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Santander Charge off and Collection Agency

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Anonymous
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Santander Charge off and Collection Agency

Hi!  First, thank you all for your help in PFD and goodwill letters, as I am closer to my goal to better credit!  I have a tough situation here and looking for some assistance,  In 2013 I had a loan with Santander for my automobile and it was repossessed due to hard times.  I then was sued by Resurgence Capital (collection agency) about 6 months ago and started a payment plan with them.  Santander is the only one listed on my credit report (as a charge-ff- with another agency), and the collection agency isn't listed at all.  I'm reading that Santander is very difficult to negotiate anything with and I'm afraid if I pay off and negotiate PFD with the collection agency, they won't report/update since they are not listed on my reports and Santander will still be on there for 7 years.  Any idea what to do here?

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1 REPLY 1
RobertEG
Legendary Contributor

Re: Santander Charge off and Collection Agency

The derogs reported by the orginal creditor, including any monthly delinquencies, repo, or charge-off, have credit report exclusion dates that are unrelated to whether or not the debt has been paid.  Thus, paying or non-payment of the debt will not affect credit report exclusion.

More specifically, any monthly delinquencies will become excluded no later than 7 years from their month/year of occurence, and the reported charge-off will become excluded no later than 7 years plus 180 days from the date of your first delinquency that preceded the charge-off.

 

If you were sued by the debt collector, then they likely purchased the debt from the original creditor.

If/when the credtior sold the debt, they should have promptly updated the balance to show $0, so no update by the creditor will likely be required.

If the creditor does still own the debt, then the debt collector is legally required to notify them once the debt has been paid, and the creditor must then update the reported debt balance to $0.

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