Settled CO still reflects a balance

Dragonslayerjohn · ‎11-25-2008

First off, I'd like to thank ALL of you for your post and solutions. Since discovering this site in September, I've logged over 50 hours of reading the thousands of post here. Stressing over debt and credit has caused many a sleepless night and your assistance has taken a major load off of my back, as well as, help me increase my score.

My problem is this: I had a CO with Credit One Bank CC that was being handled by CACH, LLC. The amount was for $394.00. Since I was inside the SOL, I settled with CACH on October 25, 2008 for $250.00. I was told that they will update my report in about 60 days. So, I disputed this account with TU.

TU completed their investigation and are reflecting the following inaccurate info:

Balance: $144.00 Pay status: Collection Account

Date verified: 11/2008 Account type: open Collection

Past due: $144.00 Date closed: 9/2008

Since TU has already completed their initial investigation, and the account is still incorrect and inaccurate, what is my next step? I have a letter (unsigned) that was emailed to me from CACH, LLC agreeing to accept $250 as settlement on this account; and, a subsequent letter stating that they received the money and that the account is now closed. I did not want to fax TU this letter asking for removal since it was obviously being reported incorrectly for fear that they would just take that letter as a self-validation and just correct the account instead of deleting it. (EQ did that to me!) I think I got them on validating incorrect information, but I don't know what to do next. Please advise.

Anonymous · ‎11-25-2008

Does the last letter you got from the CA state "they received the money and that the account is now closed" or rather "the received the money and the account is now settled in full and closed" ?

Can you please copy and paste the exact text (without Personal Information) of both letters?

Unless you have a letter stating the debt is fully satisfied, you find yourself in the uncomfortable position of having to enforce a contract (the promise contained in "a letter (unsigned) that was emailed to me from CACH, LLC agreeing to accept $250 as settlement on this account") through litigation.

It might be as simple as having to writing an ITS letter to the CA - stating breach of contract, FCRA violation by incorrect reporting, and threat to sue (for a higher amount than what you paid them) if not fixed within a certain timeframe.

Or maybe even simpler as a reminder to amend the incorrect reporting following the agreed payment.

Dragonslayerjohn · ‎11-26-2008

Thanks for the quick response.

Copy of the first letter agreeing to settle:

New Account: X2

Original Creditor: Credit One Bank, N.A.

Original Account: X1

Total Due: $394.62

Settlement Amount: $250.00

Settlement Date: October 24, 2008

Dear **Me**,

Per our conversation, Astra Business Services on behalf of CACH has agreed to settle the above referenced account for $250.00. CACH agrees to update all applicable credit reporting agencies as “SETTLED”, if the above-mentioned amount is received, on or before the settlement date. Please be aware that if this arrangement is not kept, the settlement offer is null and void. We appreciate your undertaking to secure your financial future with this step and we thank you for your cooperation. If you have any question, please call 1-866-823-1632and we will be happy to assist you. Sincerely,

EDITED

Asst. Collection Manager

I paid this via ATM Visa Debit card and have it on my bank statement that it was paid prior to the agreement date.

Copy of second letter after I paid:

New Account: X2

Original Creditor: Credit One Bank, N. A.

Original Account: X1

Original Total Due: $ 394.62

Settlement Amount: $ 250.00

Dear **Me**,

This is to confirm that the amount of $250.00 was received by us on October 22, 2008 and your account is settled. CACH will report this account as “SETTLED” to all applicable credit reporting agencies.

Please be aware that if the check is returned for any reason, this settlement will be null and void and the total amount of the account would be due immediately and in full.

If you have any questions, please call 1-866-823-1670 and we will be happy to assist you.

Sincerely,

EDITED

Asst. Collection Manager

These guys are in India!! Don't know if that has any bearing on anything. Anyway, they agreed to report as "settled" and TU investigated my claim that this was indeed settled and sent me a notice that it was showing a balance. So my original question remains. How can I use this infraction as a reason to get this CO deleted?

Message Edited by llecs on 11-26-2008 12:23 PM

Anonymous · ‎11-26-2008

hmmmm. "Settled" is indeed "settled" and no balance should show.

I would recommend sending a simple letter to the CA reminding them "YOU agreed to change the reporting of this account following settlement in date xx/xx/xx - after xx days, my credit report is still showing this tradeline as open and with a balance. you have 7 days from this letter to update all reporting as agreed, or I will consider you in breach of contract."

If after 7 days from receipt - you could send it via email and fax to make it faster, this is not a legal notice yet -they haven't responded with an explanation or fixed, then you can follow with an ITS letter - but we can cross the bridge we we get to it.

good luck!

Dragonslayerjohn · ‎11-26-2008

What about dealing with TU. Could this carry any weight with them? CACH, LLC did just verify incorrectly. What is the process with a CRA if the info they verfied is still incorrect?

Anonymous · ‎11-26-2008

The CRAs believes all consumers are fraudsters faking and forging documents. I think it's a waste of time to hope they'd fix anything. You can inform them that this is incorrect. Good paper trail to keep . That's it.