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Question about disputing


Lizzie
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Hey y'all, new to the board and I have a question.

I have an account on my husband's and my report that I am having trouble with. This does involve the CRAs, so bear with me. :)

Finally, after years of haggling with this company, they agree to settle with us, via a CA. We have a letter from them saying they agree to settle if we pay the settlement amount, and a letter from them saying we have paid the amount and the account is settled in full, and at a zero balance.

This was on October 3. They assured us that within 2 to 4 weeks, everything would be remitted to the OC, and then updated at the CRAs. We called back on the 20th to make sure everything was going as expected (we are trying to buy a house and need this thing off) and the guy my husband talked to said, "Yes, it's going to be remitted on the 25th."

The 25th comes and goes, and we wait about a week, still no change. We call the OC who says they never got payment from the CA, which of course explains why every time we dispute, it comes back as valid. We call back the CA and they say, "Oops, the money wasn't remitted on the 25th, so now it will be remitted on the 20th of November." I argued, begged, pleaded and they were nasty about it.

I have sent all documentation to the 3 CRAs. Experian, as usual, does nothing. My credit score has been flatlined with them for years, with no change. I swear I think there's nobody at the helm there. TransUnion updated to a zero balance, but are still showing as open, and they reported as negative this morning! Equifax is still showing as valid and "remains". Thing is with Equifax, though - they remove it while disputing and then put it back in when the OC verifies. The score is fluctuating about 110 points, every 2 or 3 days.

So out of this long novel, I have two questions. One, is there anything I can do here? And two, how often can I dispute this with Equifax? Can I dispute it every time it comes back as valid? We are right in the middle of obtaining a mortgage. We got preapproved and all our paperwork is at the bank. The problem is that he ran our credit when Equifax was disputing the line, so the score was higher. If we can ever get this rectified, it won't be an issue. I just don't want this to jump up and bite me in the butt with our mortgage.

Thanks in advance! :)

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If it were me, I'd immediately send a letter to the collection agency recounting your recent conversation with them regarding their statement that payment will be remitted on Nov. 20. Include a copy of the letter they sent you stating that payment would be remitted in 2 to 4 weeks. Point out that they've already violated the terms they outlined in the letter. Tell them you will be in contact the OC to make sure the OC received payment on 11/20promised in the conversation. Send the letter by certified mail, return receipt requested.

The 20th is only a week away. I'd contact the OC 2 or 3 days after payment should have been received. If they still haven't received the payment, then it's up to you as to what to do. You can contact the CA, or you can see a lawyer. It's a possibility you could have an FDCPA violation for unfair practices, but I don't know for sure.

If or when the OC does receive payment, ask them if they'd send you a letter of confirmation.

It does no good to dispute with the CRAs when the OC hasn't received the payment yet. Once the OC does receive the payment, it might still take some time for your CR to be updated correctly. Creditors don't update accounts on a daily basis. If your account hasn't been correctly updated within a couple of months, dispute in writing. Include a copy of the CAs letter and the letter from the OC (if they sent one).

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Thanks, BV. But what happens if they retaliate? I mean, they can if they want. I talked to someone the other day who told me that they can pretty much do whatever they want, unfettered. I can get a lawyer, but that will take time.

This is so frustrating. Why can't they be forced to honor their agreement? I thought that the FCRA forced them to play fair.

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Why can't they be forced to honor their agreement?

Because they know you won't do anything about it but call, write some letters, or go on a smear campaign (which of course they could care less because everybody hates them).

This thread should be a sticky on why you put a liquidated damages clause in any agreement you work out with a CA. That way you don't have to prove damages and a violation of the agreement, such as this, triggers automatic damages.

They have you. It's that simple. They already have your money. They don't need you anymore. If you sue them and the case goes in record speed through the system it will still be about six months.

Agreements to pay or settle a past due account should be written in airtight terms. I posted an agreement a few months ago and it was blown off as too detailed and too full of legal jargon. The argument was the CA would not want to sign it. Fair enough, want my money, we settle on my terms.

If you file a suit against them on Monday morning I bet by Monday afternoon this thing is taken care of. A few posts back I posted about sometimes you have to speak the only language they understand. That language is an all out assault, complete with a seek and destroy mentality. You throw a lawsuit party and invite that CA to the party and I bet they decline your invitation.

In the future never agree to settlement terms with a JDB or CA without a liquidated damages clause in such agreement.

Your options are few and unattractive.

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