04-07-2012 01:01 PM
My credit report states my USAA credit card was "legally paid in full for less than the full balance", exactly as I remember back in 2010. According to CreditCheckTotal, the CRA have it listed as "Bad debt & placed for collection & skip. SETTLEMENT ACCEPTED ON THIS ACCOUNT" and "Payment after charge off / collection. PAID ACCOUNT / ZERO BALANCE".
When I spoke to a USAA representative today, they told me that their records didn't show this and that I still owed them the remaining balance.
What do I do from here? I don't think I have any documentation proving otherwise other than what is noted in my credit report.
04-07-2012 04:47 PM
It didnt just "get into your credit file." CRAs dont make that stuff up. Someone reported the status as such. And that someone would, logically, have been the creditor.
Based on the assumption that their reporting was accurate, it would, in my opinion, constitute a legal basis for asserting their concurrence, at the time, that the debt was satisfied.
That is why things are reported to a CRA... to place notice of status.
The FCRA entitles you access to any and all information reported to your credit file, as well as information related to who reported it. FCRA 609(a)(1) and (2).
I would send the CRA a request for all information relating to that reporting, as well as the name of the reporting party. Armed with their response, it would support a direct dispute with the creditor challenging the inaccuracy of any reporting they might later make of any balance owed on the debt. Requests under 609(a) require payment of a fee to the CRA, currently $11.00.
The fact that they have only "told" you this and have not yet reported that assertion to your credit file may mean that they are not willing to back it up with action.
If they do report it, you have the ability to challenge it with their own prior holding of status of the debt.
04-07-2012 07:14 PM
Thank you so incredibly much for the advice! You're a lifesaver.