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Collection Agency and Original Creditor


zinjanthropus
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Hi Everyone-

I am fortunate to have found this forum. I am beginning the process of rebuilding my credit after some difficult financial years during grad school that led to a number of charge-offs, etc.

I have read a lot of the advice and previous postings on this website and they have been tremendously informative. However, I do have a specific situation that someone may be able to help with.

I have a CHASE account that was charged off and sent to a collection agency. The remaining balance on the account is fairly small (about $250) and the collection agency is willing to settle the account for $175. In addition, they will report the account as "Paid". However, I also asked them to have CHASE report my original account as "Paid as Agree" and they responded that they don't work with the original creditor and can not do that.

Here is my question: Would it be futile for me to personally contact CHASE and ask them report the account as "Paid as Agreed" if I pay the collection agency?

I would like to settle this account, but I don't see the point if it won't positvely affect me!

Thanks everyone.

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First of all, have you sent DV letter?? If not, do it now.

Secondly, having that CA updated to 'paid' is just a hunk o junk and won't do your scores ANY good. A paid collection acct is still a collection acct....bad stuff.

You can try to contact the OC and see if they will retract the collection if you pay them instead. Try to get them to either update the account to 'paid as agreed', 'paid' (not bad for an OC listing), or just delete the tradeline. 'Settled' is not good...'closed by credit grantor' is not good either. Try for the others.

If the OC won't budge on anything, go back to the CA and tell them the only way you'll pay them is if they'll delete the tradeline altogether. If they tell you it can't be done, call them a liar and tell them that you'll send your money to the other CA that said they WILL delete. If they won't deal with you, screw 'em.

Make sure you get everything in writing from whoever you're dealing with. And KEEP AT IT. Sometimes it takes several letters to get what you want.

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...'closed by credit grantor' is not good either.

I just realized I have one of these from Nordstrom. I think they probably closed it due to lack of activity. TU is the only one reporting it. It says 'Updated 01/2000' Acct Closed by Credit Grantor. Opened 10/1987. Most owed $63 Status: Paid or paying as agreed in prior 5 months from last update never late'

Should I try to get this removed since I know the real DOLA is 1988? And if so, where do I start OC or CRA?

thanks!

J

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J Snow, with yours I don't think I would worry TOO much about it. A 'paid as agreed, never late' account saying closed by credit grantor isn't too bad...it makes it kinda obvious it was due to lack of use. (At least, if a lender has some brains, they could figure it out....heh) Plus, that's an older account and I wouldn't want to mess with it because of the history.

IMO, I'd leave it alone. It's not doing too much harm now, I wouldn't think. :)

Meaning, I should get them to delete their tradeline, or both their tradeline and the one from the OC?

It's rare that a CA can get the OC to remove their tradeline. I've heard of it being done, but VERY few times. I would focus on trying to get the CA to remove his own tradeline. A collection, even a paid one, is a huge boo-boo on your credit score...removing it will help out a lot.

After you get that CA gone, you can always work on the OC in other ways. Do a search for 'paid charge off' or 'remove charge off'...there's a lot of little tips and tricks on the board. Plus, it's been my experience that once an OC charges off, and especially when he sells the account, he's less likely to care about and respond to the CRAs when you investigate.

So yeah, just work on that CA first. Debt validation, first! :D

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Hmmm... wonder if I should waltz on down to Nordys and see if they will re-open it...

You know, that could be possible. Though, I would waltz over to planetfeedback and give it a shot that way! Make sure to fwd your letter to others (friends, family, your other email addresses). If you're telling a bunch of other people how good Nordstroms *might* be, they'll pay attention a little more usually.

Make sure to tell them what a good customer you were in the past and, say, moved to a place that didn't have a Nordstroms for awile. ?

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Make sure to tell them what a good customer you were in the past and, say, moved to a place that didn't have a Nordstroms for awile. ?

I have no idea if I was a good customer back then. I dont think I ever bought anything there except for maybe a christmas present or something. I probably used the card once and paid it off.

Funny thing is, this was before Nordys had expanded and I lived in So. Cal. but the parents lived in the Northwest. Then I moved to Seattle. They do have a 'little' presence there! LOL

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Hi Everyone-

I am fortunate to have found this forum. I am beginning the process of rebuilding my credit after some difficult financial years during grad school that led to a number of charge-offs, etc.

You never said how old this was...It may be beyond the Statute of Limitations to be collected. Check the SOL for your State (there's a link to it on the main web-page). You may not have to pay it at all and still be able to remove it.

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