Rebuilding Your Credit

[real59]

Hi real59 and welcome to the forums. I've split your post off to start a new thread. All I changed is the title.

MarineVietVet, myFICO moderator

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I have a collection account which my pre approval letter states I must pay,I've called the CA on the letter and was informed they do not have the account and can not tell me who does,I've also mailed them a letter but nothing like this, would I be a canidate for a PFD and how long would this process take?

[labsxtwo]

Not sure what the "pre-approval" letter is for....possibly a mortgage?

Anyway, what did the letter you sent say? Is this reporting on your credit reports, have you disputed the account with the credit reporting agencies (CRAs)? Have you contacted the original creditor (OC)?

How can you PFD if you don't know who to pay? The PFD process varies, if it works at all so YMMV.

You need to give us more information so we can provide better advice

[webhopper]

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labsxtwo wrote:

Not sure what the "pre-approval" letter is for....possibly a mortgage?

Anyway, what did the letter you sent say? Is this reporting on your credit reports, have you disputed the account with the credit reporting agencies (CRAs)? Have you contacted the original creditor (OC)?

How can you PFD if you don't know who to pay? The PFD process varies, if it works at all so YMMV.

You need to give us more information so we can provide better advice

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Do you know what the debt was suppossedly for?  Its possible that if you don't know what the debt is for, it may be someone else's debt... 

If you know what the debt was originally for, you can try paying the original creditor, and I would in that case dispute the collection on my credit report, because they are reporting something that they don't have or can't validate after you've called them for more information... If you have no idea what the debt was originally for, then you dispute based on having no knowledge of the account, and maybe it belongs to someone else, ask the credit reporting agent to please verify the information on the collection or delete it.  Its kind of weird that they couldn't locate your file... probably belongs to someone else who maybe lived at your address or who has a similar SS# 

I agree that we need more information on the collection agency, amount and what information you know about the account

Have you verified that all of the addresses listed on your credit report actually belonged to you at some point?

[RobertEG]

Yeah, you have a lot of loose ends.

If the debt collector who apparently reported to the CRA no longer has collection authority, either because they owned and sold the debt or because their collection authority was terminated,then they cannot accept payment, PFD or otherwise.  So they appear now to be a non-player in paying the debt.

I assume that getting any credit reporting deleted is not  the primary issue with your mortgage lendor, but rather showing satisfaction of the debt?

If so, then PFD seems to be secondary?  If also getting it deleted is an issue, then the PFD process can take a bit of time, as any acceptance on their part is totally volunatary.

To begin now a process of challenging the legitimacy of the debt itself will take time.  You have no idea whether whatever inaccuracy you allege can be verified as accurate.  They dont have to provide documentation to verify.  If account not yours is the contention, that might require initiation of an entire identityt theft proceeding.  Not a quick process.

If payment is your concern, you need to know who owns the debt.  Contact the last known real owner, most likely the OC, and try to get a name.