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dispute or not?

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trc1962
Regular Contributor

dispute or not?

Recently settled my last collection account by using an attorney to deal with the company. They agreed to receive the principal, interest and filing fee as payment in full ($1400) in stead of $2450, which was ridicilous fees. They agreed to accept payment in full for 100% paid and agreed to removal, which is 14 separate accounts. It has been 4 weeks, should I dispute the information to speed the removal up? Thanks.

Message 1 of 7
6 REPLIES 6
Shokk
Established Contributor

Re: dispute or not?

It can take anywhere between 30-90 days for removal.

 

I believe its against TOS to dispute legit info, but I can see the grey area since they agreed to delete.  However, disputes can take up to 30 days anyway.  I would give it at least a full 60 days before anything else.

I don't know my start scores, but low 500s. 6/2013

2/19/15
EQ FAKO - 638
EX FICO - 665
TU FICO - 697
Message 2 of 7
Anonymous
Not applicable

Re: dispute or not?

Not sure what to do here. But a loan officer at my bank told me that in some cases it can take as long as 60 days for a reporting file to be updated fwiw.
Message 3 of 7
Anonymous
Not applicable

Re: dispute or not?

There again I am not a lawyer and not sure but I have been told before that if you have a pfd agreement in writing and dispute the reports using the documented pfd as the basis for your dispute and provide copies of supporting documentation to the cra's that it will get deleted as this documented agreement is considered a binding agreement and submission of credit info in itself is voluntary. This is just me repeating what I was told though, so don't take this as gospel by any means. If this is wrong and someone knows please inform me. I would like to know if this info is actually correct legally.
Message 4 of 7
Shokk
Established Contributor

Re: dispute or not?


@Anonymous wrote:
There again I am not a lawyer and not sure but I have been told before that if you have a pfd agreement in writing and dispute the reports using the documented pfd as the basis for your dispute and provide copies of supporting documentation to the cra's that it will get deleted as this documented agreement is considered a binding agreement and submission of credit info in itself is voluntary. This is just me repeating what I was told though, so don't take this as gospel by any means. If this is wrong and someone knows please inform me. I would like to know if this info is actually correct legally.

Bad idea actually.  The CA's have agreements in place with the CRAs not to delete for payment. While it can be common practive in some cases, I wouldn't recommend using that information in a dispute.  If they fail to delete in 90 days, have your attorney handle it or file a complaint with the CFPB.

I don't know my start scores, but low 500s. 6/2013

2/19/15
EQ FAKO - 638
EX FICO - 665
TU FICO - 697
Message 5 of 7
go_FICO_self
Frequent Contributor

Re: dispute or not?

You had an attorney that handled your case. Why are you taking matters in your hand now? If they don't delete, contact your attorney.

Btw, IF they don't delete, your attorney will be licking his chops to go after them. Easiest money he/she can possibly make.

So sit tight and notify your attorney after 60 days if there's no update.
Message 6 of 7
RobertEG
Legendary Contributor

Re: dispute or not?

+1

I would additionally add that there is no violation of the FCRA.  The deletion issue is a private contract issue.

I would not recommend eitehr a dispute or a complaint to the CFPB for violation of the FCRA.

 

Your avenue of enforecemnt is ultimately with the courts.

As a supplement, their agreemennt is part of their business practices, and would be fodder for an informal complaint to your local BBB as an improper business practice rather than pursuing as a statutory violation.

Message 7 of 7
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