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Removing collection from CR years after I paid it?


TheGooch
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I paid a settlement amount with Square Two Financial back in 2006. On my CR it says it will remain until Sep 2013. Status is "Account legally paid in full for less than the full balance"

Would it be possible (if so, how ) to get this removed? I've heard of sending a DV to a CA and then requesting a (DV?) from the Credit Bureau. The DV prevents the CA from responding, and then CB subsequently deletes the item from the CR.

How would that work in my situation?

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I paid a settlement amount with Square Two Financial back in 2006. On my CR it says it will remain until Sep 2013. Status is "Account legally paid in full for less than the full balance"

Would it be possible (if so, how ) to get this removed? I've heard of sending a DV to a CA and then requesting a (DV?) from the Credit Bureau. The DV prevents the CA from responding, and then CB subsequently deletes the item from the CR.

How would that work in my situation?

A DV is a "debt validation" in which you request they confirm the name of the original creditor and balance. It is sent to the CA, and they would not be prevented from responding to you.

I believe you're referring to non-disclosure. That's a clause that states a party may not reveal details of an agreement. If you had an agreement with the CA that included a non-disclosure clause, they would not be able to respond if you disputed their entry with the credit bureaus.

Did your settlement with the CA reference non-disclosure? If so, did the non-disclosure include one or both parties?

Edited by BV80
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No, the article said that while the CA is doing an investigation of a debt ( aka validating the debt ) they are not allow to answer inquiries about it as it hasn't been verified as being accurate.

This little snafu, when timed right, would cause the CA to ignore inquiries from Credit Bureaus until they are done validating the debt.

So, if you send a DV to the CA followed by a dispute to all three CB's , they Credit Bureau's will be likely to delete the debt from your report since the Collection Agency did not respond to their inquiry.

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No, the article said that while the CA is doing an investigation of a debt ( aka validating the debt ) they are not allow to answer inquiries about it as it hasn't been verified as being accurate.

This little snafu, when timed right, would cause the CA to ignore inquiries from Credit Bureaus until they are done validating the debt.

So, if you send a DV to the CA followed by a dispute to all three CB's , they Credit Bureau's will be likely to delete the debt from your report since the Collection Agency did not respond to their inquiry.

I think I see what you're getting at. If I'm not mistaken, you're referring to the 30 day validation notice. According to the FDCPA, after a collectors 1st communication with you, you have 30 days to dispute the debt. If you do so during that 30 day period, they must cease collection efforts until the debt is validated. That could include updating a credit report entry.

If you send a DV at any other time, they do not have to validate, nor do they have to cease collection efforts. Therefore, they can still still update with the credit bureaus.

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