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Just received a letter from Arrow Financial


shootingfor700
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Good evening all. I just received a collection letter from Arrow Financial in the mail for a very old online school debt that I forgot all about. I believe that when I went to be preapproved for a mortgage 2 weeks ago, it started to bring colletors out of the wood work. Anyway...I have been looking and looking on the site for detailed directions on where to start with this issue, and even though I know I have read them before, I can not seem to find them. Can someone please assist me? This account does not show on my credit report and I would like to do everything necessary to keep it that way. Thanks in advance.

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Good evening all. I just received a collection letter from Arrow Financial in the mail for a very old online school debt that I forgot all about. I believe that when I went to be preapproved for a mortgage 2 weeks ago, it started to bring colletors out of the wood work. Anyway...I have been looking and looking on the site for detailed directions on where to start with this issue, and even though I know I have read them before, I can not seem to find them. Can someone please assist me? This account does not show on my credit report and I would like to do everything necessary to keep it that way. Thanks in advance.

Here's the flow chart:

http://debt-consolidation-credit-repair-service.com/forums/showthread.php?t=228576

SInce it's not on your CR's yet. Start with the simple DV approach. They may just send it back to the OC if they're assignees or sell it on down the line if they own it. So far my 1 experience with Arrow was when I DV'd they disappeared but I know others here have had a little more difficulty with them.

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Sorry, I prematurely posted the last reply before asking a question. I seen this flow chart and didnt use it because it seems that it is for dealing with the CA AND the CRA. Do I contact the CRA right now, even though they know nothing about this account? Here is were I get confused. I have had so many baddies removed from my credit report....but I do not know where to start if they have not hit my report yet. Thank you

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Sorry, I prematurely posted the last reply before asking a question. I seen this flow chart and didnt use it because it seems that it is for dealing with the CA AND the CRA. Do I contact the CRA right now, even though they know nothing about this account? Here is were I get confused. I have had so many baddies removed from my credit report....but I do not know where to start if they have not hit my report yet. Thank you

Use just the CA portion and keep monitoring your CR's

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  • 1 month later...

Sallie Mae acquires majority interest in Arrow Financial Services

Transaction marks continued expansion of company's debt management operations

RESTON, Va., Sept. 17, 2004—SLM Corp. (NYSE: SLM ), commonly known as Sallie Mae, today announced that it has acquired a majority interest in Arrow Financial Services, a full-service accounts receivable management company that purchases charged-off debt, conducts contingency collection work and performs third-party receivables servicing across a number of consumer asset classes.

“Arrow Financial brings a wealth of assets to our debt management organization, including experienced management and a highly successful modeling capability,” said Thomas J. (Tim) Fitzpatrick, president and chief operating officer, Sallie Mae. “The acquisition extends our reach in the debt recovery industry and expands the services we can offer our customers.”

The purchase price was not disclosed. The transaction is expected to be immediately accretive to 2004 earnings, and the company expects it to contribute between $.05 and $.07 per diluted share in 2005. Under the terms of the agreement, Sallie Mae has the option to purchase the remaining interest in Arrow Financial Services over a three-year period.

“We are proud and excited to be joining the Sallie Mae family,” said Jack Lavin, president and chief executive officer, Arrow Financial. “This relationship will open doors to new customers for our growing business.”

Arrow Financial employs nearly 1,400 individuals at locations in Niles , Ill. , Gaithersburg , Md. , San Diego , Calif. , Whitewater , Wis. , and Rockville Centre , N.Y. The company was founded in 1961 and has been under the continuous ownership and management of the Lavin family. It will retain its brand, successful strategy and senior management team.

http://www.arrow-financial.com/index.asp

http://www.arrow-financial.com/html/News/index.asp#1

If you look at the career section of the web site it switches to Salli Mae.

Just some interesting info.

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Must share this.

A few years i have been dealing with Arrow. Sent all needed letters to Arrow and credit bureaus and was always coming back verified. Arrow had never responded and would not remove me from Credit bureaus.

Finally with the advice from this board i had made a complaint with the BBB.

Sent them copies of all letters and green cards.

Yes, finally got a letter from Arrow that the account for 300$ is closed and will be removed from the Credit bureaus.

May I say thanks to all,

Carol

Oh, credit report was a mess,

wonderful people on this board helped me

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Must share this.

A few years i have been dealing with Arrow. Sent all needed letters to Arrow and credit bureaus and was always coming back verified. Arrow had never responded and would not remove me from Credit bureaus.

Finally with the advice from this board i had made a complaint with the BBB.

Sent them copies of all letters and green cards.

Yes, finally got a letter from Arrow that the account for 300$ is closed and will be removed from the Credit bureaus.

May I say thanks to all,

Carol

Oh, credit report was a mess,

wonderful people on this board helped me

Yeah, I did the same thing. I reported Arrow to the BBB and the IL Attorney General. I don't know which worked, but I got the letter saying that they acknowledged it was not my account and it would be removed from my CRs. I'm saving that letter in case Arrow was sneaky and sold the account to another JDB.

I have to say, though, Sallie Mae and Arrow, wow, that's a match made in hell.

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I have also experienced Arrow. They came after me on a settled debt. They insisted they were not a JDB, but after I specifically said I knew they were a JDB and that they'd bought a debt that was settled previously, they got MAD!!!! I sent them (and the OC) my copies of my finalized paperwork and Arrow disappeared.

The thing is, though, that when I told them to not call me and they had to DV for me to believe they held the rights to this settled debt, they told me all this jazz about how they didn't have to DV since I hadn't talked with them on the phone before that date. They also threatened lawsuit.

I believe they are strongarming a lot of people out there, but if you ask for DV and discuss the JDB angle, they seemed to back off and almost hit reverse on me. I haven't heard from them again for quite some time.

Funny thing is, I think they bought a paid off debt. That makes me happy inside. xdancex

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As I had said, Arrow will be removed but the OC was on credit report as well. Will the OC come off as well ? I guess I have to deal with the OC next. Just thought of this today. Thanks, Carol

The OC does not have to remove their TL until reporting period has expired - 7.5 years from DOFD

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