US Bank credit line collection, not on account, need letter verifying

[oompaloompa]

Hi- this is for a client of mine.

Underwriter's kicked the loan for a US bank collection

US BANK

LINE OF CREDIT REV

ACCT SUBMITTED TO COLLECTION

COLL 03-08

CHARGE OFF CHRG $5045 CHRG

10-07

LINE OF CREDIT

My client had a joint checking account with her ex bf in 1999. Unknown to her, ex bf opens a credit line at US bank, but only in his name.

US Bank has her social due to the checking account application and puts a collection on her report.

I just conference called them(US Bank Credit Line department) and they found the old credit line account, and verbally confirmed her name or social isn't on it. However, they declined to give us a letter confirming as such or a printout, stating that the account is in "recovery" and apparently locked from their end.

Well, recovery was closed and I will be trying them tomorrow but what I am looking for is someone who has had experience with getting this type of thing from US Bank or similar situation. How did you do it and how long did it take?

Thanks!

[oompaloompa]

bump for the east coast folks to see in the AM

[LeslieR]

I don't have experience with it, but it seems to me you need to keep calling until you talk to the right person. The person you were speaking with may not have had the authority to issue the letter (and/or the motivation to pass you along to someone who does) OR had the authority and didn't feel like doing it today.

I am assuming you sell some sort of loans or are in real estate? I would think your company would have some policies & procedures or at least guidance for a situation like this -- or even a contact at US Bank if it deals with them regularly.

[Bigwoodystyl]

Recovery is where accounts go after the bank's internal collections fails to setup a payment arrangement or successfully rehab the account. Collections refers accounts to Recovery.

Recovery is mostly paralegals with strict compliance training. That's on the "front-end". On the "back-end" there are lawyers well versed in relevant case law and also senior vice presidents who make the important decisions.

It's simple, really. Recovery's job is to recover as much as possible from recently charged off accounts. It is the Recovery Dept that decides to sue or to assign it to a CA, or to sell it for a phrase that goes around here every other day "pennies on the dollar".

Don't expect Recovery to be nice; they usually aren't. Customer Service and Collections couldn't help you, because once an account is in Recovery Status no other department is allowed to maintenance it, except Recovery. This is to ensure delinquent accounts are handled in a consistent manner.

FWIW, this is all SOP across the industry...

Being that she isn't on the account, you shouldn't have any problems..

all you need is for them to send an update to the CRA. since there is a pending application, they can usually fax a letter also... since a credit bureau update will take 30-60 days to report correctly

I can't imagine a company the likes of US Bank would give you any push back with this request.