11-28-2012 11:18 PM
I wrecked my credit when I was younger and I am now trying to clear it up so that I can move forward with my life and attempt to rebuild my credit.
I recently got a couple of letters from debt collectors but I'm not sure how to proceed.
The first was in September from First National Collection Bureau Inc. with settlement offers about an old National City account that my credit report now has Asset Acceptance LLC reporting on. They said if I sent them a letter within 30 days they would verify my debt with the OC and the current creditor. It also said that because of the age of my debt they would not sue me but they would report on my credit. It was sent to my parent's house so I got the original letter a week before the 30 days was up. I researched the company and their BBB rating of an F made me weary of sending them any money so I sent a DV letter and they never responded. Should I contact Asset Acceptance LLC since they are the company reporting on my credit?
The second letter I got recently. It was from the Northland Group Inc. on behalf of Second Round Lp. (which is the collection company reporting on my credit, the OC is Juniper Bank) with settlement offers. The Northland Group's BBB A+ rating gave me a bit of comfort but I'm not sure how to go about having Second Round Lp clear it off of my credit report if the account is satisfied. The date they want the first payment ($58.88 of $176.64) is December 7th.
I'm also not sure about how to get the other paid/closed accounts off of my credit report so I can start rebuilding.
I would really appreciate any advice.
11-28-2012 11:47 PM
The DV seems to be timely on the first one, they are unable to collect on the debt until they verify. I'd just wait a bit on that one. As far as the other one goes, don't make a payment and don't agree to a payment plan. Send them a DV and if they verify and you agree, then send a PFD. You don't have an agreement with the CA right now, and you don't want to enter into one. That could start a new process with them. We want to just get rid of them entirely.
11-29-2012 12:05 AM
Thank you for responding.
I sent an email to the Northland group but apparently that was a mistake. If they send me an email back should I ignore it? And should I still send the DV and should I send it to the Northland group even though they are just collecting for Second Round? I'm afraid if I send a DV they won't renew the settlement offer and I'll have to pay in full (which is money I don't have).
11-29-2012 12:12 AM
I understand what you are saying. And truthfully, they can cancel the settlement offer. But how old is the second debt? Is it still in SOL? If the SOL has expired, they would be more apt to accept any settlement. Look and see what the DOFD is or when it's scheduled to fall off your reports. That could give you a clue on how to deal with it.
11-29-2012 12:22 AM
I opened the accout with Juniper Bank for a $100 line of credit in 2006 I believe. But then I lost my job and had to move and like most of my accounts got lost in the fray while I was worrying about making ends meet. But when Second Round bought it they started reporting on my credit in October of 2011 which is why I'm trying to resolve it as quickly as possible because I don't want to wait six or seven years for it to fall off of my report. I'm really at a loss about what to do without getting completely screwed.
11-29-2012 05:39 AM
It doesn't matter when Second Round bought it and started collecting on it. They don't set the CRTP nor the SOL of the debt, that was set by the OC which is Juniper Bank. Whenever the debt went bad with them is when the clock started. So if that was in 2006, that's when the clock started and it will fall off next year. Since it does seem to be a small amount, I would offer a PFD just to get rid of the debt for good.
11-29-2012 06:29 PM
Oh. Because it says "account opened 10/11) so I just assumed they had started it over.
But should I send the PFD letter to Second Round or Northland or both? And should I say I'll pay the full amount for the delete (which is like $700) or offer to settle for what Northland offered me in the last letter? And what should what do I do if they reject the offer?
Sorry for asking so many questions. Dealing with debt collectors for debt collectors is so confusing. haha.
Thank you for your advice and patience!
11-29-2012 07:49 PM
The account opened line is simply reporting when they posted the account to your credit report. It has nothing to do with the original debt which was apparently in 2006 as you said. You'll want to verify this for sure, as you may have opened the account in '06 but didn't have any problems til '08 and it can change some things.
12-02-2012 09:18 PM - edited 12-02-2012 09:23 PM
How can I tell when a debt is scheduled to fall off my report?
Because I paid off a Capital One debt last december that when bad in 2005 (or they at least started reporting on it in 2005) and now all it says on my experian report is paid,closed and has a note of "Account closed at credit grantor's request.". When does it stop effecting my report negatively?
And all I'm seeing on the others is the "date opened" and "date of status". How can you tell what your DOFD is if it's not on your credit report?
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.