Please help me get this right..

[George528]

I have 4 old  credit cards in collections as they were charged off years ago and all are set to fall off of my CR  later in 2015.  My goal is to see if I can get them removed much earlier.  I dont  want to poke the Bear so to speak and  re age  these accounts.  I live in Texas and am thinking of starting with DV letters.   I  am not planning on paying on these but since they are so old I am wondering if the CA  will just not respond quickly enough and I can get them removed  based on the Texas 30 day rule.   Is any type of communication a bad idea for  me?  

Thoughts?  

[RobertEG]

If you send a request under the TX financial code, yes, they must respond within 30 days.

Presumably, the debt is legit, so they could simplly verify.

If they dont verify within 30 days, then they must delete their collection, but can resinsert at any time once they provide the verification.

Deletion based on lack of verification within 39 days is not absolute/permanent.

So deletion would be predicated upon them either not being able to verify, or waiting to do so, with verification being only temporary.

Permanent deletion would come about only if they cannot verify or decide simply not to do so.

Hard to predict what they will do......

Deciding not to pay will result in four unpaid delinquent debts remaining in your history.

Also a risk as to future impact on ability to obtain new credit.

Personally, I would consider offering a PFD, thus obtaining both credit report deletin and satisfaction of the debt.

[George528]

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@RobertEG wrote:

If you send a request under the TX financial code, yes, they must respond within 30 days.

Presumably, the debt is legit, so they could simplly verify.

If they dont verify within 30 days, then they must delete their collection, but can resinsert at any time once they provide the verification.

Deletion based on lack of verification within 39 days is not absolute/permanent.

So deletion would be predicated upon them either not being able to verify, or waiting to do so, with verification being only temporary.

Permanent deletion would come about only if they cannot verify or decide simply not to do so.

Hard to predict what they will do......

Deciding not to pay will result in four unpaid delinquent debts remaining in your history.

Also a risk as to future impact on ability to obtain new credit.

Personally, I would consider offering a PFD, thus obtaining both credit report deletin and satisfaction of the debt.

It has already done that for sure.  These were charged off by the original c reditor many years ago and will come off of my reports end of next year.   The SOL has passed on all of these as well.  (4 years in TX)

I guess my hope is since the debt is so old that they will just see my DV request and ignore it and  will have to remove them.  The total amount is over 40k so I will not pay them off  since I am not  that far from 7 years.  

[RobertEG]

Credit report exclusion of derogs reported on the account.does not negate the debt or require deletion of the OC accounts.

The collections and the charge-offs reported on the OC accounts will become excluded.  The OC accounts themselves will not, if they are still reporting.

Do the OC's still own the debt, and show reporting of a balance due to their accounts?

[George528]

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@RobertEG wrote:

Credit report exclusion of derogs reported on the account.does not negate the debt or require deletion of the OC accounts.

The collections and the charge-offs reported on the OC accounts will become excluded.  The OC accounts themselves will not, if they are still reporting.

Do the OC's still own the debt, and show reporting of a balance due to their accounts?

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no, they all say closed with the amount saying written off. They all also say purchased by another lender..  

[RobertEG]

Then they should also be reporting a $0 debt if they were sold to another.

That, in combination with sold to another, informs others that the debt was not satisfied with the creditor.

When the collection also becomes excluded, your CR will be absent any reporting of the later status of the debt.

One reviewing your CR may then raise the question... what happened to the debt?