

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