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OC vs JDB Tradelines on CBR


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Greetings all,

 

Paraphasing radio, longtime lurker, first time poster.  Brief history:  Wife had severe medical issues little over 3 years ago (May 2011), because of this we had to let all credit cards go.  While she has recovered, her health precluded her from resuming her job at the time and she has since been unable to find a full time job and we now have 2 children (22 mnths & 4 mnths old).

 

In all but one case, immediately after charge off, our cards were all sold to JDBs (the usual, CACH, Calvary, Midland, etc).  Chase kept one card with CA URS and we were able to settle that one.  I have no problem working with OC & CAs, I myself have over 5 years of experience in 3rd party collections, (hate on me all you want, one of the best jobs I ever had, but I only worked contingency on behalf of OCs, never for Debt Buyers)  JDBs on the other hand are trash that I will never deal with nor pay a penny to. 

 

Fast forward to June of this year, we were sued by a JDB, my wife for 1 account, myself for 2.  As we recieved the summons improperly (left on the doorstep of my sister's house where we had lived for 9 months but had moved out of 4 months previously and now lived in a entirely different county) and, based on date on summons after the SOL had expired on all three accounts, we consulted a Consumer Law attorney.  He immediately took the cases on all three and asked for any and all letters from other JDBs.  $0 cost to us.   He filed a counterclaim on one of mine and the other two were dismissed by the JDB upon notificiation of retention.  He has sued them in our county as well as a second JDB.  The second JDB has settled (ND of course) and we should have our check in hand this week.  We are nearing the end of the 60 day discovery on the counterclaim and opposing counsel has begun talking settlements along the lines of the completed one.

 

Now to my question:

 

My attorney has insisted in all settlements that the JDBs delete their tradelines.  Now does this also remove the OC's charge off/sold line as well or not?  My concern is that while I'll now be CC debt free and the JDB are gone from my CBRs, my credit score will be negatively affected by the OC remaining while the "resolution" is gone.  I know collection law & trade, not so hot on credit reporting.

 

Thank you for your help.

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My attorney has insisted in all settlements that the JDBs delete their tradelines.  Now does this also remove the OC's charge off/sold line as well or not? 

 

No.  This settlement has absolutely ZERO affect on the OC.  As long as their tradeline reports accurately with a zero balance and "sold/transferred to another lender" then it can remain until the end of the reporting period.  

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No.  This settlement has absolutely ZERO affect on the OC.  As long as their tradeline reports accurately with a zero balance and "sold/transferred to another lender" then it can remain until the end of the reporting period.  

 

It does report accurately, so the OC line doesn't really affect me anymore?

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Thank you for the info,  like I said, aside from the reporting of accounts as Settled/Paid in full or Charged off, my knowledge of credit reporting is limited, never came up in my time in collections as we weren't the creditor & thus nothing to do with the reporting.

 

We've managed to pay off 1 vehicle and keep the other current as well as maintain a couple of low limit retail cards in the intervening years.  Hopefully, this will reflect better than a "sold to another lender" TL.

 

Now when does the OC line drop off, i.e. did the seven year clock begin when they sold the account & ceased reporting it?

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  • 6 months later...

I have the same issue with a JDB line deleted after suit, with OC line still there.  Just learned last week that B of A who is the OC is planning to delete all lines reported delinquent since May 2007 to get out from under a lawsuit over keeping the lines on BK filers and selling the debts to JDBs illegally.  There are two posts with a link to the article, one by me which you can find by clicking on my pseudo to see all my posts.  Don't know if yours is B of A but ab out three other banks are saying they plan to do the same (they were also involved in the suit) and others may.  So sit tight and some good things may develop.  

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