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How to settle an account with a CA?


ataloss
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OMG>..I think I overlooked it. The CA is being reported as well. Sherman Acquisition is there!

Lender: Sherman ACQ

Date Opened: 06/01/2003

Balance: $x.xxx

Accoutn type: Charge CArd

Amound past due: It shows the entire amount

under acct# they both show the same acct#.

ataloss

Wanted to ask you if the original posting by HHR is saying anything about the account being sold???

Otherwise Sherman Aquisitions, should also be an assigned collection agency working for HHR.

Only one collection agency when assigned should be showing up on the credit report! If you are now being contacted by a different collection agency that is also assigned then Sherman's should remove their reoprting all together.

Now if they purchased that is a different story, they can still report, but if they are not the ones working the account and have sold to another company they should be reporting a zero balance / transfered or sold to another lender.

This company is tricky!!! They actually have several DBAs (Doing Business As) meaning that as soon as you dispute one... they swap the account to another business name and carry on!

Now if all of the CAs are assigned... then you would rather see them return the debt to the original creditor HHR... then move in for settlement agreement! But fight for the CAs to be removed from your credit report since they were only assigned!

Then once they are gone, go back and negotiate with HHR for best possible reporting that you can get! But be sure to get the negotiated agreement in writing! If you settle for less then the full balance - again get it in writing (that the matter is done & they won't sell the debt) because they will cheat you and sell the balance to a new collection agency to work.. and quite a few here have had the full balance before settlement reported as being due - no matter that part was paid. They do this ALL the time.

Just wanted to point these areas out to you ... need to get as much of an understanding of who you are dealing with here and know what their relationship is exactly with this account! - depending on what you find out will vary on how you go about settling this matter once and for all.

There are always do overs, trial and error... education is power. And you can't afford to not educate yourself this day in age with the preditory lenders and credit card companies out there... otherwise they will be making you pay for past mistakes for many years to come.

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Hi KB,

This is how the original creditor shows:

Lender: HH/Rooms to go

Opened: 10/1997

Account Type: Revolving

Status: Closed

Amount Past Due: $0

Under Delinquent Days, 30-60-90 days there is nothing, it's blank.

This is how the 1st collection Agency shows:

Lender: Sherman ACQ

Date Opened: 06/01/2003

Balance: $x.xxx

Accoutn type: Charge CArd

Amound past due: It shows the entire amount

under acct# they both show the same acct#.

The 2nd Collection agency which is the one that has been calling me and I was going to settle with is not reporting it. Doesn't this mean that HHR sold to Sherman ACQ and Sherman in return assigned it to another CA? Or is Sheran ACQ part of HHR? They both are reporting the same account but HHR shows closed. :roll:

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Is the original Creditor Showing a balance at all?

No notes added with this account, nothing? Something don't look right, cuase that listing there looks good.

Where did you get the credit report? from monitoring service, or direct with one of the CRAs?

Sherman's is definitely a collection agency, that I know. They are not an original creditior, the HHR listing should of had to say sold, to another lender.

Your credit report is not conclusive, something is missing here...they may have DBA with the other one, just not sure, I kept thinking they where to do with OSI but maybe not, will run a bbb seach and see.

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SHERMAN ACQUISITIONS JOHN LAGRANT JLAGRANT@ATTENTIONLLC.COM SR. VP

JOHN R. LAGRANT SR. VICE PRESIDENT ATTENTION LLC.

(209) 870-3004

SHERMAN ACQUISITION

9700 BISSONNET ST STE 2000 PO BOX 740281 HOUSTON, TX 77274-0281

SHERMAN ACQUISITION, LP/ALEGIS GROUP LP

PO BOX 10584 GREENVILLE, SC 29603-0584

PHONE (800) 363-3115

SHERMAN/ALEGIS GROUP MR. ROBERT G. WINTON EXT 256 COMPLIANCE OFFICER

(713) 784-4060 (713) 784-9966 (713) 596-6307

(800) 833-4557 (800) 580-4060

FAX (713) 784-9251 WWW.ALEGISGROUP.COM

SHERMAN FINANCIAL GROUP LLC ATTN: MR. BRANIGAN

335 MADISON AVENUE NEW YORK, NEW YORK 10017

FAX (212) 661-1316

http://www.stockton.bbb.org/nis/newsearch2.asp?ID=1&ComID=1266000030000533

http://worf.usshurdman.com/~hous/common.html?location=/home/common/www/mis67/report.php&bureau=hous&compid=50001350

http://www.evansville.bbb.org/commonreport.html?compid=90001105

http://www.greenville.bbb.org/common.html?location=/home/common/www/mis67/report.php&bureau=greensv&compid=15000244&national=Y

The BBB reviews are mixed... but it don't show your current collection agency being linked to them.

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The lady I spoke to today said that they've had my account there for 95 days and that means that they will only have it there for another 30 days most likely. She said that once the OC would pull it from there it would probably go to another CA or even to an attorney's office.

I would think that means that the CA did not purchase the loan but are just assigned by HHR to collect which is why they couldn't offer removal from credit. They are not reporting, just trying to collect. However, looking at the letter the CA originally sent me the creditor shows as "Sherman Acquisition LP", not Household. That would mean that Household sold it to Sherman and Sherman assigned it to the CA I have been speaking to, right? :roll: I'm thinking maybe the smart thing to do would be to send the Validation leter to the CA and see what happens.

Agree that you must have an asigned collection agency... that you should DV both of the collection agencies... if you actually have a second one that you are dealing with... then Sherman's should be removed from your credit report!

They are messing with you... something is wrong here with what they are doing, need some of the members that have delt with this collection agency to give some feed back here.

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Thanks. Yes, the 2nd collection agency is Encore. I got the credit report from TU, the free one that someone gave me a link to. The OC shows as closed and zero balance as what I posted before. And then it shows that I owe to Sherman that $$ which has the same acct# as the original OC. So messed up. I am going to validate with both CA and see what happens. Should I mess around with the OC. Even though they show closed they are under "Delinquent Accounts".

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Ok, so it is listed under delinquent accounts... do you see anywhere it showing collection or charge off?

When you send your Debt Validation Letter, then also too send a dispute to the CRA against Sherman listing.. something like not mine or incorrect status should do it. Want to see, what they give you on this matter in writing as well as what they confirm to the CRA.

They should too also report back to the CRA that you are disputing this account.

Encore - trying to find this one in the BBB search, do you have an address for this one, having trouble finding it?

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  • 2 weeks later...

Swede and the others on this board,

What do you suggest for someone who is trying to get approved for a home? I knoe you say to do a debt validation or dispute it on the credit reports but I am trying to get approved by January 2004. A lender will not approve you with collections on your report. What you are suggesting probadly will work but it is time consuming. I have two collections. I have the money to pay them off. I am considering settling the accounts for less money. My lender says my score should improve once the collection are showing paid on my credit report. She says the longer a collection stays on your report the lower my score will remain.

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Swede and the others on this board,

What do you suggest for someone who is trying to get approved for a home? I knoe you say to do a debt validation or dispute it on the credit reports but I am trying to get approved by January 2004. A lender will not approve you with collections on your report. What you are suggesting probadly will work but it is time consuming. I have two collections. I have the money to pay them off. I am considering settling the accounts for less money. My lender says my score should improve once the collection are showing paid on my credit report. She says the longer a collection stays on your report the lower my score will remain.

Firsthome please start a new post for this or pm me about it. One thing is your lender is wrong, if you pay it now it will hurt your score even more, the older it gets without paying it the more it will stop hurting your score.

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