I've been trying to clean up my credit over the past couple of years and things have only gotten worst. I didn't know anything about the process until a month ago when I started reading this forum. About two months ago, I called up one of my old charge-off credit cards to see if I could either reopen the account or PFD. Well, they placed a brand new 5,500 collection on my credit report. That includes 1,500 in interests and late feels that they've added to my initial 4,000 balance. And the collection agency itself is also charging me 1,200 for "collection fee." They want me to pay them 1,200 for harassing me!. This totally ruined my credit. Over a year of good payment history became worthless with the addition of this new collection. Even CCCU rejected me becaue of the new collection. I was at about 628 before this collection came on my CR. The odd thing though, is that they are not listed as a collection agency on my credit report. They are listed as a "Factoring Company." Does any body else have a "Factoring Company" on there credit report. How do they differ from the traditional collection agencies?
My first delinquency was in 2002 on the WAMU CC the collection is for. My TU CR says that it should fall off 1/09.
I live in california and the sol is 4 years.
I know that I don't legally have to pay them, and I already have to wait out the next 18 months for some other baddies to fall of; But it's just frustrating that they did this at the time when I was just getting things in order.
The only good news for me, is that the collection is not on EQ, which has always been my highest score, even though it's rarely pulled by anyone that I've applied to.
I have 3 CA on my report that will drop in 3 - 9 months. I was going to just sit it out , BUT
I have no idea what they are collecting for and all 3 are not licensed in my state.
I am sending a DV to all 3 for these reasons only!
I will be calling my state to see what I can do about their not being licensed here. I know for a fact that our AG goes after them with everything they can & will impose very high fines. I do not know if it will help with my CR.
After i find out whats needed, I might send dispute to CRA & tell them that these CA have violated my state laws and hope for them to drop sooner.
thats about all I can do. If it doesn't work, Im just going to wait it out.