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Valued Contributor
beb86
Posts: 1,117
Registered: ‎10-31-2011

Re: CO CA Clarification


noMoreApathy wrote:
Thank you both for your help.

I will do that shogun.

Why is the CA showing on 2 of 3 CRA's and different names, is that normal?

Yeah thats pretty normal...sometimes the only report to 1 or 2 or 3 it just depends on the CA 

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Member
noMoreApathy
Posts: 22
Registered: ‎01-23-2013

Re: CO CA Clarification

MAN I am learning a TON!!

 

Thank you everyone so MUCH!

 

I have so many more questions about other things! 

 

I hope I can pay it back once I gain enough knowledge and experience to do so :smileyhappy:

Mega Contributor
RobertEG
Posts: 17,456
Registered: ‎03-19-2007

Re: CO CA Clarification

Most would probably consider the collection more significant, and seek its removal.  In that event, the PFD should go to the debt collector, not the OC.

 

If you send a PFD to the OC, it is asking for deletion of multiple derogs and a charge-off, with the OC already having recouped a portion of their loss via a tax writeoff flowing from the charge-off.  They can recoup more by selling the debt.  I dont see as much incentive for acceptance as might be perceived by the debt collector. Any PFD agreement that might be accepted by the OC would not compel any deletion by the debt collector, and cutting them out of the collection process would most likely not help chances of their future GW deletion.

 

Sending a DV to the debt collector after paying the OC would do nothing.  The collection would automatically be closed upon payment of the debt, and thus they have no active collection to be impacted by any cease collection bar.

Any DV could simply be ignored.

Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008

Re: CO CA Clarification

[ Edited ]

noMoreApathy wrote:
Thank you both for your help.

I will do that shogun.

Why is the CA showing on 2 of 3 CRA's and different names, is that normal?

Not all creditors report to all 3 CRAs.  Some may only report to 1 or 2.  It is normal.

 

What do you mean by different names.  The same CA is showing on both reports.

 

When an OC sells the debt to the CA, the OC balance will be 0 and there would be a notation on the report that stated transferred/sold to.  The significance of the OC still owning the debt is they can legally take your money and you could work with them.  If it was sold, the OC would be out of the picture and you would have to work with the CA.

Member
noMoreApathy
Posts: 22
Registered: ‎01-23-2013

Re: CO CA Clarification

So, RobertEG the best process would be to PFD the CA and GW the OC?  What incentive does the OC have to GW if they report the balance as full, but have written off this balance?

Member
noMoreApathy
Posts: 22
Registered: ‎01-23-2013

Re: CO CA Clarification


guiness56 wrote:
Not all creditors report to all 3 CRAs.  Some may only report to 1 or 2.  It is normal.

What do you mean by different names.  The same CA is showing on both reports.

 

When an OC sells the debt to the CA, the OC balance will be 0 and there would be a notation on the report that stated transferred/sold to.  The significance of the OC still owning the debt is they can legally take your money and you could work with them.  If it was sold, the OC would be out of the picture and you would have to work with the CA.


"What do you mean by different names.  The same CA is showing on both reports."

  -  Sorry this was for a different CA.  A medical CA is showing as Central Credit Solutions on TU and Holloway Credit Solutions on EQ and EX.

 

"The significance of the OC still owning the debt is they can legally take your money and you could work with them.  If it was sold, the OC would be out of the picture and you would have to work with the CA."

 

  -  Shogun suggested:  "Yes, send them at the same time.  If the OC accepts, then the CA can't sue.  If the OC denies payment, you would see what the DV results from the CA is.  If you agree with it, then you would try a PFD with them."

 

  -  RobertEG suggested:  " the PFD should go to the debt collector... Sending a DV to the debt collector after paying the OC would do nothing."

 

  -  I want to take responisibility for my actions and pay my debt, but I want the negative TL's removed.  I know this is everyone's "hope".  I do not know what I am doing yet, but to me both have compelling arguments.  I just do not see how two highly respected members would have a different view on the situation.  I guess I need to face reality and understand there is no silver bullet.  Now who is right... lol I am j/k (halfway).

 

Thank you for the advice Shogun, RobertEG, Guiness, and beb.  I hope to hear more from you incredibly kind people.

Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008

Re: CO CA Clarification

I would rather work with the OC if they will let you.  Send a PFD to the OC, DV the CA. 


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