Collection disappeared after pfd sent?!?

GA8080 · ‎12-07-2016

I'm both ecstatic and terrified right now! My last collection seems to have vanished from my reports! I had a credit card collection with C*****y that I sent a pfd for in mid November. SOL does not expire until mid 2017. I email blasted a very honest pfd letter to the execs that really bordered on a GW because I explained my family situation at the time of delinquency. I also noted how I was confused by the validation packet that they sent bc it contained a cc agreement with a company that I had never done business with and that was not the same company as the statements they sent. I got a myfico alert that my score jumped 30 points, so I ran to CCT to see all 3 reports and the collection was deleted!! I never received a response to my pfd either way. Is this too good to be true?? Do you think they sold it off? If they sold, would they delete before I am notified? I just don't know what to think right now!

mysterythemoon · ‎12-07-2016

It's possible they sold it off, but it's also just as possible they saw the SOL fast running out. I disputed a 5k eviction and quickly got a response from the CA by mail. It was a statement by mail for 8k--only to say they could settle is NOW for a one time payment of 499.99. Thing was, they new the SOL was fast approching, and that by Decemeber I could get the EE from TU. Well sure enough, a a few weeks went by and the account was removed by the CA. They did their best, but in the end they probably knew that I knew the SOL. If I were you I'd go into your situation assuming your CA just gave up.

Started on July 4th, 2016 with 400's FAKO scores, no FICO, a dozen baddies and no credit of any kind.

As of March 2018, Before The Fall:
AmEx Blue Cash Everyday: $12,600
Chase Sapphire Preferred: $10,000
Bank Of America BankAmericard: $6,000
Capital One Quicksilver One: $5,500
Citi Diamond Preferred: $5,400
NFCU Cash Rewards Visa Signature: $5,100
NFCU Go Rewards MasterCard World: $5,000
Wells Fargo Propel: $3,500
Barclay's Uber Visa: $2,500
AmEx Starwood Preferred Guest: $2,000
Citi Double Cash: $1,500
AmEx Hilton Honors: $1,000
Discover It: $600
Capital One Platinum: $500

TOTAL 2018 CREDIT LINE: $61,200

JUNE 2023 UPDATE
2020: COVID toppled me. All old accounts went into default. Business lost. Car repossessed.
2021: Cap1 let me back in (one secured/two not). Secured Mission Lane. AU on AMEX Gold, Citi Premier and Chase Sapphire. Car loan approved without cosigner for $20,000. All current.
Currently: No lawsuits. Thinking most SOL have expired on CC debt. Fingers crossed my math and memory are correct.

CURRENT SITUATION:
Mission Lane Secured: $3,400 (SL $400 -- unasked for CLI)
Capital One Secured: $300
Capital One QS1: $300
Capital One Savor: $1,000
Chase Sapphire Preferred: $10,000 (AU)
AMEX Gold: No Preset Limit (AU)
Citi Premier: $8,500 (AU)

SPRING 2026
ALL BADDIES DROP

rmduhon · ‎12-07-2016

SOL has no bearing on whether or not an account can be reported to the CRAs, unless you are referring to the credit reporting time period. They are 2 different things. OP, it may have been deleted for almost any reason. It can also reappear on your reports as long as it's still within the credit reporting time period (7.5 years from DoFD). Do you know when that was?

GA8080 · ‎12-07-2016

It's only been 3.5 years since DOFD and SOL expires mid 2017. I know it could reappear until the CR exclusion dates but I wonder if the same company would just start reporting again if they already went through the process of deleting it. Stranger things have happened though, I know.

If it was sold, will I have an opportunity to pay it before the new company starts reporting it with the caveat that they never report? I want to have my ducks in a row in case it happens.

Anonymous · ‎12-07-2016

@GA8080 wrote:
It's only been 3.5 years since DOFD and SOL expires mid 2017. I know it could reappear until the CR exclusion dates but I wonder if the same company would just start reporting again if they already went through the process of deleting it. Stranger things have happened though, I know.

If it was sold, will I have an opportunity to pay it before the new company starts reporting it with the caveat that they never report? I want to have my ducks in a row in case it happens.

Many CA's will give a thirty day grace period before reporting. Watch for a new dunning notice.

RobertEG · ‎12-07-2016

If they were unable to verify the debt, then if your DV was timely, they must cease collection activities until they send validation.

If unalbe to continue active collection, they may then decide to either terminate their assigned collection authority if they did not own the debt, or sell to another if they owned the debt.

The CRAs require a debt collector to delete their reported collection if their collection authority is terminated, either by termination of assignment or by sale of the debt, with the debt remaining unpaid.

If the debt reamins unpaid, then a new debt collector may obtain collection authority and report at any time, with no prior notice to the consumer.