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drummer55

CFPB Chase and affect on settled JDB accounts

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Long time no post.  The CFPB action against Chase brought me back out.   

 

http://www.consumerfinance.gov/administrativeadjudication/

 

 

What recourse will this give those of us who have settled with a JDB?

 

 

 

I sued Chase ProSe in 2012 to remove 2 items on my credit reports that had started as Wamu accounts.  They settled out of court and the items were removed from my report

 

Sadly they had been sold separately  one to  Midland and one to MCM (i know same company)

 

The account that went to MCM  used a local debt collector and sued me for one. I  fought in court but because it was blocking my mortgage I settled (I had them by the balls but I needed the mortgage so it was for a minimal amount that I settled)

 

the account that went to Midland was on the report but no action taken.  I had to reach out and settle with them to show it was paid off to get the mortgage. 

 

In both instances I let them know I had sued Chase and the items had been removed by Chase.  

 

The Midland account is still on my account (as paid) but it is a degratory account and hurts my score.  

The MCM was entirely removed

 

1.  Does this open up the ability for me to go after Midland/MCM? Even just to get the Midland Account entirely removed from my CR?

 

Thanks

 

 

 

 

 

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I'm not sure of going after settled accounts.  I'm sure a intelligent, clever consumer attorney may have an idea.  But my guess is the money you paid to settle is gone.

 

I would certainly use the CFPB/Chase case as leverage to remove trade lines from your credit report.  I would guess disputing it with the CRA's, citing the CFPB, is your first step.  If it comes back as verified, then I would demand who, and what processes were taken in the verification.  

 

Let us know what happens, if you take this route.  

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