03-04-2013 06:15 PM
So, I am a co signer on my wife's student loan, we were paying on it on time $57 a month. The all at once no bill and idisappeared from our online banking. I went into the local branch, they could not really see what was going on but assumed it was sold. Called them a little while later and yes it was sold. Not uncommon, I took a loan with one bank and by the time I graduated it had been in the hands of four other banks. Then out of nowhere bam it is in collections? No bill, been sold, in ever missed a payment until something happened. What do I do bal is 5k+ settlement is still like 3500. I can't afford that and the CA won't stop fees on account so if I continue my monthly payment I won't get any where cus they want to charge me collections fees of $600 a year. I'm lost?
03-04-2013 06:29 PM
03-05-2013 10:28 AM
03-06-2013 06:53 PM
to clarify this was a private loan. So I dont think DOEd (doe=dept of energy fyi) could help me. suggestions? apparently it was sold to the collection agentcey, this is why chase couldnt see it. I waiting like two months of not getting a bill to do anything. Everyone seems to just blame eash other CA says chase sent it to them, Chase says I was 90 days late and they sold it yet my last payment that posted to the account was like 70 days prior. Nobody wants to admit if there is a mistake or not so idk.
03-06-2013 07:29 PM
Yep, pretty sure the Department of Energy can't help.
I would send the CA and Chase a direct dispute under FCRA 623(a)(8). They will each be required to investigate and correct any errors and notify you of the outcome within 30 days. This is a requirement and they have to do it or each one will be in violation of the FCRA.
I provided a template. The one you send to the OC will not include the information about the CA.
“This is a Notice of Direct Dispute with you, under the provisions of FCRA §623(a)(8)(D), of the accuracy of information you have reported to my credit file.
► (If sent to a debt collector, (CA), it might be beneficial to also include the blurb:
► “This is a direct dispute of credit reporting. This is not a request for debt validation/verification under FDCPA §809(b).”.
(don’t let them just simply sluff it off as a meaningless DV letter)
“In compliance with FCRA §623(a)(8)(D), and enacting regulations published at 16 CFR § 660.4, this Notice of Direct dispute includes:
“Identification of the specific information being disputed:
(specify the account number, and the specific information that is disputed under that identifying account)
“Basis for the dispute:
(how the reporting was inaccurate; was any reporting in violation of any statutory or regulatory provisions? account or express agreements? CRA reporting gudelines? Account not yours? etc.)
(all documents that support your dispute; it is recommened to also include, as part of your documentation, at least a copy of the portion only of your
recent credit report showing their reporting of the disputed information was actually reported to your credit flle. The implementing rule suggests a showing
that it appeared in your credit report)
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.