Jump to content

Can a OC & CA BOTH be on your CR at the same time?


justaillusion
 Share

Recommended Posts

Hello all,

Quick question, I am new and I have now found out that the 3-in-1 CR isn't the way to go. But is that going to change when I get them individually?

I was going through this report and found MANY differences on the same accounts. My main question was if the OC and the CA could both report. The OC has "transferred to another lender or claim purchased" and jul 07 was the last KD in the history. It was then reported by the CA in Sept 07. It's a CC and I want to pay it off. It is currently being reported by Asset Acceptance who is at least the 3rd collector. Any information on these guys? A point in any direction will help me out!

Thank you

Link to comment
Share on other sites

Yes the 3 in 1 reports are ok for monitoring, but for disputing and to really see a true picture of what's in your CR, getting the hard copies from each of the big 3 is always best .... *I* would do that before anything else ...

As to your question ... Yes both OC and CA can report.

In my experience the OC TL will report a 0 balance with the notation of being transferred/sol to another entity ...

Only one gets to report the balance AND any CA that places a TL on a charged off TL can only report that TL for time of the original charge off ... otherwise they are reaging the TL ...

So if a TL COs on 12/06 it reports for 7 yrs = 12/13. Its sold and bought by a CA on 12/10. The CA can only report it until 12/13 ...

Link to comment
Share on other sites

Morganna, thank you for the explanation. I was wondering (as a newbie) how I should approach this. I will first send a dispute letter to the CB and if it comes back as validated I will pay this off. Is there a chance of paying the OC off even though it's been through 3 collection agencies? This is where I get confused. I've been reading so many things and I'm bouncing all over getting things confused. I really appreciate all of your help.

Link to comment
Share on other sites

Morganna, thank you for the explanation. I was wondering (as a newbie) how I should approach this. I will first send a dispute letter to the CB and if it comes back as validated I will pay this off. Is there a chance of paying the OC off even though it's been through 3 collection agencies? This is where I get confused. I've been reading so many things and I'm bouncing all over getting things confused. I really appreciate all of your help.

You will want to order the hard copies first of all your CRs ... Then make a folder for each CR.. Set priority goals ...depending on what is wrong and what you need/want to accomplish from disputing .. (people do CR repair for many reasons therefore by prioritorizing your steps you will achieve positive results quicker)

Before disputing you will want to remove any old addresses and any unnecessary info from those CRs. You can do this either online or by phone ..

Any other disputing needs to be done in writing-- especially TLs -- you want to build a paper trail. And most important obtaining hard copies that are PAID for gives a 30 window in which the CBs have to verify the info re: the dispute or they must remove it .... Otherwise they will have 45 days - so the shorter the time the better ...

Before you go and pay anything off you will want to do a few things --

First look at the SOL for collection -- if its passed the game plan has changed and you may not have to pay anything ...

Second look at all the TLs associated with the TL you want to dispute ..

If you have CAs reporting their TLs are included in the mix of entities/TLs to dispute.

Look at the TL and see if its been sold or assigned AND who actually owns it.

If a CA owns it now and the OC is no longer updating-- disputing the TL will be done one way.

If a CA was assigned to collect it but an OC is still the owner disputing is done yet differently.

OC verify -- CAs validate

CRAs will verify the info that was provided to them by the data furnisher - (OC/CA/JDB)

You may want to research the FDCPA and FCRA ---

Before any offer of payment or settlement is extended be aware of all that will come from that. You want it proven that the debt is valid and payment will be to the correct party. You want your CR to reflect certain things as well because sometimes paying something off can hurt the CR more ...

The fact that this has been through 3 CAs may be in your favor as far as proof is concerned.

Glad to help further if need be ...

Link to comment
Share on other sites

I will order my reports tonight!! A quick question about the SOL... I was in Michigan all my life until about 3 1/2yrs ago and I moved to Nevada. Once I moved here was when everything went downhill... which SOL do I use?

I will thouroughly read the FDCPA and FCRA. You have given me great advice and even more motivation to get things back in shape. :wink:

Link to comment
Share on other sites

Credit repair can be a daunting experience .. there are many highs and lows

The battle for the most part is just knowing what to do and when to do it. Most importantly a helping hand that understands and a push in the right direction is all thats needed. Knowledge is an empowering tool. :)

As to Michigan or Nevada SOL ...

Were any of these TLs acquired after you were a resident of Nevada?

Michigan is 6 yrs and Nevada is 4 yrs .... You should be able to utilize the shorter SOL since you are a resident of Nevada ....

Look into the borrowing statute and long arm statute for your current state.

I also need to mention this very important item

You really never want to dispute anything thats within SOL -- unless you are ready and able to pay. Being within SOL gives them (OC/CA/JDB) a legal option especially if they can get the proof to back up their claim ....

If you do dispute a TL within SOL its with caution knowing fully what may come from it ....

Oh and GOOD LUCK .....

Keep me posted ...

Link to comment
Share on other sites

Order Experian through them directly ..

as far as monthly -- for monitoring ie: 3in1 trimerge Credit Check Total (creditchecktotaldotcom)is one - if you call before your trial period is up and state you want to cancel they will offer you it for 9.95 for 6 mos ... at least thats what I remember from 6 months ago ..

Also EQ has a 3in1 I think thats 14.95

Using the trimerge to monitor is fine ...just dont dispute from them

IIRC Every time you dispute with the CRA they are supposed to send a new copy of your CR once the results are in ....

Link to comment
Share on other sites

Ok I now have all of my CR.. Getting back to the SOL, everything I have acquired on my CR were from michigan.

