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Legit AMEX Letter or CA posing as AMEX?


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Is this AMEX letter legit? Regarding acct closed by ME nearly 5 yrs ago, (disputed charge 5.5 yrs ago), SOL in my state is 3 yrs:

 

It states:

 

We are writing to you today to advise you of your rights under the Fair Credit Reporting Act.

 

If you believe that any information in your credit report is inaccurate or incomplete, you have the right to dispute it by contacting the consumer reporting agency directly or, if your dispute concerns an American Express account on your credit report, by writing to us at:

 

American Express Credit Bureau Unit

PO Box 981537

El Paso, TX 79998-1537

 

If you write to us, you will need to give us the following information in your letter:

 

- Your name, address, and telephone number

- Your American Express account number

- Describe as best you can what you think is wrong about how your American Express account appears on your credit report.

- Provide any documents or other information supporting your claim, including a copy of your credit report if available.

 

After we receive your letter we will notify the consumer reporting agencies that you have disputed the American Express account on your credit report, as required by law. We'll research your dispute and correct any errors we find. If we do not find any errors, we will let you know and we will continue to report your account to the conwsumer reporting agencies as 'disputed' unless and until you tell us to stop reporting it as 'disputed.'

 

What if anything do I need to do about this? Where is this leading? Last CR I pulled on myself approx 1 yr ago (and before that as well) this wasn't even showing up as it was a disputed charge (followed instructions on this site, letter, return receipt, etc). The charge was for goods I REFUSED. Fair Debt Collection Act (correct name?) states that cr card companies MUST credit your acct for goods not received OR goods REFUSED. Amex refused to credit my acct so I paid them what I did owe them and closed the acct (followed instructions on this site, letter, return receipt, etc).

 

If I do nothing, is this then leading to a 1099-C next year? Any help much appreciated, thanks!

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Looks like smoke. Cannot send a 1099 for funds owed on a credit card. That's not income.

 

 

If a creditor has charged off a credit card debt and decides to stop collection attempts, they most certainly can issue a 1099-C.  That's why the form is called "cancellation of debt".

 

This is from the IRS:

 

When Is a Debt Canceled

 

"A discharge of indebtedness because of a decision or a defined policy of the creditor to discontinue collection activity and cancel the debt. A creditor's defined policy can be in writing or an established business practice of the creditor. A creditor's established practice to stop collection activity and abandon a debt when a particular nonpayment period expires is a defined policy. Enter “G” in Box 6 to report this identifiable event."

 

http://www.irs.gov/instructions/i1099a_and_c/ar02.html#d0e428

 

From another IRS publication:

 

"Generally, if you owe a debt to someone else and they cancel or forgive that debt for less than its full amount, you are treated for income tax purposes as having income and may have to pay tax on this income."
 
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Looks like smoke. Cannot send a 1099 for funds owed on a credit card. That's not income.

 

If you are not receiving collection letters regarding this debt I would advise against responding given the 5 years you noted.

 

If a legitimate debt is canceled, that is considered income under the theory that the creditor covered the debt.  OTOH, if the debt is disputed as "not mine" or "wrong amount" (presumably lower), then it should not be subject to the creditor covering it.  But if they do issue a 1099-C for a disputed debt, you will have to dispute the 1099-C and that may need to end up in court to force the creditor to cooperate.

 

Is any CA stated or indicated in this letter?  in the letterhead?  in any notes?  on the envelope?  in your credit report?

 

I know there are people and businesses that make claims to be CAs/JDBs for debts they don't actually have an assignment/transfer for.  And they carefully avoid saying they own the debt.  There appear to be "debt brokers" that wannabe-JDBs "taste" or "test" a debt account by "borrowing" it for a month.  In theory they can then "bid" the account if they think they can collect on it.  Trouble is, more than one may be testing the account at the same time.

 

Never pay any debt to anyone whom you have no personal knowledge is the legitimate and ONLY creditor owning the account.  Do not accept robo-signed assignment of debt that may be sent to you as such evidence.

