Release of Debt help.

[diztrukted]

Hi all,

I've just recently paid off one of my collection accounts and when I spoke to them last, the send to call back in 3-5 business days to have a release of debt sent out to me so that I could forward it to the Credit Bureaus.

1) How effective are the Release of Debt Letters ?
2) Would it really matter if I forwarded the letter to the CB's
3) Should I be sending this to the original creditor as well?
4) if so, should I be sending a GW letter so that they may or may delete the negative TL

any info on what to do would help, thanks in advance! 

[pizzadude]

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@diztrukted wrote:

Hi all,

I've just recently paid off one my collection accounts and when I spoke to them last, the send to call back in 3-5 business days to have a release of debt sent out to me so that I could forward it to the Credit Bureaus.

1) How effective are the Release of Debt Letters ?
2) Would it really matter if I forwarded the letter to the CB's
3) Should I be sending this to the original creditor as well?
4) if so, should I be sending a GW letter so that they may or may delete the negative TL

any info on what to do would help, thanks in advance! 

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What exactly does this letter say ?   Does it only say that the debt is paid in full ?   Or does it say that the debt doesn't actually belong to you ?

I'm not sure that sending the letter to the CRAs will get you anywhere.   Ideally you should have negotiated a PFD with the CA, where they delete the collection from your reports in exchange for payment.     The CA will have to update the collection on your reports, noting it as paid, or removing it, if you can get them to delete.

[diztrukted]

I haven't received the letter just yet, but from what the woman said over the phone is that it basically states that this collection has been paid in full. I will update once I receive it.

[pizzadude]

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@diztrukted wrote:

I haven't received the letter just yet, but from what the woman said over the phone is that it basically states that this collection has been paid in full. I will update once I receive it.

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Having the collection marked as paid won't help your FICO score at all ~ you would need to get it deleted from your reports.   Is there any chance that the CA would be willing to do this ?

[diztrukted]

Every time I've asked they respond with, "you must ask the OC, we have nothing to do with that". Then when I ask to speak to their supervisor they ask me, "For what if I may ask".

The woman I was dealing with over the past few months was recently let go according to them so I don't reall know what to do. 

[RobertEG]

The OC has no ability to delete credit reporting of a debt collector.

Satisfaction of a debt is not basis for CR deletion.  The CRAs have a written policy, as set forth in both their credit reporting manuals and in their reporting agreements with their furnishers, that deletion is not to be made based on payment of the debt.

Sending a notice to the CRA that the debt is satisfied wont be viewed by the CRA as any basis for CR deletion.  The debt collector is just sluffing you off.

They know, or should know, that the CRAs dont approve deletion on that basis.

[diztrukted]

So what would you suggest I do? I've tried getting the emails of the supervisors but that hasn't worked unless I lie about my reason for wanting their email address. (which I have no idea what I could lie about, i suck at lying)

The CA in question is Brachfeld Law Group fyi 

[pizzadude]

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@diztrukted wrote:

So what would you suggest I do? I've tried getting the emails of the supervisors but that hasn't worked unless I lie about my reason for wanting their email address. (which I have no idea what I could lie about, i suck at lying)

The CA in question is Brachfeld Law Group fyi 

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Just to clarify ~ who is reporting on your CRs ?   The CA, the OC, or both ?    As Robert mentioned the CA has no standing to alter the reporting of the OC.   However the CA can certainly alter their own reporting.

[diztrukted]

I guess thats what it ultimately boils down to, who's reporting it.

Well checking through myfico its listed under problem accounts and the creditor being GEMB/GAPDC  but it was sold off to another lender (asset acceptance, then to brachfeld)

is there a way to check who is reporting without actually requesting my credit report? 

Edit: So I just checked to see who was reporting it and it was Asset Acceptance, which now that I'm typing this I remember they said they could not collect in my state and have sold off the collection to Brachfeld. 

Also, as I'm reading it some more, GEMB also reported it for the late pays which ultimately lead to it being sold off to a CA 

[pizzadude]

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@diztrukted wrote:

I guess thats what it ultimately boils down to, who's reporting it.

Well checking through myfico its listed under problem accounts and the creditor being GECRB/GAPDC  but it was sold off to another lender (asset acceptance, then to brachfeld)

is there a way to check who is reporting without actually requesting my credit report? 

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DId you pull a report from MyFICO for TU or EQ ?  Sounds like the OC is GECRB and they are reporting.....but the collections are not reporting....is that correct ?

You need to pull all three CRAs to know for certain if there are any CAs on any of your reports.