With the advice as well as warning about disputing within the SOL (which in this case I think everything has the SOL from michigan) :(...so are you saying don't even dispute with the CB to investigate ANYTHING on my CR unless I have the funds to back it up?

I just need to get one under my belt and I'll get it. I'm learning something everyday

I thank you for your guidance.

Link to comment
Share on other sites

What I am saying is if you want to dispute anything do it caution. Know and understand all the pitfalls before you dispute...

Accts within SOL are subject to suit -- up to the last second of the the SOL timeframe...

So before you dispute within SOL look at a number of things --

1. Who the OC is

Do they still own it?

2. How old the acct is

How many CAs have had it..How many have you been dunned by.. Did you do any timely DVs with regards to their letters?

3.The amount of the debt

Is the amount manageable enough should they sue

4.Can you handle being sued

Can you fight in court if you have to?

The age of the debt is important because sometimes it may just be better to wait out the SOL ...

Who the OC is very important -- some have exceptional records and can prove their claim...Some sue at a drop of a hat for any, some others wait til the debtor tries credit repair ;)

Disputing is only part of the game .. Knowing when and how to do it is another ..

Expecting the worst and being prepared for it is something *I* stress all the time ..

Yes you can dispute but understand you will be waking a sleep giant who if within SOL can legally retaliate and most often win ...

As I said old addys and old personal info first ...

Just name

Current addy

SS#

DOB

is all that should be on your CR .....

How far from SOL are you?

Edited by Morganna
Link to comment
Share on other sites

Well now with all of that I realize how difficult it is to try to give specific advice considering all of the variables that sit in front of us... Here is what I'm going to attack first it's Capital 1. if u can suggest anything as I explain the situation, please do. I'll start with, everything was grand 4 yrs ago, 6 months later I moved to nevada and left everything behind. I didn't pay a single bill!! No contact with any OC or eventually CA. This account I'm starting with (capital 1) started with the OC sending me a letter saying I owe 1600ish back in aug 06 it has gone through at least 2 CAs and now as of today has a balance of 3300ish and I haven't received a letter from anyone about this since april 07. Also none of the CAs are on my report, just cap 1 is reporting and it's status is "charged off as bad debt". With me having the cash in hand how should I go about this? Since it's been charged off I'm not sure what to do first. I have the money to pay it but I want to make the right steps to not make this ugly. Once I get through one of these I will understand what to do... All input is welcome.

Ps. 2 1/2 more years before SOL is up (in michigan where these debts were acquired) but I have been in nevada for 3 1/2yrs which if I was able to use the nevada SOL I would only have a 1\2 year left. Still unclear on which one is legally correct.

Link to comment
Share on other sites

Well since this C1 you may want to look at the cc agreement. It is stated (in the Default area )that their cc use Va law and Federal law. Therefore with in mind caselaw has been established in Fla and Ga for using the SOL of Va (which is 3yrs by the way)

You need to see if there any cases in your area that reflect this and/or if the agreement you had with them at the time had that clause in it because this could very well be SOL for suit ....

Your court either has to recognize the caselaw that has been set or your court has set some of its own ...

IMO *I* would hold off .... until its clear if the SOL has passed.

While Im NOT advocating NOT paying your debts, I am stating this may be something to weigh and decide before rushing to pay it.

As to disputing the TL - C1 is notoriously stubborn and most often just downright mean with their reporting .. Most often they are well within their rights to report the info and most disputes be it goodwill to them or dispute with the CBs falls on deaf ears. They update monthly with charge offs which do effect FICOs ... And by paying, they wont remove the TL, only update it to something like settled for less than full balance / paid for less than full amount

Rarely is it that Ive heard that they have been great in the dispute department ....

Link to comment
Share on other sites

Just to clarify on SOL, there are two different Statues of Limitations when dealing with credit repair.

When under the purview of the FCRA, the SOL is 7.5 years. This means a negative tradeline can be reported for that long regardless of state of residency. We hear seven years just because that's become standard practice as the date of first default is generally construed to be 180 days prior to charge off. 7 years plus 180 days is approximately 7.5 years. So from charge off, just to keep uniformity, the CRAs generally just use 7 years as the reporting period for negative items.

Now the SOL you were speaking of earlier is the SOL for enforcement of an instrument. This is dependent on the laws of your state as Morganna suggested. If Nevada has long arm statutes that allow the creditor to use the longer Michigan SOL, you need to be aware of that. It also wouldn't hurt to see how Nevada defines the different types of debt. While a cc debt may be considered an open ended credit agreement in one state, another may consider it a written agreement; be sure to clarify those as well.

On waking the sleeping dog, that's another great point to consider. My own spin on it is if it's a JDB who has the debt, you have little to fear as most of the big ones (LVNV, Worldwide, Asset, Atlantic Credit, etc) rarely have the supporting media, and in the event they do, rarely have a clear chain of custody. If a JDB takes you to court, they rarely can prove their case if challenged. (Been there, done that). If the OC still owns the debt that's a different story. Capital One is the worst (or best) for keeping very accurate records. So you should make a judgment call on whether or not to go for the removal of the TL now, or wait until you have safer out of collecting SOL grounds to do it.

Best of luck in your repair journey!

LUE

Link to comment
Share on other sites

  • 2 weeks later...

Morganna,

Well the best way I can explain my situation is that when I moved 3 1/2 yrs ago to Nevada I didn't bring any old records so I dont have any old bills from them to read or even use as proof if needed. It's pretty much like I fell off the face of the earth for almost 4 yrs and have no records.... i know, like that makes anything easier....

Are there "special" websites or places I can look things up like caselaw and long arm statues?

I have decided to hold off on this till I have more knowledge and information! You both have been a great help. Thank you for that.

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.