Release of Debt Letter from Collection Lawfirm

[Anonymous]

Greetings, I'm on my way to repairing the damage I've done to my credit (yay!). One of my last pieces is to take care of my release of debt letter.

My BofA account was given to Phillips and Cohen Associates who worked with me to pay off my remaining debt. My debt is paid off to them, they sent me a release of debt letter but now I have to forward it to the credit agencies and I'm not seeing where the addresses are to send it.

Has this ever happened to anyone else? Where did you send your letter and how long did it take for it to be corrected.

Thank You!

[Anonymous]

Try these addresses.  You can confirm on their respective websites.

Equifax Information Services LLC
P.O. Box 740256
Atlanta, GA 30374

Experian
P.O. Box 9556
Allen TX 75013

TransUnion Consumer Solutions
P.O. Box 2000
Chester, PA 19022-2000

[JoeBJay20]

Welcome to the forums!

What does the letter state? Does it simply state that the debt has been satisfied, or that the accounts are to be deleted from your credit files? A letter of satisfaction will only result in the CRAs updating your account as paid, which will do nothing to help your score.

[Anonymous]

The letter states:

This release letter acknowledges that the above referenced account has been satisfied. On behalf of Bank of America, N.A., we appreciate your cooperation in resolving this matter.

And of course it states my name, address, account number with BofA and with the agency as well as the North Carolina permit number.

Any advice

[JoeBJay20]

Who is reporting, Bank of America, the Law firm, or both?

[Anonymous]

Just BofA. I don't see the lawfirm anywhere on the CR I pulled today or in the past.

[JoeBJay20]

Well that letter should update your BoA listing.  Use the address provided by the PP.  You can begin working on GW with BoA to have the listing removed, although they've typically been resistant to the notion.

[Anonymous]

Thank you so much for the advice! I really appreciate it!