Does anyone have any recent experience with Paragon way? I've been trying to get some old credit issues cleared up, so that I can get approved for an FHA loan. I sent some dispute letters to the credit bureaus about 3 weeks ago, then out of the blue a couple days ago I got a letter from Paragon Way. This is from a Capitol One auto finance account that was opened mid 2002. Late 2002/Early 2003 I was hospitalized and unable to pay the car payments so contacted Cap. One to have the car repossessed. That was the only thing I could think of to do at the time. Since then, I hadn't been contacted by Cap. One or Paragon Way or I guess they sold the debt to, but have never been told this. The letter doesn't even spell my name correctly! This is what it says:
Dear .....,
We have received request for validation of the account listed below. Please review the information.
Original Creditor: Cap One
Orig. account number: XXXXX
Origination Date: 08/2002
Last Payment Date 05/2003 (I am not sure where this was coming from, maybe that's when the car sold at auction?)
Charge off date: 04/01/2003
Placed on our floor: 08/14/2006
Current Balance: $11,419.26
Current Creditor: Collins Financial Services, Inc
Description: Loan
Thank you for the opportunity to be of service. Any additional info. you wish to provide may be sent to the address above or faxed.
This is a communication from a debt collector. This is an attempt to collect a consumer debt. Any information obtained will be used for that purpose.
Sincerely,
Paragon Way, Inc
I am just wondering, what, if anything, should I do about this? Why did they not contact me previously? I can't afford to pay the account in full. This also doesn't validate the amount of the debt as far as I am concerned. I believe it is supposed to fall off my credit report in 2009. Any advice would be very much appreciated. Thanks!
