Shady Collection Practicies

[w12plai]

Made a major mistake I think in repairing Credit. I think its too late for a not mine. I got my credit reports. I disputed everything with a paid on time never late as opposed to a not mine. The amount of the Cap One account was 1,132. It had been charged off for 571. Of course the investigation shows the account is still mine. I call Cap one to work out some sort of agreement or settlement. They actually had to do some digging and transferring to find it. It was closed and charged off Nov. 2000. At any rate, I call, and give them my updated information and request to pay. The first guy I speak with says that the balance is 1,750 dollars due to interest and that he can only settle for 50 percent or 875 dollars. I told him the # was like 1100 and he said that was another department. I then ask him if I make a payment will it be deleted. He says that the report will still say charged off, but will be changed to satisfied. I thank him and hang up. I call 10 minutes later and speak to a woman who tells me my balance is the 1132 I thought it was, and that they can settle for no lower than 70 percent of the cost. This is still better than 50 percent of 1750. Again she tells me that they cannot update the record other than to say satisfied and that the charge off will remain, and that they have no power to change it, only the credit reporting agency (equifax, transunion) can change it after I have paid it. I should also add I was nearly deathly ill during the period of time that I missed payment if that helps.

That also leads me to another item. I had two medical bills that were nearly identical. Both were 1500. One was sent to collections, and the other wasnt. In the process of working directly with the creditor in paying the one that was not sent to collections, he dug up the other that had just been sent to collections and listed on my report. Of the 3000 owed between them, I have only 450 left to pay. For some reason the credit report keeps showing past due on the account. Also, I am concerned about paying this bill while it is on my report without any type of agreement to delete. Basically, after the debt is paid, it will simply say satisfied, and I will lose all leverage! I have not worked with teh collection agency, rather with the creditor directly. What can I do if anything before it is too late? Who should I contact to make sure it says paid as agreed, or at least paid, or dispute? Again, any help is appreciated.

[LadynRed]

. Again she tells me that they cannot update the record other than to say satisfied and that the charge off will remain, and that they have no power to change it, only the credit reporting agency (equifax, transunion) can change it after I have paid it.

Bull ! The CRA's don't change anything by themselves unless they can't verify a dispute. The FURNISHER is the one doing the reporting and they sure as hell CAN change how a tradeline is reported - they just won't.

For some reason the credit report keeps showing past due on the account

Well, because you ARE past due, literally. You let it get behind and you will always BE behind until its paid off. You're playing a weird game of catch-up.. you can never catch-up until its over, basically.

What makes you think you have any leverage at all ?? Without an agreement IN WRITING, you've bascially got nothing. Pay for delete is NOT something many creditors will agree to.

[w12plai]

I am not saying that I have any special type of leverage, just that there is no reason for me to pay unless they opt to delete. It drops in a year, and they have punished me to the fullest extent that they can. If they want the money, then they are goingto have to bend some because at this point I really have nothing more to lose. They had the leverage before they put me down as a charge off. Now if they wish to recover the money they are going to have to give up suomething. If not, we will jsut wait it out. They will be satisfied I was punished, and I will be satisfied that it drops and I didnt pay. I wont pay and have it say as paid charge off.

Can circumstances affect the outcome?

[breathing_easier]

It drops in a year, and they have punished me to the fullest extent that they can. If they want the money, then they are goingto have to bend some because at this point I really have nothing more to lose.

Are you referring to your Cap One account or your medical accounts? Your recent payments on the medical accounts most likely have reset the clock on the seven-year reporting period and the SOL. How does the tradeline read on your reports?

Can circumstances affect the outcome?

If you're asking whether the reason for your late payments factors into how the tradeline is reported, no. OCs and CAs only look at your account number, balance, and whether you're paying on time or not. After all, most people are like you and have a reason for being late on payments.