topic Re: Help with Collection Company in General Credit Topics

Help with Collection Company

Anonymous — Tue, 26 Jun 2007 15:30:16 GMT

Several years ago, I had a Bank of America account charged off and sold to a collection company. For several years now, I have been paying them $200 a month. The balance is $13,000. I received a call today from the collection company, Century Liquidation and he offered me a settlement. I told him that I could not accept the offer that I would continue to pay $200 a month. He asked me what my credit score was and told me that I could probably get a personal loan to pay this account off. I told him that my score was too low. He said, well let me take a look. I told him that he did not have my permission to pull my credit and he said he wasn't that it is already on the system. He said he was turning my account over the their credit department and they would discuss my current paying plan of $200 a month. This account has not been showing on my credit report for about a year now. Can they add this account back onto my credit report and is there a process they must go through? I am in the process of buying a new home and the builder will probably check my credit one more time before settlement. Currently my mid score is 636 so I can't afford for this account to now show up on my report. Any suggestions? And by the way, he did pull my credit as I checked and it showed up under RAS Group Inc in NY.

Re: Help with Collection Company

Anonymous — Tue, 26 Jun 2007 15:55:48 GMT

It depends. How old is the debt,? when did you default on the account?

Re: Help with Collection Company

Anonymous — Tue, 26 Jun 2007 16:09:04 GMT

I'm gonna take a guess on the timeframe. The account is probably 12 or 13 years old and it went into default about 5 years ago.

Re: Help with Collection Company

fused — Tue, 26 Jun 2007 16:43:53 GMT

debz wrote:
I'm gonna take a guess on the timeframe. The account is probably 12 or 13 years old and it went into default about 5 years ago.

Which state do you live in? You might be past the SOL.

Re: Help with Collection Company

Anonymous — Tue, 26 Jun 2007 16:55:10 GMT

State's SOL is a moot point since the OP has been paying on it. It restarts the state's SOL from last payment. CRA reporting time is totally different.

Is the Bank of America Charge off still listed on your credit report?

Re: Help with Collection Company

Anonymous — Tue, 26 Jun 2007 16:56:38 GMT

Reside in Maryland. Neither the Bank of Amercia or collection company is listed on my credit report. I'm concerned that since they pulled my credit today they will not see it and they will add it.

Re: Help with Collection Company

fused — Tue, 26 Jun 2007 17:10:30 GMT

debz wrote:
Reside in Maryland. Neither the Bank of Amercia or collection company is listed on my credit report. I'm concerned that since they pulled my credit today they will not see it and they will add it.

The SOL in Maryland is six years. I would happy that it is not reporting. If they decide to report it then PFD. This is a lot of money and they very well might agree to it.

Re: Help with Collection Company

Anonymous — Tue, 26 Jun 2007 17:13:08 GMT

im not sure about the SOL in your state but what is the DOFD? I know that I wouldnt continue to pay them any money unless they agree with a PFD

Re: Help with Collection Company

Anonymous — Tue, 26 Jun 2007 17:14:38 GMT

They are asking for $10,000 to settle and I just don't have that kind of money. What are the chances of them adding this to my report?

Re: Help with Collection Company

Anonymous — Tue, 26 Jun 2007 17:23:01 GMT

well the CA had PP to pull your credit report unfortunatly,,,what is the DOFD??

Re: Help with Collection Company

Anonymous — Tue, 26 Jun 2007 17:24:36 GMT

This is a total assumption since we don't know the exact date of when you defaulted on the Bank of America account. I'm willing to bet that it is beyond the 7.5 years that it is allowed to be reported. Especailly if both BofA and the CA are both off. If they do report it again then they are illegally reaging it and that is against the law.

You have an agreement with them, I would just kindly say I'm sorry but I can't afford the settlement or take out a loan.

