More than 7 collection agencies and NONE reporting to any bureau

[Anonymous]

I checked my 3 reports via USAA and discovered that NONE of the collection agencies that I am dealing with for my credit card debt have reported or started have  tradeline for the accounts. The only thing showing is their inquiries.

I am guessing that the OC never sold any of my accounts as an explanation, but it has been almost a year that I stopped paying all of them. Maybe it takes more than a year for them to sell them?

So how am I supposed to remove the OC late remarks and derog info if I have to deal with the collection agencies instead?

Should I request the CA to ask the OC to remove the lates and "charged off " info from the credit reports? or that is not likely to happen?

Thanks a lot for any input!

[pizzadude]

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@Anonymous wrote:

I checked my 3 reports via USAA and discovered that NONE of the collection agencies that I am dealing with for my credit card debt have reported or started have  tradeline for the accounts. The only thing showing is their inquiries.

I am guessing that the OC never sold any of my accounts as an explanation, but it has been almost a year that I stopped paying all of them. Maybe it takes more than a year for them to sell them?

So how am I supposed to remove the OC late remarks and derog info if I have to deal with the collection agencies instead?

Should I request the CA to ask the OC to remove the lates and "charged off " info from the credit reports? or that is not likely to happen?

Thanks a lot for any input!

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CAs and OCs report separately, I'd say that you are quite lucky so far that none of the CAs has reported yet.   If you are planning on paying the CAs make sure that you negotiate them to not report as a condition of paying.

You'll have to send GW letters to the OC to ask them to remove their reporting.

[RobertEG]

You must deal with the OC regarding any reporting they have made.

If/when the debt collectors report, they only have responsibility and authority over their own reporting.  They cannot delete any reporting done by the OC.

I am not aware of any debt collector getting involved in asking an OC to delete their reporting.

The OC can either retain ownership of the debt and assign collection authority, or they can sell the debt.  Either way, the debt collector can report.

It is not necessary for the debt collector to have purchased the debt.

If the OC reporting is accurate and they still own the debt, you could offer a PFD to the OC to get their reporting deleted.

Alternately, you could offer a payment in exchange for not reporting to the debt collector.  You would then address deletion of the OC reporting by sending GW lettters to them.

[Anonymous]

thank you both for your comments.

I guess I have been lucky that they haven't reported.

Thing is, I have already received a couple of settlement letters. I haven't sent pymts yet, but need to do so by next week, so I feel that if I now start asking for more conditions in lieu of payment that they won't take it very kindly, and it might not even be necessary since they havent reported a thing anyways.

On other CAs, I am in the process of them getting my requested settlements approved by the OC and with them I may be able to ask them to not report at all. But again, it may not be necessary?

So I guess to fine tune my strategy,  since I am so close, what is the likelyhood that they will open a tradeline now if they haven't already?

Or by receiving pymt and "settling" they might add a tradeline just to show it as Settled?

Is that something that you see can happen?

If not, it may not be necessary to ask them anything at this point and just deal with the OC and the GW letters as suggested.

THanks again!

[pizzadude]

It's really impossible to predict what will happen with the CAs reporting your collections. They may or may not choose to add a collection, either before or after you settle. Since you are dealing with 7 CAs, odds are that at least one of them will report, IMO.

You really have nothing to lose by asking them to agree not to report. At least I don't think that asking would prompt them to decide to report.

[Anonymous]

I tlkd to Edited to remove personal information - MarineVietVet, myFICO moderator . which is an attorney office collecting for chase. I got 20% of the amount.. which I feel is great on a 4k balance.. I asked them if they will report. They said they can't because they do not own the debt. He said they can't legally report if they don't own the debt, Which explains why on ALL my other CA none are reporting and also advised that they won't report it was settled, that would be up to the OC.

[pizzadude]

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@Anonymous wrote:

I tlkd to Edited to remove personal information - MarineVietVet, myFICO moderator . which is an attorney office collecting for chase. I got 20% of the amount.. which I feel is great on a 4k balance.. I asked them if they will report. They said they can't because they do not own the debt. He said they can't legally report if they don't own the debt, Which explains why on ALL my other CA none are reporting and also advised that they won't report it was settled, that would be up to the OC.

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Actually CAs can and do report sometimes even if they are only collecting on behalf on an OC, and don't own the debt.    I hope that it works out for you that they decide not to report, good luck !!