Just two questions:
Are these reporting correctly? Portfolio and LVNV are both reporting on my Equifax reports as open accounts and 120+ days past due. This does not seem right. Can a collection account also be listed as a open account?
Also, I have a collection account that on my EX account the drop off date is Feb. 2011 (2/2009 for NYS) but on my EQ file the DOFD is listed as 5/2004. What should i do about this. I sent this CA a PFD today and hope that they agree but if they don't according to EX it can potentially come off as soon as I pay it but then again on EQ not until possibly 5/2009.
Any help will be appreciated!
Starting Score: EX:603
@ScoreBooster wrote:I feel your pain - their are a pain to deal with. First of all, they report as revolving account (which is not allowed, they ARE a CA!).
They are doing that on my report as well - and more than once.
You must ask yourself if it's worth paying the CA (what amount are they asking for?). If they are only asking for a small amount, it might be worth it - if they are asking for a few Ks, it's a different story.
As far as I know, the NYS-rule of 5 years only applies to paid accounts. So if you pay them, they drop off 2009 and if you don't, they stay until 2011.
A settlement might be a compromise as well. You needn't pay the entire amount, the debt/CA is considered paid and it would drop off now - even without a PFD-agreement.
Under "GBS-General Business", Article 25, you can find the New York FCRA.
Section 380j (f)(1)(iv)
(iv) accounts placed for collection or charged to profit and loss
which antedate the report by more than seven years; or accounts placed
for collection or charged to profit and loss, which have been paid and
which antedate the report by more than five years
Thanks for your response. As far as the account that is scheduled to come off this year, its only for $66. I don't want to pay them sinc ei never received my book but I would rather pay and get this off my report and take it as a loss. It was a directory for 2004 for my sorority. Not even worth getting it since its so old.
As for Portfolio they bought a charge off bill from BofA. The bill was for $600 but with fees and other charges it went up to $1000. I am not trying to hear about a possible suit. LVNV bought a charge off form JcPenney for $700. I will be sending a DV at the end of the week and then hope they accept a PFD. These are both within SOL. I know people say not to touch them but I cannot wait 4 more years for SOL to end. I need to build my credit to get a new car and possible move out of NYC.
@Anonymous wrote:
@aquatic1 wrote:Just two questions:
Are these reporting correctly? Portfolio and LVNV are both reporting on my Equifax reports as open accounts and 120+ days past due. This does not seem right. Can a collection account also be listed as a open account?
Also, I have a collection account that on my EX account the drop off date is Feb. 2011 (2/2009 for NYS) but on my EQ file the DOFD is listed as 5/2004. What should i do about this. I sent this CA a PFD today and hope that they agree but if they don't according to EX it can potentially come off as soon as I pay it but then again on EQ not until possibly 5/2009.
Any help will be appreciated!
question #1 - no it's illegal for CAs to report account history or an account as open - you should send them a letter CMRRR stating simply thet they are in violation of the FCRA for incorrect reporting and unless they amend their reporting within one week of receipt you will consider them in willful violation - then after a week you can forllow up with complaints to the AGs, the BBB and the FTC, as well as a ITS letter.
On my TRANSUNION report ALLof my collection accounts are listed this way. Here is an example:
Chase Receivable
account type
pen
pay staus: collection account. If this is wrong then that will mean I need to contact everyone of these accounts. This is going to be very expensive! 10 of them (3 being medical)
question #2 - once it's paid, then you can send the CRA proof of payment and proof of NYS residence together with a simple letter: I'm a NYS resident, remove this paid collection. What kind of proof of payment, the account was paid back in 2004 directly to Time Warner.
Whoa?? Wait a second... I have a Portfolio and Arrow acct showing on my credit report as a +120 late and as an acct not a collection (which they are). Should I have them change that??? Will it help my score or make it worse??
Thanks. 