It sounds like they are tying to streamline their profit margins and looked at your account and thought this is going to take forever. Just stick to your guns, don't be confrontational, and just explain to them that you have an agreement and this is all you can afford to do. They aren't going to sue you if you have been making timely payments and have held up your end of the bargain.

Also how much is left on the debt?

Re: Help with Collection Company

Anonymous — Tue, 26 Jun 2007 17:29:24 GMT

The debt balance is $13,400. The wanted to settle for $10,000 which is think is too high, even if I had the money. I will take your advice and hope and pray they do not add it to my credit report. I'm not sure if you know this, but how long does it take for a CA to add an account to someone's credit report? Can they just add it or is there a process that they must go through?

Re: Help with Collection Company

Anonymous — Tue, 26 Jun 2007 17:30:41 GMT

fused111 wrote:

debz wrote:
Reside in Maryland. Neither the Bank of Amercia or collection company is listed on my credit report. I'm concerned that since they pulled my credit today they will not see it and they will add it.

The SOL in Maryland is six years. I would happy that it is not reporting. If they decide to report it then PFD. This is a lot of money and they very well might agree to it.

Again the SOL for Maryland doesn't matter since it is six years from her last payment. I think she will be ok just sticking to her guns and have the CA abide by the original agreement.

Do you have anything in writing on the terms of the payback of the account with the CA?

Re: Help with Collection Company

Anonymous — Tue, 26 Jun 2007 17:33:13 GMT

that is a lot of money to come up with,,,,if the DOFD is around 5 years as you say and its not on your credit report consider yourself lucky. What I would do is probably not the right thing is contact them back and tell them if they add it to my credit report they wont get another dime from me,,,but i will continue to pay them the 200 more per month till its paid off and get them to agree in writing. They have to know that in 2 to 2.5 years will be past the 7 years statute with the CRA's if it gets added DO NOT PAY NOTHING UNLESS u get a PFD of wait it out for the remainder

Re: Help with Collection Company

Anonymous — Tue, 26 Jun 2007 17:34:03 GMT

The only thing that I have in writing is a letter that I receive from them every month reminding me of my payment of $200

Re: Help with Collection Company

Anonymous — Tue, 26 Jun 2007 17:38:54 GMT

this is where you need to brush up on the Fair Debt Reporting Act

www.ftc.gov/os/statutes/031224fcra.pdf

If both are off your credit report and they were there in the past, I am willing to bet it is beyond the the 7.5 reporting years. If they re report it, they will be in violation the this act. Stick to your guns.

Re: Help with Collection Company

Anonymous — Tue, 26 Jun 2007 17:40:17 GMT

continue with what your doing its probably past the allowed reporting dates with the CRA's that is why it isnt on your CR right now I would assume

Re: Help with Collection Company

Anonymous — Tue, 26 Jun 2007 17:41:32 GMT

motoracer wrote:
that is a lot of money to come up with,,,,if the DOFD is around 5 years as you say and its not on your credit report consider yourself lucky. What I would do is probably not the right thing is contact them back and tell them if they add it to my credit report they wont get another dime from me,,,but i will continue to pay them the 200 more per month till its paid off and get them to agree in writing. They have to know that in 2 to 2.5 years will be past the 7 years statute with the CRA's if it gets added DO NOT PAY NOTHING UNLESS u get a PFD of wait it out for the remainder

No offense Motoraces but Ummm I would not do that. They would sue for $13,000 is a heart beat if you tell them you aren't going to pay them another dime. No no no do not be aggresive with them. Know your rights, you have an agreement there are just trying to get you to pay more for whatever reason.

Re: Help with Collection Company

Anonymous — Tue, 26 Jun 2007 17:42:26 GMT

debz wrote:
The only thing that I have in writing is a letter that I receive from them every month reminding me of my payment of $200

that is proof of the agreement. I hope you kept all of them if not start saving them from here on out.

Re: Help with Collection Company

Anonymous — Tue, 26 Jun 2007 17:48:34 GMT

I will certainly do that. Thank you guys!