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Sample letter for Paid CO's: Feedback Please


Drew
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Attn: FCRA Compliance Officer

This notice is being sent pursuant to the reporting of a paid charge off with XXXX. In accordance with my rights under the FCRA, I have previously disputed this account with the three national credit bureaus, but to my astonishment, found that inaccurate information was pronounced, “verified”. According to Section 623(a) of the FCRA, you are required to provide accurate credit information, so I hereby put you on notice for your repeated violations of this statute.

Since I was never provided proper verification, I am now requesting an investigation on this account. I have reason to believe that the negative information being reported was not correct representation of my debt. The fact that you “verified” this inaccurate credit information makes me curious about the credibility of your record keeping. Under the new FACTA laws, you are required to conduct an investigation on this account, and I am now requesting it. I will also seek legal action under § FCRA 623 (B) for violations of the FCRA, if you do not comply and respond to me with the results of the investigation in 30 days.

In order to clear up this matter, I would like to see a signed contract with XXXX and complete payment history for me to verify the information against my credit reports. If you do not respond with the results of the investigation (as is required per the FCRA), I will assume you have no documentation and therefore you were negligent in providing the credit bureaus with accurate information. At this point, you would also be in violation of the FCRA merely for not responding within the 30-day period.

To avoid a lawsuit, I suggest removing this listing from my credit reports and forwarding a “Certificate of Destruction”. Failure to comply with the requests of this investigation will result in immediate pursuance of legal action.

:confused:

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I'm still not sure what you expect them to correct. Was it a CO? Is it paid? Did you pay them, or a CA?

I paid them and the account is being listed as a paid charge off with a 0 balance. The fact of the matter is, the listings are not completely corresponding with one another like 'high balance' and 'credit limit'.

I've disputed these items a couple of times, but they were pronounced verified. In other words, this creditor took the liberty of verifying incorrect credit information.

I was thinking of giving them the option to remove the listings, or else I would immediately seek legal repercussions.

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Hey Drew... As you are probably aware by now that I have the same exact problem. I have been trying some creative approches with no luck so far. Please let me know if you follow through with this letter. I'll will certainly keep you posted with my efforts.

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Hey Drew... As you are probably aware by now that I have the same exact problem. I have been trying some creative approches with no luck so far. Please let me know if you follow through with this letter. I'll will certainly keep you posted with my efforts.

I certainly will. I wish someone who used this same strategy would chime in though.

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hey - it's not like it's going to hurt you any more than it currently is, right?

I'm not sure about the "certificate of destruction".....is it not paid in full or something?

It was 'paid in full'.

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Sorry - didn't catch that earlier.

If it was paid in full then you have nothing to worry about really - why bother with the certificate of destruction?

I figured I would need this to prevent the TL from ever reappearing on my credit reports in the future.

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wouldn't the paid in full letter produce the same? Doesn't really matter i guess, and I do see how the other way is a good CYA. Makes sense.

You know, I'm not even sure anymore. I'm so confused about what will work nowadays.

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  • 1 month later...

HELLO FOLKS,

i HAVE A QUICK QUESTION. i HAD AN ACCOUNT WITH BANK OF AMERICA WHICH WAS CHARGED OFF TWO YEARS AGO AND THEY HAVE STILL BEEN REPORTING THIS TO THE CREDIT BUREAUS. INTEREST HAS NOW GONE UP TO $3000.00 FROM $3500 WHICH WAS THE ORIGINAL BALANCE TO $6500.00 WHICH IS THE CURRENT BALANCE.

mY QUESTION IS CAN AN OC CHARGE OFF A CREDIT CARD AND STILL CONTINUES TO REPORT THE ACCOUNT MONTHLY???

LET ME KNOW.

THANKS

NINJI-CLASSIC

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Originally Posted by Seanie

Hey Drew... As you are probably aware by now that I have the same exact problem. I have been trying some creative approches with no luck so far. Please let me know if you follow through with this letter. I'll will certainly keep you posted with my efforts.

Ok just to let you all know, I have the same problem and I've already sent the same type of letter in a couple of weeks ago. I went a little further in the letter though by stating that I wanted immediate deletion of the CO account and I added an Enc: at the bottom showing that the letter was also forwarded to the FTC, the actual name of my attorney and the name of the Attorney General from my state. If that doesn't make them crap their pants and comply, I don't know what will. I'll let you guys know what the outcom is.

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