Hey everyone,
So I was finally able to settle one of my accounts. Long story short, my former bestfriend and I rented an apartment and ended up breaking the lease. He dropped off the face of the earth and I was left with a $9800 debt. I couldn't get a hold of him to pay the other half and at the time the collection agency was asking for the full dbet. Finally last month I got a letter from them stating they would do 50% of debt if I pay in 30 days. I took the offer and paid it off and received a letter that states "verification of settlement in full".
Awesome I can now move on from this debt, my question is the collection agency said they update the credit buearaus on the 17th of every month. Should I send my letter that I received from them to the credit buearaus as well?
@azguy13 wrote:
@Phaseshift wrote:Hey everyone,
So I was finally able to settle one of my accounts. Long story short, my former bestfriend and I rented an apartment and ended up breaking the lease. He dropped off the face of the earth and I was left with a $9800 debt. I couldn't get a hold of him to pay the other half and at the time the collection agency was asking for the full dbet. Finally last month I got a letter from them stating they would do 50% of debt if I pay in 30 days. I took the offer and paid it off and received a letter that states "verification of settlement in full".
Awesome I can now move on from this debt, my question is the collection agency said they update the credit buearaus on the 17th of every month. Should I send my letter that I received from them to the credit buearaus as well?
I would wait until you see how they update it. Now, do not expext this debt to be taken off of your report. It will most likely show as 'settled for less than full' or something along those lines. If it were me, I would immediately start sending GW letters asking them to remove the TL from all 3 of your reports.
Thank you, I will send out GW asap. Does it have to be through certified mail?
@RobertEG wrote:No need for you to send anything to the CRA at this time.
They have a statutory requirement under FCRA 623(a)(2) to promptly update any prior reporting so as to reflect its current accuracy.
Prompt reporting of $0 balance is not optional, and cannot be delayed past a reasonable period.
Prompt would reasonably be with their next regular monthly reporting.
Give it at least a week after their regular reporting to post to your report.
If they fail to promptly update, you can call and remind them of their stautory requirement to have done so.
If it drags on, then you cabn file a dispute of its current accuracy.
Okay cool so the collectiong agency said they report to the CRA on the 17th of every month so no need to bother the CRA right now. However, how about GW letters to the CA to remove the account from my credit report, should I start that now? I'm trying to rent a new apartment don't want that information in there or possible hinder my chances of getting an apartment.