10-22-2012 04:44 PM
I have a CC that was with NFCU that was closed 05/2012
It was sold to Asset Acceptance and from what I understand they do not do GW or PFD letters at all (bummer). NFCU is still on my report (can i dispute it since they have sold it to another company?) but Asset is not. If I send a DV letter is this a bad or good thing? I have not received any communication from them at all NFCU doesn't have my address at all nor my phone number so I dont know how Asset could get it.
10-22-2012 06:34 PM
Welcome to the forums!
I'd suggest reading the following:
Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.
What Steps Do I Take - great for learning the repair process.
and Example letters - PFDs, GWs, DVs, etc.
Ignore others' success or failures. Keep plugging away. I have seen some Asset Acceptance GW success at the least though (in here). NFCU can still report, though with a $0 balance. You can try GWing them. DV letters only go to CAs. Since Asset isn't reporting or collecting, then ignore them, IMO.
10-22-2012 10:35 PM
Would it be a good idea to dispute the nfcu since they've sold the debt? Thank you for the links I will be taking a look at these tomorrow.
10-22-2012 11:58 PM
What would be your reason to dispute? You need to have a valid reason. Are they reporting anything wrong?
10-23-2012 09:11 AM - edited 10-23-2012 09:39 AM
NFCU is reporting Status:
Closed. $1,006 written off. $636 past due as of May 2012.
If i am reading it correctly they are saying I still have a balance of 636? But they've sold it to a CA and if I understand correctly once they've sold the account they have to report a zero balance?
Edit: Only one bureau is showing what is above the other two are at 0 so I'll assume that information is correct.
The CA that has purchased the account has not sent me anything regarding the accout nor are they reporting on my credit report. Should I send a DV letter now? Or do I wait till I am notified by them?
10-23-2012 10:51 AM
I read it as the account was CO'd back in May, as opposed a current balance. Just to be sure, I recommend looking at your reports for the "balance" or "current balance" field depending on your report source. If it is blank or reads $0, then you know the balance is $0. If you happen to have a FICO report with this showing, the account summary would list it as $0 if sold.
IMO, you wouldn't want to dispute it even if reporting inaccurately. Yes, you don't want a balance showing and it hurts, but if they correct it via a dispute, it'll report as a charge-off as of this month (or next if resolved next month). Now if this was a CC and reporting over the limit, you might see some score benefit by disputing it if reporting an active balance, but I personally would capitalize on the misreporting by aiming for a GW letter to the OC.
I personally wouldn't send a DV if I had not received a dunning letter. How do you know this CA is the one owning the debt?
10-23-2012 12:36 PM - edited 10-23-2012 12:42 PM
Yes, if they have terminated their collection authority, either by the owner if they are only an assigned debt collector, or by sale of the debt, they are required to update their reporting to show $0. If you dispute, which is your decision, the furnisher of any inaccurate information always has the option of correcting any inaccuracy. They are only required to delete if they cannot verify its accuracy as reported, or correct it so as to make it accurate. If they are no longer collecting, simple update of their reporting will be the likely outcome.
Nothing requires a debt collector, upon termination of their collection on the debt, to delete their prior reporting of the fact that they held such authority when reported.
No, sale of the debt is not basis for requiring them to delete their reporting, even if another debt collector should subsequenbtly report their ongoing collection activity.
As for sending a DV, it depends upon your goal. If they have not provided dunning notice, then your DV will be timely, and thus invoke a cease collection bar on them until such time as they choose to respond. While it will temporarily bar reporting to the CRA, they can simply send verification, and then immediately report.
In the interim, their cease collection bar will also preclude any negotiations on your part until verification has been provided. Do you wish to negotiate with them, such as offering a payment in exchange for not reporting? If so, a DV will be an impediment.
10-23-2012 01:36 PM
I know that this CA owns the debt because Navy told me when I called they gave me the number and I called to ask the name of the company.
My ultimate goal is to try and get PFD but from what I've read Asset Acceptance doesn't do them at all. The item will fall off of my report 05/2015. I can easily pay the debt but with it being almost gone if I can't get them to agree for pfd there is no benefit that I see to pay the account at all it will be there regardless til then.
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