@Mutt wrote:My reports show an unpaid balance of $2097 for HSBC (OC 6/2006) and the company they sold/transferred the loan to Santander (last activity 10/2009). Santander sold the account last month to Constar Financial. As stated in my dissolution papers, my ex was responsible for the up keep of this loan and dispite numerous disputes, the negative entries remain (Late 90 Days - 42 times, $2097 unpaid balance).
Constar has never reported the CA to any of the CRA's and during a phone conversation they claim "We don't do that." Constar further claims they cannot do anything about the derogs other than send a letter to Santander and HSBC stating the account has been settled. During the phone conversation ( which I disputed the debt as mine countless times) we reached a settlement amount of $1290.10 and they emailed me an invoice that states, " This account will be recorded as settled upon clearance of your remittance and no further payments will be due. In addition, all collection activity will cease."
Because this account is holding me back from getting an auto loan (only negative, have been denied twice) and I am in need of a new car, and my initial reaction was to pay the settlement amount. But, by the end of the night I felt a bit nervous and told them I needed to think about the offer. They said, "Ok, no problem, just remember we have to receive payment by the end of Tuesday, 5/20/2014 or the offer will be cancelled."
I'm not sure what to do at this point. Will paying the settlement amount benefit my new car loan quest since Constar stated they are unable to do anything about the derogs and lates on the Santander and HSBC accounts?
Current Fico Scores: EU - 677, TU - 707, EX - 788
You do know this will be excluded off your reports next month right? It's already been excluded off of EX judging by your scores (They tend to delete a little early). That's why they want payment now, because it's going into Zombie mode. My advice? Well, I'd let it fall off then offer them a couple hundred dollars, take it or leave it to settle the debt. It will be past SOL and CRTP. You could save some money.
July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge
Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
June 2017 update: All scores over 820, just pure gardening now.
@Mutt wrote:My bad...June 2006 is when the account was opened, its not slated to drop off for another two years.
OK... different situation then. So ConStar is not reporting. So paying this will not improve or worsen your scores. It wouldn't even make a difference on a manual review, seeing as how they are not reporting.
I don't know the SOL of your state, so I couldn't tell you if it's past that or not.
Let me ask another question, who is reporting to your CR? Is it HSBC or Santander? Because only one of those could report.
July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge
Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
June 2017 update: All scores over 820, just pure gardening now.
@Mutt wrote:Yesterday's CR listed the account as open under Santander, closed under HSBC. The Constar settlement offer letter lists Santander as the Current Creditor and HSBC as the original.
You should only have one OC, Santander or HSBC, not both. If the account was sold to Santander, they should have inherited the history and HSBC should have deleted their postings. I'd send a direct dispute to HSBC.
July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge
Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
June 2017 update: All scores over 820, just pure gardening now.