Disputing Payday Loan Charge-offs

[Carlosjb3]

Good evening guys!

I made the brutal mistake of getting myself into payday hell about 3 years back. It was two payday lenders. The first one was PLAIN GREEN LLC with charged-off debt of $600. The second one was RISE with charged-off debt of a whopping $3K grand!

Both currently report under Transunion only with payment status of charged-off accounts. Last update was 3/2015 & 4/2015 respectively showing balances as $0. 

I still owe the money, $3.6K in total for both lenders.

My question is how can I go about tackling this accounts? I'm in a much better position to pay them but I don't want to awaken a sleeping giant if it means hurting my credit score. I've gotten calls from collection agencies regarding this accounts, however they don't report on my credit report under collections.

I'm trying to prevent a third party collection agency from one day suddenly reporting on my credit report for this accounts. I don't know if to do a pay for delete, validate the debt first, or what at this point. I appreciate in advance any insight you guys can provide.

Thank you.

[RobertEG]

Since you apparently acknowledge the debts as legit, and that you are delinquent on the debts, it does not appear that there is any basis for a dispute.

A dispute must identify an asserted inaccuracy, and provide some basis in support of that assertion.

It does not appear that you have a legit basis for a dispute of accuracy of their reporting.

If the creditor has updated their reporting to show a $0 balance and you have not paid the debt, that indicates that the creditor has sold the bad debt.  In that situation, you can only offer payment, including a pay for deletion offer, to the new owner.

The original creditor would no longer be able to accept any payment, and thus deletion of their reporting would only be by way of a good-will request sent to them.  It is highly unlikely that a creditor will grant a good-will removal of accurate reporting when they have taken a loss.

If you can locate and pay the new owner before they report, you can make them a pay for not reporting offer, thus preventing further damage by reporting of a new collection.