Best path to take, settle or wait?

[RobertEG]

There is no provision under the FCRA for sending a request that requires a CRA to verify the accuracy of reporting unless you have first identified an asserted, specific inaccuracy, and provided adequate supporting basis to permit investigation of the asserted inaccuracy.

If you send a request to a CRA simply requesting verification of an account or or reported items, it can be dismissed without any reinvestigation or any referral to the furnisher for their investigation as being a "frivolous or irrelevant" dispute.

You have the initial burden to identify why any disputed information is considered inaccurate, and cannot simply request verification.

Investigation, and ultimate verification, correction, or deletion is then limited only to the specific information identified in the dispute as inaccurately reported.  Unless the dispute provides basis for lack of validity of the debt itself or that the debt was never delinquent, then deletion of the entire collection would not be at issue in resolution of any dispute of accuracy of items reported under the collection.

If the debt is valid and delinquent, then a dispute to the CRA challenging the validity of the collection would not be appropriate.

Only the debt validation process under the FDCPA permits a request for verification per se with no supporting basis, but DV requests are limited to the accuracy of the debt itself, not credit reporting, and are limited only to debt collectors.

[Anonymous]

 

Adkins

 

Established Contributor

‎01-02-2018 12:40 PM

Re: Best path to take, settle or wait?

@Anonymous wrote:

if you settle without a pay for delete option with all bureaus they can start your clock all over again! (This statement is very incorrect.) keep that in mind.  you can try disputing through credit karma (Do not do this, always do through the mail, certified, return receipt. You lose rights disputing online)sometimes they do not verify in time and it could just come off that way. or you could just wait it out. paying sometimes is the worst thing you can do, just my opinion.

that statement is true and correct and it happened to me. i also disputed everything online without issue. just correcting the corrections to my statements, lol. listen, i started at 517 fico just 2 years ago and as of this morning have an 810 fico. just do your research. whats right for you may not be right for others. i offered you my opinion and my truth. some people are still looking for their own path still to success while correcting others. im above my goal score! take everything you hear on here and just do your own research. my opinions come from actual facts. i dont come on here just to misinform people. i hope for your success!

[Anonymous]

@Anonymous wrote:

if you settle without a pay for delete option with all bureaus they can start your clock all over again! (This statement is very incorrect.) keep that in mind.  you can try disputing through credit karma (Do not do this, always do through the mail, certified, return receipt. You lose rights disputing online)sometimes they do not verify in time and it could just come off that way. or you could just wait it out. paying sometimes is the worst thing you can do, just my opinion.

that statement is true and correct and it happened to me. i also disputed everything online without issue. just correcting the corrections to my statements, lol. listen, i started at 517 fico just 2 years ago and as of this morning have an 810 fico. just do your research. whats right for you may not be right for others. i offered you my opinion and my truth. some people are still looking for their own path still to success while correcting others. im above my goal score! take everything you hear on here and just do your own research. my opinions come from actual facts. i dont come on here just to misinform people. i hope for your success!

[Cherekas]

To the OP,

I was in a similar situation as well with BOA and I chose to settle. My account will age off my report end of 2019. The account was reporting monthly late which was inturn suppressing my scores. Once I paid my debt and BOA was notified (they still owned the debt), they immediately updated my report to show the account closed instead of charged off. My scores immediately increased. 

So my advice to you OP, would be to settle/pay in full the account and it will close. Although its charged off now, it is still open and still hurting your scores. Either set up a payment plan or settle but you said its your account, so pay it! 

[Adkins]

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@Anonymous wrote:

 

Adkins

 

Established Contributor

‎01-02-2018 12:40 PM

Re: Best path to take, settle or wait?

@Anonymous wrote:

if you settle without a pay for delete option with all bureaus they can start your clock all over again! (This statement is very incorrect.) keep that in mind.  you can try disputing through credit karma (Do not do this, always do through the mail, certified, return receipt. You lose rights disputing online)sometimes they do not verify in time and it could just come off that way. or you could just wait it out. paying sometimes is the worst thing you can do, just my opinion.

that statement is true and correct and it happened to me. i also disputed everything online without issue. just correcting the corrections to my statements, lol. listen, i started at 517 fico just 2 years ago and as of this morning have an 810 fico. just do your research. whats right for you may not be right for others. i offered you my opinion and my truth. some people are still looking for their own path still to success while correcting others. im above my goal score! take everything you hear on here and just do your own research. my opinions come from actual facts. i dont come on here just to misinform people. i hope for your success!

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Settling an account without PFD does NOT restart the DOFD (the time when the account is going to normally fall off your credit report). Nope. If a CA did this, you should have brought it up the CPB, the BBB, your state's attorney general and the attorney general of the state the CA was located in, because it's illegal. 

You can dispute items online, and it's easier, but you do LOSE rights when you do so. This is listed in the written laws/regulations. I didn't say it couldn't be done - I just highly recommend against it because of this reason. 

[Adkins]

@Anonymous wrote:

if you settle without a pay for delete option with all bureaus they can start your clock all over again! (This statement is very incorrect.) keep that in mind.  you can try disputing through credit karma (Do not do this, always do through the mail, certified, return receipt. You lose rights disputing online)sometimes they do not verify in time and it could just come off that way. or you could just wait it out. paying sometimes is the worst thing you can do, just my opinion.

that statement is true and correct and it happened to me. i also disputed everything online without issue. just correcting the corrections to my statements, lol. listen, i started at 517 fico just 2 years ago and as of this morning have an 810 fico. just do your research. whats right for you may not be right for others. i offered you my opinion and my truth. some people are still looking for their own path still to success while correcting others. im above my goal score! take everything you hear on here and just do your own research. my opinions come from actual facts. i dont come on here just to misinform people. i hope for your success!