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What should I do 1 Negative Account/1 Collections account?

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gdale6
Moderator Emeritus

Re: What should I do 1 Negative Account/1 Collections account?


@Anonymous wrote:

If I send a PFD to the OC and they delete the charge off, that wouldn't satisfy the CA in regards to collecting the debt unless the OC took over the collection and I pay directly to the OC. Other wise even if the OC deletes in response to the PFD, I will still need to send a PFD aka Pay to not report, correct? 

 

I also issued a dispute online for the OC to update information on the account because they still report a balance of $243. I thought that if they charged off the account they are suppose to set the balance to 0 considering they assigned the debt to a CA. Otherwise leaving the account with a balance would throw off the utilization right? Correct me if I'm wrong. 


If you send a PFD to the OC to have their entry deleted and there is a CA involved you would want to include in the PFD that they recall the CA as well or the CA could keep reporting it as a paid collection. The OC only has to 0 the balance if they sell the debt if they still own it they most certainly can include the balance owed in the CO. COs will count against util if the OC still owns and reports a balance due.

Message 11 of 18
Anonymous
Not applicable

Re: What should I do 1 Negative Account/1 Collections account?

Considering that the OC states they have assigned the debt to CBE, I would think it would mean they have sold it already and also given the CA sent me a letter. Is it possible for the OC to still own the debt even after assigning it to the CA? Because right now they still report the balance as $243 even though they blatantly stated they have sold/assigned it to the CA and denied me from being able to pay it directly to them. 

 

I think I will see how they update the account after my dispute and then decide whether if i will send them a PFD or just a GW to remove the account once it has been PIF with the CA. 

 

 

I really appreciate the input, If you all have anymore suggestions I'm all ears. This forum definitely has a lot of information and helpful people. 

Message 12 of 18
gdale6
Moderator Emeritus

Re: What should I do 1 Negative Account/1 Collections account?


@Anonymous wrote:

Considering that the OC states they have assigned the debt to CBE, I would think it would mean they have sold it already and also given the CA sent me a letter. Is it possible for the OC to still own the debt even after assigning it to the CA? Sure, assigning it is not the same as selling it, they have empowered the CA to act as their agents while they retain ownership of the account.

 

Because right now they still report the balance as $243 even though they blatantly stated they have sold/assigned it to the CA and denied me from being able to pay it directly to them. There are some who assign the debt to a CA and will refuse to do anything with the account in this case you would have to do a PFD with the CA and begin GW letters once the OC updates it to a paid off acct.

 

I think I will see how they update the account after my dispute and then decide whether if i will send them a PFD or just a GW to remove the account once it has been PIF with the CA. 

 

 

I really appreciate the input, If you all have anymore suggestions I'm all ears. This forum definitely has a lot of information and helpful people. 


 

Message 13 of 18
Anonymous
Not applicable

Re: What should I do 1 Negative Account/1 Collections account?


gdale6 wrote:


larrywilson444 wrote:

Considering that the OC states they have assigned the debt to CBE, I would think it would mean they have sold it already and also given the CA sent me a letter. Is it possible for the OC to still own the debt even after assigning it to the CA? Sure, assigning it is not the same as selling it, they have empowered the CA to act as their agents while they retain ownership of the account.

 

Because right now they still report the balance as $243 even though they blatantly stated they have sold/assigned it to the CA and denied me from being able to pay it directly to them. There are some who assign the debt to a CA and will refuse to do anything with the account in this case you would have to do a PFD with the CA and begin GW letters once the OC updates it to a paid off acct 

 

 

 

 

 

This makes sense because the agent did say the CA is handling it now and once the debt has been satisfied then the OC capital one will update it as paid. Does this mean that the CA can still report the balance? Or can only one entity legally report a balance for a debt owed? I've seen where if another CA bought the debt from the existing CA, both report but one is disputed  because they no longer retain the debt or balance of debt and they are removed from the CR. 

 

 

Message 14 of 18
Anonymous
Not applicable

Re: What should I do 1 Negative Account/1 Collections account?


@Anonymous wrote:

 

 

This makes sense because the agent did say the CA is handling it now and once the debt has been satisfied then the OC capital one will update it as paid. Does this mean that the CA can still report the balance? Or can only one entity legally report a balance for a debt owed? I've seen where if another CA bought the debt from the existing CA, both report but one is disputed  because they no longer retain the debt or balance of debt and they are removed from the CR. 

 

 



Both the OC and the CA may continue to report, but BOTH must update the balance to $0 and 'paid' status when the debt is satisfied.

