MindBend

Paying off OC

Recommended Posts

If I pay-off an OC through a PFD arrangement, and the debt has either been sold or assigned. Can I then force the JDB bottom-feeders to also delete?

Thx

 

If the debt has truly been sold to a JDB then the OC cannot legally deal with you any longer because they do not own the debt.  They will not do a PFD they will simply refer you to the company they sold the debt to.

 

If the OC still owns the debt and agrees to a PFD then there should be no collection agencies trying to collect on a debt that is paid.  If they did you could get new entries on a CR deleted as paid to OC.  

 

Has the debt been sold?

Link to post
Share on other sites

I am not exactly certain...it's a utility bill in which they are reporting multiple accounts.

 

On myFico.com gathered reports it says, "A collection agency was hired to collect a debt of $xx.xx originally owed to OC"

On the new listing, (It's a little over $2K), it lists "Trident Asset Management" a JDB, I suppose and lists them as OC and CA.

 

I have received zero communications from them and ironically showed up almost IMMEDIATELY after I start snooping around my own reports, etc.

So far, only appearing on Equifax, but I'm confident they'll try to ding all three.

 

Pretty sure they are making multiple violations already: trying to collect a zombie debt (it's way post SOL), they are reporting the open date as 12/2013, with a status of 120 days or more. (not charged-off, etc.)

 

Not sure where to start with this one.

 

 

ps. Clarification: there are actually two accounts reporting the same: one is collector, other is JDB...I think.

Link to post
Share on other sites

Pretty sure they are making multiple violations already: trying to collect a zombie debt (it's way post SOL), they are reporting the open date as 12/2013, with a status of 120 days or more. (not charged-off, etc.)

 

I am pretty sure they are not.  There are TWO SOLs one for reporting and one for suing.  Just because they can't sue you to collect doesn't mean they can't report the debt for the entire 7 year reporting period.  Until you know EXACTLY when the last payment on the account was you cannot state that either SOL has expired.

 

The "date opened" is NOT a violation that is the date the account was opened with THEM and it is an accurate reporting you will get no where with claiming that as a violation.  Since the account is recently opened with them they can also list it as 120 days past due if you haven't made any payments to them.

 

I have received zero communications from them and ironically showed up almost IMMEDIATELY after I start snooping around my own reports, etc.

So far, only appearing on Equifax, but I'm confident they'll try to ding all three.

 

Not sure where to start with this one.

 

It may be that you started credit repair and it could merely be coincidence.  

 

You start with the OC:  when was the last time you made ANY payment on this account?

Link to post
Share on other sites

I will look into the EXACT date of last activity, but it was early 2008, so I'm fairly certain it's appx 1 year or less of reporting SOL certainly suing is since it's 4 years here.

The only way I can probably find out for sure, would be calling the utility and seeing if they will tell me when the last payment was made.

 

With the new JDB, if the "date open" and aging dates are able to be listed at-will, this is as derogatory as a brand new, fresh collection, is it not? How can they get away with that?

 

For sake of procedure, let's assume for now, that the date of last activity was early 2008.

Link to post
Share on other sites

I will look into the EXACT date of last activity, but it was early 2008, so I'm fairly certain it's appx 1 year or less of reporting SOL certainly suing is since it's 4 years here.

The only way I can probably find out for sure, would be calling the utility and seeing if they will tell me when the last payment was made.

 

With the new JDB, if the "date open" and aging dates are able to be listed at-will, this is as derogatory as a brand new, fresh collection, is it not? How can they get away with that?

 

For sake of procedure, let's assume for now, that the date of last activity was early 2008.

 

They can report for 7 years after the date of charge off so if they wait the full 180 days before charging the account off as bad debt it reports for 7 years from that date.  Hypothetically if you defaulted in 2/2008 and they charged off in 7/2008 then it can report until 7/2015.