 

My personal philosophy is if the OC sells the debt, they just wanted to bail out and not wait for my ability to pay in full (I personally did go through a period many years ago where I did not have the means to make payments, and asked creditors to wait, but none did).  I do not deal with gamblers (for religious reasons) and consider any and every debt buyer to be a gambler because they never made an agreement with me (if they had offered to ME to pay MY debts IN FULL in exchange for me being indebted to them on a longer term basis where I could pay them later, I might have done that if my research showed them to be an honest company).

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This is the entire text of the letter. Amex logo in blue in upper right hand corner. Different Amex address in upper left corner in Ft Lauderdale FL. No CA referenced, no collection action referenced or threatened, no amount of money mentioned.

 

Got some settlement letters approx 4.5 yrs ago-- 'OK, how about settling for 80%?' then 60% then 50%-- and ignored them. Believe I still have them in a file, think they were from some kind of CA or 'Amex CA.'

 

I got a letter over 4 yrs ago from "Amex" in Omaha NE. I was going to respond to it, had the letter ready to go, called the # to get their street address and they wouldn't give it to me. Googled Amex in Omaha and found there is NO Amex in Omaha. Googled the phone # and found tons of reference to it as a CA masquerading as Amex. They probably masquerade as other OCs too, probably to dodge the Fair Debt Collection Practices Act rules, etc.

 

Remember, this charge was for goods I REFUSED. I never RECEIVED anything. Amount was approx $5800.

 

Tried to pull my 'free annual credit report' today through annualcreditreport.com (an FTC site), no good. Will call Equifax Monday, want to speak to someone stateside, not someone in India I can barely understand.

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Is this AMEX letter legit? Regarding acct closed by ME nearly 5 yrs ago, (disputed charge 5.5 yrs ago), SOL in my state is 3 yrs:

 

It states:

 

We are writing to you today to advise you of your rights under the Fair Credit Reporting Act.

 

If you believe that any information in your credit report is inaccurate or incomplete, you have the right to dispute it by contacting the consumer reporting agency directly or, if your dispute concerns an American Express account on your credit report, by writing to us at:

 

American Express Credit Bureau Unit

PO Box 981537

El Paso, TX 79998-1537

 

If you write to us, you will need to give us the following information in your letter:

 

- Your name, address, and telephone number

- Your American Express account number

- Describe as best you can what you think is wrong about how your American Express account appears on your credit report.

- Provide any documents or other information supporting your claim, including a copy of your credit report if available.

 

After we receive your letter we will notify the consumer reporting agencies that you have disputed the American Express account on your credit report, as required by law. We'll research your dispute and correct any errors we find. If we do not find any errors, we will let you know and we will continue to report your account to the conwsumer reporting agencies as 'disputed' unless and until you tell us to stop reporting it as 'disputed.'

 

What if anything do I need to do about this? Where is this leading? Last CR I pulled on myself approx 1 yr ago (and before that as well) this wasn't even showing up as it was a disputed charge (followed instructions on this site, letter, return receipt, etc). The charge was for goods I REFUSED. Fair Debt Collection Act (correct name?) states that cr card companies MUST credit your acct for goods not received OR goods REFUSED. Amex refused to credit my acct so I paid them what I did owe them and closed the acct (followed instructions on this site, letter, return receipt, etc).

 

If I do nothing, is this then leading to a 1099-C next year? Any help much appreciated, thanks!

AMEX  defaulted accounts are handled in TX, but that letter could possibly be from NCO.

NCO is all over the country including NE.

NCO sends out letters using AMEX letter heads and acts as if the OC is involved.

Refusing to give out the address is another sign that someone is trying to keep you in the dark.

I would call AMEX and record (if your state allows calls to be recorded ) and ask who is handling the account.

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Tried to pull my 'free annual credit report' today through annualcreditreport.com (an FTC site), no good. Will call Equifax Monday, want to speak to someone stateside, not someone in India I can barely understand.

The site is owned and operated by Central Source, LLC.

 

http://www.doityourself.com/forum/banking-credit-loans-financing-collections/264372-problems-getting-your-free-annual-credit-report.html

 

 

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