Alright after spending 4 hours on the phone calling different places to locate all of my OC's from the CA's.. In that process I was able to find out that one of my collections was incorrect and the CA actually informed me that they are going to send a delete to all CRA's!!! I did also in that 4 hour window speak with one of my OC's and they agreed to a settlement amount. My question is how do I verify if they still "own the account" and are able to "pull it back" from the CA. Is there anyone that has any advice as to wording of my letter that I am going to type up to the OC so that they can not come at me after I pay them? Please either PM me or you can just post examples on this thread! Thanks for your time!!!
Starting Score: 506 Current Score: 565 Goal Score: 700
While a letter is absolutely necessary for any agreements or requests for an agreement, IMO, it won't hurt to call the OC to see if they can recall the debt from the CA or to see who owns it. Per ownership, one way to tell (and not always foolproof) is to look at your reports. If the OC reports a $0 balance and the CA reports a balance, then the CA would likely own the debt. Sometimes if a CA is reporting and no OC is reporting, then it often means that the CA owns the debt, though not always (e.g. medical collections).
Per the OC that offered a settlement, it is possible that per their agreement with the CA they have the power to accept a settlement and then they'd forward the $$$ to the CA if the CA owns the debt. Ideally, you'd want to call the OC back and ask them to put in writing for you that they'd recall the debt from the CA if the OC owns the debt. If they won't do that, then take the settlement offer and draft a PFD to have it sent to the CA, if reporting.