Now what do I do???

[Anonymous]

Hi,

There is an account ($76) on my reports that is showing in charged off/bad debt status. I know I paid this off in 2005 and have NEVER once heard from them about it being late or having a balance until I saw it on my reports this year. I sent them a letter to PFD and their response was they would accept my payment of $76 but could only mark as paid in full and not delete due to the fact (and I quote):

"We report the status of all accounts to the three major credit bureau reporting agencies every month. The accuracy of this reporting is critical and is governed by federal regulations. We cannot delete your account information but once ithis amount has been paid in full, we will report your account as paid in full charged-off account".

What does this mean? Any advice on what I can do now?

Thanks!

[Anonymous]

Who is reporting the OC or CA.   You should always send a DV before a PFD.(if a CA)

You said that you paid in 05....why would you pay again?

Message Edited by HappyDays on 04-01-2008 09:48 AM

[Anonymous]

Hi Happydays,

The OC is reporting. Should I DV now or is it too late since I already PFD'd? I'm pretty confused about what I can and can not do and in what order to do it.

I would pay it again if that's what it took to get it off my reports.

[Anonymous]

When dealing with the OC....file a dispute with all CRAs reporting

When the dispute is closed and the debt says verified......then you send the OC the  OC letter.

The OC must answer with complete account history....it should show your last payment.

IF you can prove that you paid   send the OC copy of cancelled check.

You can also call the OC and ask about that last payment. They might show it and just haven't updated CR to read paid.

You do not want a CO  paid or unpaid on you CR!!!   IF you find that you didn't pay   this is when you send a PFD to the OC.    The PFD must be in writting!

[Anonymous]

Thanks for the help! What's an OC letter?

[Anonymous]

Remember you do NOT DV an OC      A DV only goes to a CA!!!     The OC does not have to answer this letter UNLESS  you have disputed & the OC  verified with the CRAs!!!!

Make all changes needed  

HSBC Card Services
Attention: Bureau Dispute Processing
PO Box 19360
Portland, OR 97280

August 2, 2007

Re: Acct #xxxxxxxxxxxxxx

To Whom It May Concern:

I recently pulled my credit report from Experian, Equifax and TransUnion and noticed this account was listed on each of my reports as a collection/chargeoff. I immediately disputed this information with Experian, Equifax and TransUnion and the results of the investigation came back as "verified". I did not have an account with HSBC during this time period.

Since I have disputed the account with the credit bureaus, and you have verified them, I would like to see what sort of records you have for this alleged account. Under the new FACTA laws, you are required to conduct an investigation on this account, and I am now requesting it.

I will seek legal action under § FCRA 623 (b) for violations of the FCRA if you do not comply and respond to me with the results of the investigation whithin 30 days of your receipt of this letter.

In order to clear up this matter, I would like to see, a signed contract showing me that I indeed had an account with your company. If you don't respond with the results of the investigation (as is required per the FCRA), I will assume you have no documentation and therefore you were negligent in providing the credit bureaus with accurate information. At this point, you would also be in violation of the FCRA merely for not responding within the 30-day period.

To avoid a lawsuit, I request that you remove account from my credit report. Please delete this listing or I will be forced to seek legal action.


Sincerely,

[Anonymous]

Thank you, Happydays!! You've cleared a few things up for me!