settled as PIF in feb., now unpaid collection showing on TU

[pjoner]

So I settled a sold debt with a JDB in the month of February. Here is the jist of the agreement they gave to me.

--------------------

Current Balance: x,xxx.xx

This letter is to confirm the settlement agreement regarding your existing account. The payment terms we have agreed to are listed below:

Total Settlement Amount: (40 percent)

Due Date: (withheld for security)

After receiving your final payment, we will consider the account paid in full and the three major credit reporting agencies will be updated accordingly.*

*Your credit report will not be updated if the federal reporting period has expired, or we have not previously reported on this account.

--------------------

At the time of settlement they were not reporting but when I pulled my TC yesterday it shows a new collection on TU with a balance which happens to be the difference between the sold and settled balance. They also decided to reage the debt.

I would like to get these bastards of my report ASAP, how should I handle this properly?

My plan to is to give them the old 1-2 punch. Shoot them off a CMRRR stating they are reporting the account inaccurately and that they are violating law by reporting inaccurate information. Once I get the green card back I will go ahead and dispute with TU.

Should they even be reporting to begin with considering the agreement I have states they will not report if they have not reported previously. They received my certified check 14 days before they started reporting. Any input would be appreciated.

[someonesomewhere]

Was this a certified check or a cashiers check? If it's the former, then I would presume you can get the scanned image or actual paper copy of the cancelled check. Not sure whether the same is true of the latter.

If you have a printed copy of your CRs dated after the date the check cleared, that would probably be ideal proof.

For future reference, this language sounds SO suspect. Their weasel clause.

"Your credit report will not be updated if the federal reporting period has expired, or we have not previously reported on this account."

Yes, 1-2 punch 'em, but no need to wait for the green card to come back before disputing with the CRAs.

[pjoner]

why should I not wait for the green card to come back? With me receiving the green card and them verifing incorrect information cant I bang them on a few violations.

[SecretAgentWoman]

I agree they gave themselves an out with that disclaimer. The letter does not say they won't report the unpaid amount if they never reported the full amount in the first place. Nice little loophole.

[pjoner]

they were not reporting on the account before settlement. They first started reporting two weeks after they received my check. wouldn't this stipulation apply?

/Your credit report will not be updated if the federal reporting period has expired, or we have not previously reported on this account/

[divemedic]

It said the report wouldn't be updated, it didn't say they wouldn't sell the outstanding balance. I think if you went to court, you MIGHT be able to beat this.

Since you have been on this board for over a year and a half, I have to ask. You haven't heard that CA's and JDB's lie, and that you shouldn't pay them?

[pjoner]

they did state the account would be considered paid in full

[someonesomewhere]

they did state the account would be considered paid in full

They also stated, "Your credit report will not be updated if the federal reporting period has expired, or we have not previously reported on this account".

The language is sufficiently vague you might want to consult with an NACA attorney. But, I would beat on 'em with DV letters and CRAs disputes. It's a cheaper approach that might work.