Message 15 of 18
Anonymous
Not applicable

Re: What should I do 1 Negative Account/1 Collections account?

Is this a good example for a pay to not report I'm going to send to the CA who has not reported yet? I used tuscani's pfd example letter and modified it. What should I change?

 

 

 

THE CBE GROUP, INC.

PO Box 480

Waterloo, IA 50704-0480

 

Account #: 21258xxx

 

Amount: $243.96

 

To Whom It May Concern: {Edited to remove personal information-MarineVietVet, myFICO moderator}

 

In the spirit of compromise, I am willing to pay this account IN FULL (or settlement percentage) if you agree to not report this on my credit file to any and all credit reporting agencies (Equifax, Experian and TransUnion). The purpose of this settlement is merely to ensure that this will not show upon my credit files. It is not to be construed as an acknowledgment of liability for this debt in any form.

 

If you agree to the terms and accept this agreement, certified funds for the settlement amount of Two-Hundred and forty three dollars and  ninety-six cents($243.96) will be sent to Collection Agency in exchange for full deletion of ALL references regarding this account from my credit file. As certified funds will be used for payment, there shall be no waiting period regarding the deletion of this account from the credit reporting agencies.

 

Collection Agency agrees to report ALL information regarding this account to the credit reporting agencies WITHIN TEN CALENDAR (10) DAYS following receipt of payment as specified above and will not discuss the terms of this settlement with anyone, excluding your client on this account. If contacted by any third party, including credit-reporting agencies, Collection Agency will not acknowledge that any settlement offer was made, accepted or executed and will, in fact, deny knowledge of any such account.

 

If you agree to the above terms, please prepare a letter on your company letterhead explicity agreeing to the same terms as the above settlement offer and have it signed by an authorized representative of Collection Agency. It will be implied that this letter shall constitute a legally binding contract, enforceable under the laws of my state.

 

Your response must be postmarked no later than 15 days from your receipt of this settlement offer or this offer will be withdrawn and I will request full validation of this alleged debt, as provided for by the Fair Debt Collection Practices Act.

 

Please address all correspondence regarding this account to:

 

 

 

Message 16 of 18
Anonymous
Not applicable

Re: What should I do 1 Negative Account/1 Collections account?


@Anonymous wrote:

Is this a good example for a pay to not report I'm going to send to the CA who has not reported yet? I used tuscani's pfd example letter and modified it. What should I change?

 

 

 

THE CBE GROUP, INC.

PO Box 480

Waterloo, IA 50704-0480

 

Account #: 21258xxx

 

Amount: $243.96

 

To Whom It May Concern:

 

In the spirit of compromise, I am willing to pay this account IN FULL (or settlement percentage) if you agree to not report this on my credit file to any and all credit reporting agencies (Equifax, Experian and TransUnion). The purpose of this settlement is merely to ensure that this will not show upon my credit files. It is not to be construed as an acknowledgment of liability for this debt in any form.

 

If you agree to the terms and accept this agreement, certified funds for the settlement amount of Two-Hundred and forty three dollars and  ninety-six cents($243.96) will be sent to Collection Agency in exchange for full deletion of ALL references regarding this account from my credit file. As certified funds will be used for payment, there shall be no waiting period regarding the deletion of this account from the credit reporting agencies.

 

Collection Agency agrees to report ALL information regarding this account to the credit reporting agencies WITHIN TEN CALENDAR (10) DAYS following receipt of payment as specified above and will not discuss the terms of this settlement with anyone, excluding your client on this account. If contacted by any third party, including credit-reporting agencies, Collection Agency will not acknowledge that any settlement offer was made, accepted or executed and will, in fact, deny knowledge of any such account.

 

If you agree to the above terms, please prepare a letter on your company letterhead explicity agreeing to the same terms as the above settlement offer and have it signed by an authorized representative of Collection Agency. It will be implied that this letter shall constitute a legally binding contract, enforceable under the laws of my state.

 

Your response must be postmarked no later than 15 days from your receipt of this settlement offer or this offer will be withdrawn and I will request full validation of this alleged debt, as provided for by the Fair Debt Collection Practices Act.

 

Please address all correspondence regarding this account to:

 

 

 


You are asking them to not report in the first paragraph, and then telling them to report in the third?

Message 17 of 18
Anonymous
Not applicable

Re: What should I do 1 Negative Account/1 Collections account?

Thank you for bringing that to my attention I forgot to exclude that part since they have not reported yet. 

Message 18 of 18
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