klink Posted July 31, 2007 Report Share Posted July 31, 2007 Hello all,Let me thank you in advance for any help that anyone can provide. I am in the process of recovering from some bad financial situations, and I am trying to rebuild my credit score. I got a letter from Asset Acceptance about an old account of mine that has disappeared from my credit report. The old account is with Dell, and I think in fact I did owe a couple of hundred dollars when the account was charged off, around the beginning of 2003. I think that Dell first sold the account to Arrow financial, which currently appears on my credit report, along with the new Asset Acceptance account.In the letter from Asset, they state that I owe around $900, but they will settle with me for around $600, with the bonus of having "A Paid Account letter and closed account" and "reported appropriately to the credit bureaus." This seems like a pretty good deal to me, although the settlement amount, in my opinion, is higher than the original amount I borrowed from the OC. So do I go ahead and take this deal? I can afford the settlement, but I feel that it is to high. Also, if I pay this will the Arrow account disappear too?I have not sent in a DV, and it is already past the 30 days of the first letter. Is this something I should do?Any information that anyone could provide would be a HUGE help. Thanks so anyone who can help me wade through this mess!-Klink Link to comment Share on other sites More sharing options...
buckeyechick1219 Posted July 31, 2007 Report Share Posted July 31, 2007 DV first. They won't have proof that it's yours. And why should you pay Asset more than you borrowed in the first place? The money isn't even going to Dell.ETA: I see this is your first post. Definitely check the sticky threads, they have a lot of information. And search for Asset and see what comes up. I've posted a lot about my dealings with Asset and their purchase of a Dell account in my name. Link to comment Share on other sites More sharing options...
klink Posted July 31, 2007 Author Report Share Posted July 31, 2007 Thanks for the reply! I have been spending some time going over the previous posts! I think I will definitely send out the DV.Can anyone shed some light on how two collection agencies are shown on my credit report for the same debt? Is there a way to remedy this?And the unfortunate fact is, i know I owe this money...at least some of it...would it be more effective to try to negotiate with them, or to verify first?-Klink Link to comment Share on other sites More sharing options...
buckeyechick1219 Posted August 1, 2007 Report Share Posted August 1, 2007 Does Arrow show a balance? Link to comment Share on other sites More sharing options...
Amerikaner83 Posted August 1, 2007 Report Share Posted August 1, 2007 Can anyone shed some light on how two collection agencies are shown on my credit report for the same debt? Is there a way to remedy this?If Arrow is reporting a balance, yes. Otherwise, don't think so. You can always Dispute the Arrow TL with the CRAs.And the unfortunate fact is, i know I owe this money...at least some of it...would it be more effective to try to negotiate with them, or to verify first?You used to owe DELL. You don't owe these ADUB's. Dell charged it off and got their $$ from the gov't. Chances are Arrow and Asset just purchased the debt out of statute (check the SOL in your state), and you don't owe them a damn thing. Link to comment Share on other sites More sharing options...
klink Posted August 1, 2007 Author Report Share Posted August 1, 2007 OK guys i cannot thank you enough for all of the help here!Really quick...Currently on my credit report, Arrow currently shows a balance of $860, but a balance date of March 1, 2007 whereas Asset Acceptance shows a balance of $913, with a current balance date of June 2007. Is this something that can be fixed?Amerikaner, what did you mean when you said dispute the Arrow "TL"? That is one term I have not yet found the meaning to. Again, thank you all so very much for helping me out with this difficult problem.-Klink Link to comment Share on other sites More sharing options...
KentWA Posted August 1, 2007 Report Share Posted August 1, 2007 One thing to keep in the front of your mind is they said that if you paid them it would be "reported properly". They are telling you that they will report it as a paid collection, not that they will remove it from your credit report. A current paid collection is likely to hurt your scores more than a years old collection will. I would dispute it away if you can. Quite often Assett will not even answer you nor update your credit report as in dispute. Link to comment Share on other sites More sharing options...
klink Posted August 1, 2007 Author Report Share Posted August 1, 2007 Ok Cool!So just to verify...DV Asset, wait for response.Do I go ahead and dispute the Arrow first, since they seem to be reporting to the CRAs for the same debt as Asset (I say seem only because their balance date is of March 2007, but they still show a balance) or should I DV them as well?Do I dispute with the CRAs too, or wait for 30 days after DV?Thank you all so very much!!!!!!-Klink Link to comment Share on other sites More sharing options...
Amerikaner83 Posted August 2, 2007 Report Share Posted August 2, 2007 Amerikaner, what did you mean when you said dispute the Arrow "TL"? That is one term I have not yet found the meaning to. -KlinkTL means "TradeLine". It's a term used to refer to the account on the report. Everything on your report is a TradeLine. It's just another way of saying "this particular account".Dispute the Arrow TL = Dispute Arrow's appearance on your credit reportsHere's the link to find abbreviations - well worth printing out - I did. http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=247970 Link to comment Share on other sites More sharing options...
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