Need help on how to, pending 623, new dunning

[Anonymous]

Posted earlier, but it disappeared??

Ok so I opened First Premier on 1/16.   Moved in 5/16 missed payment.  They closed account in 6/16.

EX reports 1 30 day late 6/16   0 60 Days Late 2 90 Days LATE  7/16, 8/16  WORST DELIQ- 90 Days

EQ reports 1 30 day late 5/16 0 60 Days Late  2 90 Days LATE 6/16, 7/16  WORST DELIQ- COLLECT

TU reports 0 late, NO WORST DELIQ

Last activities

EQ 4/16

TU 2/16

EX Nothing

EQ- CO

TU-CO Bad Debt

EX-Unpaid balance reported as loss by credit grantor

I contacted FPB on 3/8 and was told they still own the debt- obviously they said they don't PFD. 

Emailed presref on 3/8  Under the provisions of FCRA 623(a)(8)(E),

Recieved email back on 3/8 from Julie as so many here have requested my address. 

Yesterdayy I received a letter dated 3/10 from Monarch Recovery who has been assigned the debt- offering to settling for 60% of the debt, original debt is $434.  And offer is good the length of time they have the client- no response in 30 days assumes debt is valid.

Now, how do I respond?  Is this FPB response to my 623? Or ironic timing of them assigning the debt which is showing 9 months old now.

Would I be better suited calling FPB and PIF? and continue my 623 action?  Continue waiting for the lady from Presref email to respond from my 3/8 email?  How long do I wait?  Just pay the settlement so it shows paid?

This is pretty much the old baddie left on my reports other than child support that is resolved this month after 5 years of arguing about 2008 LOL

Lender stated if I pay this, I will probably qualify for a house, if deleted would more than qualify- so how to proceed now?  Lender uses EX only

[Anonymous]

@Anonymous.

It would be appreciated if you remove the email address from your posting and the name of any individual that you have spoken with.  Email information should be PM'd to anyone that  would like that information and not within your message.

Thank you for your understanding. 

[IOBA]

What's your end goal?

A house?

To pay off the debt?

To have the collection removed from the credit report?

I'd probably start with paying the debt to the FPB.  Then go about asking for it to be removed.

[Anonymous]

@kaykay65

I did remove, howevver I have seen that lady's name and email posted several times with no issue so figured it was ok.

As for my end goal-

I'm doing a general rebuild and will be buying a house.    Paying off the debt is no issue for me, as it was never supposd to get closed, was just an oversight in mail and forgetting on my part. 

Since they closed it so rapidly, 30 days roughly, I just haven't paid out of spite and being irritated that I cannot get any real answers from FPB.

[Anonymous]

@Anonymous.

It is encouraged to PM other members who request such information rather than include it within the thread.  Same applies with phone numbers or in the case of Capital One including the names of persons one has spoken with from EO.

I thank you for you understanding. 

[RobertEG]

What was the alleged inaccuracy in their credit reporting that was the basis for your direct dispute under FCRA 623(a)(8)?

A direct dispute is governed by the regs set forth at 16 CFR 660.4, with response required from the furnisher (First Premier) of the disputed information.

The response from ther furnisher must provide their determination as to the dispute, which must be either verification of accuracy as reported, correction so as to overcome the asserted inaccuracy, or if neither verification of correction is provided, deletion of the disputed information.

A response from another party is not from the furnisher, and thus is not a response/determination as to the dispute.

Additionally, a dunning notice does not included specific determination as to the disputed information, and thus addresses the debt, not the accuracy of credit reporting.

No, the dunning notice from the debt collector does not satisfy the response requirment to a direct dispute for the above two reasons.

The period for compliance with a direct dispute is defined, under the rules, as being the same as that provided to a CRA to complete and respond to a dispute under FCRA 611.  More specifically, they have 30 days within which to complete their investigation of the direct dispute, and up to five business days thereafter within which to send their notice of results to the consumer.

[Anonymous]

Robert- the inaccuracies were the lates mis reported, as well as activities reported varying among the bureaus

[Anonymous]

Well at least it would appear the 30 days for the 623 would expire before the 30 days Monarch stated would verify the debt. Guess I wait another 2 weeks and make a decision.

While waiting would I have better 623 results if I PIF? Sounds odd but just want this behind me

[Anonymous]

Today I received a packet from FPB.

It included all statements from 6 months the account was open and the terms and conditions of the credit card. The debt is mine despite my feeling that they closed the account prematurely. I browsed the terms and conditions and saw nothing for time before closure.

So what's my best plan of action now? Since they only assigned the debt to monarch -I'd rather work with FPB as they are the OC. Monarch offered me the settlement tho. Perhaps my best action is to try PFD with FPB. Chances are slim.

Even if I get a full payment for closed status instead of chargeoff I'd be ok.

Ideas ?

[RobertEG]

Since the OC still owns the debt, you can attempt to pay either.

While consumers will often wish not to deal with any debt collector, and gravitate towards attempting to pay the creditor rather than debt collector, that is not always the best path.

If you pay the OC, the debt collector can still report their collection.  The creditor cannot enter into a binding agreement that paying the creditor will result in no reporting by the debt collector.  Unless the creditor terminates their assignment to the debt collector prior to receiving your payment, the debt collector is still free to report their collection.

The straightforward approach to prevent a collection is to make payment directly to the debt collector after obtaining directly from them agreement either not to report their collection, or if they have reported, to delete that reporting in exchange for payment.