 

It is legal because many times the OC does not sell the account right away.  The JDB cannot report for any time period prior their owning the account.  A CA cannot report for any time period they are not responsible for the account.  When it is a new account to them they can legally add it to your CR.  It isn't a violation and it is the one leverage they have to get you to pay.  They aren't getting away with anything.  The FCRA allows them to do this.  

Link to post
Share on other sites

OK, so it would appear that  PFD is my only recourse at this time. Procedurally, should I DV, then PFD or just go straight for PFD.

I suppose PFD would be the easiest path to success. Although I'm working on some repair, I have no particular needs and some spare cash to deal with it.

 

Is the OC and or previous collection listing allowed to remain in spite of the new one? Wouldn't that be double-jeopardy?

 

Any recommendations? 

Link to post
Share on other sites

OK, so it would appear that  PFD is my only recourse at this time. Procedurally, should I DV, then PFD or just go straight for PFD.

I suppose PFD would be the easiest path to success. Although I'm working on some repair, I have no particular needs and some spare cash to deal with it.

 

Is the OC and or previous collection listing allowed to remain in spite of the new one? Wouldn't that be double-jeopardy?

 

Any recommendations? 

 

Before you do ANYTHING you need to do a LOT more research on credit, credit scores, the FCDPA, and FCRA because it is clear your knowledge is basic if not wrong.  You could end up digging yourself in deeper if you get this wrong.  Start reading up on this site and others to educate yourself first.

 

Yes the OC trade line and previous collectors can remain.  If the debt has been sold the OC must list a zero balance and charged off/closed and it is accurate.  If it is only in collections old CAs no longer processing the account must list the account as closed.  They MIGHT be ripe for delete if they are no longer the CA of record because they cannot validate.  If they are collecting on the account the OC trade line will read the balance and "in collections."  The CA will read the same way.

Link to post
Share on other sites

With all due respect, I've done a lot of research and continue and I think I have a pretty good knowledge of the basics, but cloudy on some of the details.

I think I may just be leaving out some pertinent details leading you to the wrong conclusion.  By asking some of these questions, it helps me to understand the particulars as they relate to my situation.

 

It doesn't help matters that I am reading my report from the FICO site-generated reports. (from myFico).

 

There are TWO listings, both with the same original balance and current balance.

First one says, "Collection agency was hired to collected a debt of $xxxx owed to OC on acct xxxxxxx)

 

The new one that just showed-up says, "A collection agency was hired to collect deb of $xxxx owed to Asset Management company"

 

Again, both reporting same amounts.

Link to post
Share on other sites

IIRC, if it was sold to a JDB, the OC can only report it as "Sold / Transferred" with a zero balance.  If the OC placed it for collection with a CA and then recalled the account, that CA can no longer report it as a collection account.  However, if it was placed with a CA by the OC and you paqy the OC without them agreeing to recall the account from the CA, the CA can then report it as a paid collection.

Link to post
Share on other sites

It doesn't sound like the debt was sold. Utilities usually keep it and enlist CA's on contract to collect. I would be very surprised if that were not the case. Who is the CA? If it's a well known one, there might be different strategies available to get them of your CR and the debt back to the OCs in house collections where you could work out a PFD.

  • Like 1
Link to post
Share on other sites

They won't while the CA still has it. You have to game the CA into returning the debt and removing. Once the CA removes and you verify, that's when you move on the OC. PM me with the trade lines for the OC and the trade lines for the CA and see what we can come up with to get some removals happening. 

 

But right now I'm about 4/5 of the way done with an amazing outmeal stout so I didn't see if you had already DV'd the CA. If not, DV the CA and send CMRR because you will want to have done that already to play the game I am going to propose. 

Link to post
Share on other sites

It's Trident Asset Management in GA.

I tried to work with the OC last week and they said they're not able.

Trident appears to be a real winner...D- rating with the BBB, total of 1,007 complaints in the last 3 years, 345 closed in the last 12 months.  Be very careful in your dealings wth them.

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.