topic Re: Questions about CA and CO on my CR in Rebuilding Your Credit

Questions about CA and CO on my CR

Anonymous — Mon, 27 Apr 2015 08:21:23 GMT

I searched for awhile on these topics and couldn't pin down an answer for my situation. There are two accounts in question. One is an old HSBC account opened in 02/2006. On EQ, it is considered a CO with first deliquency at 12/1/09 and a $0 balance. On EX, it used to say Paid after Charge/Off and closed as derogatory. Now it says Credit Line closed/Reason Unknown or by consumer request/there may be a balance due. It says Closed- account in dispute reported by subscriber (FCBA). On TU, it says it's a paid collection/closed 7/1/10. My question is why are they all reporting different things and also Sherman/LVNV, Resurgent keeps sending me collection notices. I got one in the mail a week and a half ago right before I disputed them. Do I have to respond or does the dispute respond for me?

My other account is an old B of A account. On EQ, it is a CO marked at 12/09, it is not on TU and on EX it is also a CO. Cavalry Portfolio tried to collect from me years ago and I sent them a validation request and settlement offer. They sent a letter back 6 months later saying the debt was too old, they will stop trying to collect, and they will no longer sue. I still have the letter. Unfortunately I didn't remember I received that letter and disputed the account on EQ a few days ago. Now it says it's being sent to Collections. Can it be sent to collections if I have a letter from Cavalry saying they ceased their efforts?

Sorry for the two questions at once but I am baffled by both and what I should do next. In Colorado, I see statute of limitations at 6 years. That means I can't be sued come 12/15 right? So I have 8 months to hopefully not get sued is my assumption here. Thanks in advance for all your help!

Re: Questions about CA and CO on my CR

Anonymous — Wed, 29 Apr 2015 07:36:03 GMT

Maybe I will ask one by one:

What should I do with the HSBC/Sherman/LVNV Collection notices? They say I have 30 days to respond but I disputed the account online with the credit bureaus. Is this considered a repsonse?

Re: Questions about CA and CO on my CR

gdale6 — Wed, 29 Apr 2015 16:15:30 GMT

@Anonymous wrote:
I searched for awhile on these topics and couldn't pin down an answer for my situation. There are two accounts in question. One is an old HSBC account opened in 02/2006. On EQ, it is considered a CO with first deliquency at 12/1/09 and a $0 balance. On EX, it used to say Paid after Charge/Off and closed as derogatory. Now it says Credit Line closed/Reason Unknown or by consumer request/there may be a balance due. It says Closed- account in dispute reported by subscriber (FCBA). On TU, it says it's a paid collection/closed 7/1/10. My question is why are they all reporting different things and also Sherman/LVNV, Resurgent keeps sending me collection notices. I got one in the mail a week and a half ago right before I disputed them. Do I have to respond or does the dispute respond for me?

If you challenge the debt then you would need to send the CA a DV, a dispute is not a correct response to a debt collector.

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Debt-Validation/m-p/7133

If the debt is yours you would instead send them a PFD if you want to settle it

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/PFD-Q-amp-A-Examples-and-PFD-Success-Stories/td-p/2031275

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/PFD-Example-Letter/td-p/4519

My other account is an old B of A account. On EQ, it is a CO marked at 12/09, it is not on TU and on EX it is also a CO. Cavalry Portfolio tried to collect from me years ago and I sent them a validation request and settlement offer. They sent a letter back 6 months later saying the debt was too old, they will stop trying to collect, and they will no longer sue. I still have the letter. Unfortunately I didn't remember I received that letter and disputed the account on EQ a few days ago. Now it says it's being sent to Collections. Can it be sent to collections if I have a letter from Cavalry saying they ceased their efforts? Sure, if they own it they can send it to another collector or even sell it to them, this can occur forever as long as it remains unpaid.

Sorry for the two questions at once but I am baffled by both and what I should do next. In Colorado, I see statute of limitations at 6 years. That means I can't be sued come 12/15 right? So I have 8 months to hopefully not get sued is my assumption here. Thanks in advance for all your help! You can always be sued, if you are past the expiration of SOL you have to assert it as your defense.

Re: Questions about CA and CO on my CR

Anonymous — Thu, 30 Apr 2015 05:01:31 GMT

Thank you so much for the reply. Now I have a better grip on what's happening. What I don't understand is why EX says paid and closed, while the other two are charg-offs (one paid after charge-off, and one just a charge-off). I settled for 6 payments of $250 a looong time ago and they should all be closed. Should I say this in the DV? Their amount is for the full amount of the orinigal balance and not the settled amount.

Re: Questions about CA and CO on my CR

gdale6 — Thu, 30 Apr 2015 16:51:39 GMT

@Anonymous wrote:
Thank you so much for the reply. Now I have a better grip on what's happening. What I don't understand is why EX says paid and closed, while the other two are charg-offs (one paid after charge-off, and one just a charge-off). I settled for 6 payments of $250 a looong time ago and they should all be closed. Should I say this in the DV? Their amount is for the full amount of the orinigal balance and not the settled amount.

If this is the OC that is reporting 3 different ways on the same TL you would need to send them a direct dispute to get them to correct their reporting. A DV doesnt ever get sent to a CRA or OC they are for use with CAs and JDBs only. I will also warn you that if the OC has not updated in awhile and they now do to correct their entry your Fico score would take a hit if in fact the account is a CO. I would not make mention of the way anything is reported in a DV, challenges to the way things are reporting is always done via dispute. If an account has been settled it must update to a 0 balance and it can state settled for less than full amount, this is the law.

Re: Questions about CA and CO on my CR

Anonymous — Thu, 30 Apr 2015 23:30:11 GMT

I will send a DV to LVNV Funding LLC and Financial Recovery Services. They have sent me the recent collection notice. I previously had LVNV and Resurgent Capital and they stopped bothering me. This collection company isn't reporting on my CRs, does that make any difference? Just derogatory...

Re: Questions about CA and CO on my CR

gdale6 — Thu, 30 Apr 2015 23:37:47 GMT

@Anonymous wrote:
I will send a DV to LVNV Funding LLC and Financial Recovery Services. They have sent me the recent collection notice. I previously had LVNV and Resurgent Capital and they stopped bothering me. This collection company isn't reporting on my CRs, does that make any difference? Just derogatory...

If the new collector isnt reporting yet and you know the debt is yours you might just want to make a deal with them to settle in lieu of them reporting the collection.

Re: Questions about CA and CO on my CR

Anonymous — Fri, 01 May 2015 16:01:16 GMT

I know the debt WAS mine and I settled for a lesser amount. I would hate to pay the OC, then settle with whoever it was a long time ago, then settle again with these people

Re: Questions about CA and CO on my CR

gdale6 — Fri, 01 May 2015 17:48:29 GMT

I think I may have missed that you settled the debt. There is no debt to collect and if you have a CA trying to collect on a settled debt you need to send them an ITS letter demanding they cease and desist as there is nothing further due. You can also file a complaint with the CFPB and ask as remedy 1K for each violation of the FCRA and/or FDCPA.

Re: Questions about CA and CO on my CR

Anonymous — Mon, 04 May 2015 07:50:45 GMT

Ok I will try them all. Thanks for your help!