Response to PIF/PFD--GRRRRR!!

[5oClockSomewhere]

I have one final CA on DH's report.  As it is, this baddie is seriously the ONLY thing that prevents his one FICO score from being OK for a mortgage.  I've been working on our reports for over a year and it's all down to this one final thing.

First a little background:

The TL is being reported by a CA (Platinum Capital Investments/Riverwalk Holdings) but DH had received a few phone calls from a law office collecting on it.  I sent a C&D letter to the law firm, and have spent the past 9 months sending a letter to the CA every week (religiously) with a PFD offer.  My offer was to pay it in full, so I knew it would just take time.  The CA is in another state, and I think they are more of a bad debt purchaser and isn't bonded in my state, which is why they weren't responding.

End of March DH gets a VM from a guy at the law firm, leaves his name and basically says his client (the CA) has been getting our letters and they've authorized him to work with us.  Since I control our money, I called the law firm and made arrangements to PIF.  Now I know there are all sorts of rules for paying off CA, but honestly I was just happy to have gotten a response and ability to PIF that I just did it over the phone.  I made it clear to the guy that I wanted to have it deleted (even laid on the sob story that we're trying to buy our first house and this is in our way).  He gave me the time frame for when the CA would get the $$ from them, and that the CRA's sometimes take 30 days.

So since my payment cleared I've been sending my weekly letters to the CA, this time saying "thanks for agreeding to PFD.  Per Mr. X's authorization I've paid it in full and await it being removed."  I knew that my letters would eventually irritate them.

Yesterday I get a letter in the mail from LP Investments, LTD (I think that Riverwalk Holdings/Platinum Capital Investments change their name with the phases of the moon!) that says:

"Here is your written notification that the above referenced account has been paid in full.  Thank you for your recent payment.  Your account with LP Investments/Riverwalk Holdings has a $0.00 balance.  We are no longer doing credit reporting so if you nee to update your report, you may mail a copy of this letter to the credit reporting agency.  If you have any questions..." and it lists the addresses for the 3 CRA's.

What the heck??  Is this secret insider language for "disupute the TL and we'll delete"?  They're only reporting to EQ right now, but it's DH's lowest score and it has to be because of the CA.  How should I proceed?  Can they really report something to a CRA and then claim that they're not doing it anymore?  The TL still shows a balance, so nothing's been updated.

I'm just frazzled by this.  Please help!

[Schoolbuskid]

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@5oClockSomewhere wrote:

Yesterday I get a letter in the mail from LP Investments, LTD (I think that Riverwalk Holdings/Platinum Capital Investments change their name with the phases of the moon!) that says:

"Here is your written notification that the above referenced account has been paid in full.  Thank you for your recent payment.  Your account with LP Investments/Riverwalk Holdings has a $0.00 balance.  We are no longer doing credit reporting so if you nee to update your report, you may mail a copy of this letter to the credit reporting agency.  If you have any questions..." and it lists the addresses for the 3 CRA's.

I'm just frazzled by this.  Please help!

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This is good actually, if they claim they are no longer credit reporting and you have proof in the letter, i would just dispute it and see what happens. Whats there to lose?

[guiness56]

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@Schoolbuskid wrote:

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@5oClockSomewhere wrote:

Yesterday I get a letter in the mail from LP Investments, LTD (I think that Riverwalk Holdings/Platinum Capital Investments change their name with the phases of the moon!) that says:

"Here is your written notification that the above referenced account has been paid in full.  Thank you for your recent payment.  Your account with LP Investments/Riverwalk Holdings has a $0.00 balance.  We are no longer doing credit reporting so if you nee to update your report, you may mail a copy of this letter to the credit reporting agency.  If you have any questions..." and it lists the addresses for the 3 CRA's.

I'm just frazzled by this.  Please help!

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This is good actually, if they claim they are no longer credit reporting and you have proof in the letter, i would just dispute it and see what happens. Whats there to lose?

