coolchicka 11 Posted March 29, 2014 Report Share Posted March 29, 2014 Hello, I've been reading these forums for about a year now for advice on how to deal with CA's and negotiating settlements. Now I have an issue with the settled accounts and how they show up on my CR. I have arranged settlements with 3 accounts and paid them as agreed with 3 different CA's. I checked my CR recently and the difference between the original balance and settled amount is still showing up for all 3 accounts. For example: I had a $850 balance on a credit card but I negotiated a 'settlement in full' payment for $500. Now a $350 balance still shows as being owed for this account. This is the case for 3 different accounts. I have copies of the 'Settled In Full' letters for all three. Should I write back to the CA's and request they update my CR? Or, should I dispute these accounts to the CRA's? Any help is appreciated! Thanks! Quote Link to post Share on other sites
credit2011 105 Posted March 29, 2014 Report Share Posted March 29, 2014 Send them to the CA along with proof of payment and they should adjust it. It does take some time and I think you can also (you should of asked the credit card company to agree to adjust the report as settled paid when making the settlement payment). or ask them now and see how they respond- They should adjust it from their end. check the FCPA laws on this. Quote Link to post Share on other sites
Harry12 0 Posted March 29, 2014 Report Share Posted March 29, 2014 Exactly what the previous poster said. I have found that sometimes these agencies just take their sweet time or completely overlook sending the adjustments altogether. Most of the time just reminding them is going to take care of the problem. I have found that if you send them something by snail mail, it helps if you make them sign for it. I have found that some agencies will deny ever receiving your request. Quote Link to post Share on other sites
willingtocope 1,336 Posted March 29, 2014 Report Share Posted March 29, 2014 Who is reporting? The CA or the OC? If its the OC, you got a problem... 1 Quote Link to post Share on other sites
elite1331 52 Posted April 4, 2014 Report Share Posted April 4, 2014 Dispute with the CRA first and let them verify, delete, or update the trade line. After that option is when you would CMRR that polite letter asking for removal due to incorrect information being reported which they just verified. In general, dispute with the CRA first and give them the opportunity to screw up. Quote Link to post Share on other sites
MindBend 3 Posted April 5, 2014 Report Share Posted April 5, 2014 If debt is sold to CA and OC is still reporting the same debt for full amount, not indicating SOLD or ZERO, is this a violation? Quote Link to post Share on other sites
willingtocope 1,336 Posted April 5, 2014 Report Share Posted April 5, 2014 CAs don't buy debts. JDBs buy debt debts. CAs only do the hassling. If...big if...the debt is sold the OC's tradeline is supposed to say "sold" and their balance should be $0. IF indeed the OP did pay a CA...and the OC is still reporting a balance due...there is a very good chance that the CA was not authorized to settle the account and the OP, in effect, only made a payment. Quote Link to post Share on other sites
elite1331 52 Posted April 5, 2014 Report Share Posted April 5, 2014 OC charges off debt. OC sends charged off debt to CA. CA fails. (<========== You were probably here.) OC sends charged off debt to 2nd CA. CA fails. OC sells debt to JDB. OC should annotate sold and $0 balance. JDB either sends to CA or acts as CA. JDB fails. JDB sends to lame lawyers. Lame lawyers file suit against you. CIC member fights back. Lame lawyers dismiss without prejudice. Lame lawyers file second suit against you. CIC member fights back. Lame lawyers dismiss with prejudice. Quote Link to post Share on other sites
MindBend 3 Posted April 7, 2014 Report Share Posted April 7, 2014 What if OC has definitely sold debt to JBD but still reporting full balance? (both are reporting same balance, full amount)Debt it past SOL. I DV'd the JBD just last week. Quote Link to post Share on other sites
elite1331 52 Posted April 7, 2014 Report Share Posted April 7, 2014 Dispute the amount, past due amount and status of the OC reporting if they are wrong. Amount should be $0. Past due should be $0. Status should be charge off, sold, or something to that effect. It happens. Quote Link to post Share on other sites
willingtocope 1,336 Posted April 7, 2014 Report Share Posted April 7, 2014 @MindBend ...how do you know the debt has definitely been sold? Quote Link to post Share on other sites
MindBend 3 Posted April 7, 2014 Report Share Posted April 7, 2014 Called the OC and they told me. Quote Link to post Share on other sites
Wins the Battle 158 Posted April 7, 2014 Report Share Posted April 7, 2014 Two things still aren't clear. ONE: were the CAs collecting for the OC or for JDBs? TWO: did you get the agreement in writing, signed? Quote Link to post Share on other sites
MindBend 3 Posted April 7, 2014 Report Share Posted April 7, 2014 Moving mine to a new thread as to not hijack this one...sorry. Quote Link to post Share on other sites
