Palisades is a dirty CA! Ideas for removal.

[belhop]

Palisades has been trying to collect on a utility bill of mine for years. They had left EQ alone but suddenly decided two days ago to add themselves to my EQ report. They were already on TU/EX. Well, this dropped my FICO 30 points overnight, of course. When I checked into things I see that the date of last activity on this account at EQ is April of 2002. I do not see where they reported date of first/last delinquency to any of the three. So my guess is this is a lame last second attempt to collect the debt quick because the SOL runs out in less than thirty days and they figured they could get my attention by reporting to the third and final CRA. Also I got a letter from them in the mail friday that I could settle the debt for 50% off if I act in the next 20 days.

Lets see if I am right. If date of last activity is 04/2002 then this will not come off my reports until next year sometime (yuck, need to re-fi house this summer if possible). I am trying to come up with a plan to banish them, haven't sent them a DV yet but should I ? I have sent DVs before to other agencies and had mixed results. I guess I am worried that they will not work with me once the SOL has run out because the only lifeline they have left is the CRAs, and they don't want to lose that. I did dispute them on both my other reports before and they verified to the CRAs, I never got to follow up with method of verification because of illness in family, I was away from home. Any advice is appreciated in advance, thank you.

Also, some folks here have said 7-1/2 years for CRAs to report negative info, some have said 7. What gives? And does the "reporting period" start with the first delinquency on an account or the last date of activity. I think it is first delinquency but that date is not showing up on my CR. Thanks again.

[Focus2069]

If you dont get a letter saying negative info has been inserted in your credit report in the next 5 days or so, then you have other ammo there as well.

[LoveToGod]

Palisades has been trying to collect on a utility bill of mine for years. They had left EQ alone but suddenly decided two days ago to add themselves to my EQ report. They were already on TU/EX. Well, this dropped my FICO 30 points overnight, of course. When I checked into things I see that the date of last activity on this account at EQ is April of 2002. I do not see where they reported date of first/last delinquency to any of the three. So my guess is this is a lame last second attempt to collect the debt quick because the SOL runs out in less than thirty days and they figured they could get my attention by reporting to the third and final CRA. Also I got a letter from them in the mail friday that I could settle the debt for 50% off if I act in the next 20 days.

Lets see if I am right. If date of last activity is 04/2002 then this will not come off my reports until next year sometime (yuck, need to re-fi house this summer if possible). I am trying to come up with a plan to banish them, haven't sent them a DV yet but should I ? I have sent DVs before to other agencies and had mixed results. I guess I am worried that they will not work with me once the SOL has run out because the only lifeline they have left is the CRAs, and they don't want to lose that. I did dispute them on both my other reports before and they verified to the CRAs, I never got to follow up with method of verification because of illness in family, I was away from home. Any advice is appreciated in advance, thank you.

Also, some folks here have said 7-1/2 years for CRAs to report negative info, some have said 7. What gives? And does the "reporting period" start with the first delinquency on an account or the last date of activity. I think it is first delinquency but that date is not showing up on my CR. Thanks again.

A DV at this time may not be timely, but what about using FCRA 623? Click the link at the that says Dispute with original creditor.

Yes, I know they are not an original creditor, but a collection agency, but since they are a data furnisher, you can use that letter.

They may not have legally respond to a DV, but they must respond to that type of letter in the original creditor link.

Is the bill for a large amount?

Would they do a pay for delete?

If you can prove that the debt is over 7 years old then you have a clear cut dispute with the CRAs.

I don't think its 7 years from the date of last activity, but 7 years from the date of first delinq. I think that letter may be your best bet.

[Big Time]

And has Palisades listed it as a "Factoring company account?"

[belhop]

To answer the question above, (probly should have mentioned this as well) they have it listed as a collection account as it should be on TU and EX but on EQ it is listed as a regular, installment account past due 120 days and beside type it says collection.

Since I am so close to the SOL I don't think I will be inclined to do a pay for delete, it depends on my credit situation later this summer.

As far as it being listed as factoring company account, I don't see it listed as such using my truecredit reports. seems like before when I was signed up with true credit some folks here were saying that sometimes with their reports you could not see if an item was a factoring company account and I had to buy an additional report from equifax to see that, been a long time ago, anyone know?

[Shae]

As far as it being listed as factoring company account, I don't see it listed as such using my truecredit reports. seems like before when I was signed up with true credit some folks here were saying that sometimes with their reports you could not see if an item was a factoring company account and I had to buy an additional report from equifax to see that, been a long time ago, anyone know?

Yeah, Factoring Company doesn't show on TC. You would have to look on the report from the actual CRA.

[BTO429]

I have an account with the fro 2001 that they are reporting. And it says factoring company on my CR.does ts mean anything?

I disputed with the cra's and they sent the account to another ca probably part of their network.

[tarbaby]

so it IS your bill that you haven't paid? if you ever need to use the oc again you are sol..and not the normal sol we speak of here. anyway. have you tried contacting the oc first? pfd?

Edit:

Ok. so you have no desire to pay at this time. from what i've heard on the re-fi side of things..it will have to be paid in order to get any kind of mortgage refi..

if its yours then go to the oc and ask about payment arrangements. with all the other deadbeats around they need their money too. so they may be more willing to help. util companys aren't in the business to loan money..

[belhop]

Thanks Shae, thats what I thought someone told me. Tarbaby, actually I use the oc now with no trouble and when I called and spoke to them today about this trade line they said they could care less if I ever pay it or not since they sold the debt to palisades some years ago, they already got theirs. I wouldn't dream of trying to refinance (in todays market) with this thing on my CR which is why I am trying to see what I can do about getting rid of it. The only reason I am not wanting to pay it is because I would rather not have them on my report at all than to have them there and paid and bringing my score down. This is the only collection account on any of my reports. I did find an interesting discussion that could be of use here

http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=284325&highlight=factoring+company

I will read more of it tomorrow when I have had some shut-eye. Thank you so much, everyone for your advice so far and I will try to keep the thread updated with whatever action I take if any.