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You cannot dispute accurate information.  If it is reporting correctly there is no basis for a dispute. 

I would just send the letter to the CRA.

[5oClockSomewhere]

Thanks for the advice!  I think I'm going to dispute the TL with EQ online because its current status is incorrect.  It's showing a balance when there isn't a balance anymore so technically I'm not disputing accurate information.

If I understand information I've read on this forum correctly, if I dispute it online, and the CA is indeed no longer reporting to the CRA's, then they won't respond and the TL will have to be removed.  If I send the letter in to the CRA then the CRA would likely update the balance to be $0, correct?

[LIGHTNIN]

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@5oClockSomewhere wrote:

End of March DH gets a VM from a guy at the law firm, leaves his name and basically says his client (the CA) has been getting our letters and they've authorized him to work with us.  Since I control our money, I called the law firm and made arrangements to PIF.  Now I know there are all sorts of rules for paying off CA, but honestly I was just happy to have gotten a response and ability to PIF that I just did it over the phone.  I made it clear to the guy that I wanted to have it deleted (even laid on the sob story that we're trying to buy our first house and this is in our way).  He gave me the time frame for when the CA would get the $$ from them, and that the CRA's sometimes take 30 days.

IMO, I would contact the person that you PIF and remind him of your conversation,that he lead you to believe that this item would be removed.

Sending the letter to the CRA, I think they will have to verify it anyway with the CA.

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And as a response to your last post...

Yes you can dispute incorrect info, it's reporting a balance and should be reporting as paid with a $0balance.

Just remember disputing online the CRA's have 45days, by mail is 30days. 

[guiness56]

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@5oClockSomewhere wrote:

Thanks for the advice!  I think I'm going to dispute the TL with EQ online because its current status is incorrect.  It's showing a balance when there isn't a balance anymore so technically I'm not disputing accurate information.

If I understand information I've read on this forum correctly, if I dispute it online, and the CA is indeed no longer reporting to the CRA's, then they won't respond and the TL will have to be removed.  If I send the letter in to the CRA then the CRA would likely update the balance to be $0, correct?

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You are ok for a dispute.  Just remember, that by disputing and they verify, it can cause your score to drop because it will update to look like a new collection.

Generally, an online dispute only takes 30 days.  If you are disputing using the free credit report it will take 45 days. 

[5oClockSomewhere]

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You are ok for a dispute.  Just remember, that by disputing and they verify, it can cause your score to drop because it will update to look like a new collection.

Generally, an online dispute only takes 30 days.  If you are disputing using the free credit report it will take 45 days. 

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I don't think I understand what you're saying (and I've already disputed it).  How do you mean it could lower my score if they verify it?  Do you mean if they incorrectly verify the balance that is showed is correct and not the $0 balance? 

[guiness56]

I mean that even if they show the balance as 0, just the mere fact that they update the account can cause your score to drop.  This is because they will use the current date and it will make it appear as a new collection.

[RobertEG]

I would not dispute online.  The circumstances are too strange.  I would write them.  I would do more than ask for update of status to paid,  I would assert deletion based on their apparent lack of response to this dispute:

“This is a dispute under FCRA 611(a)(1) of inaccurate and incomplete information in my credit report.

As a brief summary of the facts, (detail the facts).

“The debt collector, Platinum Capital Investments/Riverwalk Holdings, has acknowledged posting of a collection to my credit file, and also acknowledges full payment of the debt, as set forth in the attached letter, but refuses to update their collection reporting to show a zero balance on this collection account.

“Under FCRA 623(a)(2), they are required to update previously reported information to you if it is no longer accurate or complete.  They decline to do so.

“I thus dispute the posted information and ask that you conduct a reinvestigation of this information from the named debt collector under FCRA 611(a)(1), and delete this collection from my credit file”

[5oClockSomewhere]

Wow--thanks!  I'll send them that letter today as well.