PLEASE HELP,IT HAS HIT THE FAN!!

[chozyn1]

HI ALL,

FIRST OFF, I JUST WANT TO SAY THAT I LOVE THIS FORUM, EVERYDAY IM CHECKING IN TO SEE IF ANYTHING SPIKES MY INTERESTS. I CAN SAY THAT IT RELIEVES SOME STRESS THAT ARE PEOPLE OUT THERE WITH A PROBLEM SIMILAR TO MINE AND THAT IM NOT THE ONLY ONE. MY CREDIT SCORE HAS BEEN STEADY AT OR AROUND 640 FROM LAST YEAR TO NOW, BUT AFTER A RECENT CREDIT APP SPREE IM SITTING AROUNG THE 620s. ANYWAYS ALL CARDS APPLIED FOR I WAS APPROVED, THATS A TOTAL OF 4 WITH THE FIRST MONTHOF THIS YEAR: WALMART, TARGET, HOOTERS, AND BOFA (MIGHT BE REGRETTING THAT ONE). HOPEFULLY I THOUGH THESE WOULD BOOST MY SCORE A BIT BY HAVING A MIX(AT FIRST I ONLY HAD INSTALLMENTS).

HERE'S THE MESSED UP PART: TODAY WHILE CHECKING MY 3 IN 1 CREDIT REPORT FROM EQUIFAX I SEEN I INCURRED 1 COLLECTION OF 110.00 AND 1 NEGATIVE ITEM OF 28.19 FROM 2003. WHERE DID THESE COME FROM? ANYWAYS WHAT COURSE OF ACTION DO I TAKE?

THE SECOND PROBLEM I HAVE IS THAT I RECEIVED A RESPONSE LETTER FROM A VALIDATION LETTER I SENT TO A CA TODAY AND DONT KNOW WHAT TO DO ABOUT THAT. I USED THE SAMPLE FROM THIS POST. THE RESPONSE WAS AS FOLLOWS:

I would like to thank you for contacting Fair Finance regarding your account with Olympic Fitness.

On November 30, 2004 Fair Finance had closed your account as a P&L and returned your contract to Olympic Fitness.  Enclosed you will find a copy of your payment history. I had performed an audit on your account and all data being reported to the reporting agencies are accurate and true. Please direct any future correspondence to Olympic Fitness.

What do i do now, someone please help me, this is ruining my credit. Thanks in advance.

[Anonymous]

If Olympic fitness is the OC - send them an OC letter -  BTW, since this turkey 'returned the account' accourding to CDIA suggestions - he is to discontinue reproting.  How to get him to do that -- I need to think a bit (bookmarking you for further response)

[chozyn1]

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Lady_Scarlet wrote:

If Olympic fitness is the OC - send them an OC letter -  BTW, since this turkey 'returned the account' accourding to CDIA suggestions - he is to discontinue reproting.  How to get him to do that -- I need to think a bit (bookmarking you for further response)

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thank you lady scarlet, but what kind of letter to send to the OC. i would really like to continue the gym membership if i could and pay it monthly(re-age the account and finish where i left off) that way but they told me that i have to pay the remaining balance (1200)and not use the gym. i would rather not pay for a service i dont get to use. whats your take?? and yes about the finance company reporting, they have repeatedly put "co" in every box startting in 2006 as if they had the contract still. i have nothing from the OC.

[Anonymous]

what do you want to do - be a gym member or get this off your report.  The OC is well within their right ot say pay and no use NOW (your contract had a 'term' to it).

Concentrate on getting it off your report - you can always join a different gym.

I would send a non threatening letter to the CA (referencing his that he has returned to the OC) and 'mention' t that their own reporting system recommends that TLs be removed when they are not with the company

First, please be aware that the industry's Metro 2 guide does have specific instructions when a third party collection account is returned to the original lender or in the case of a debt purchaser, is resold. Specifically, the collection agency or debt purchaser should direct the national credit reporting agency to delete the account from the consumer's file since it is no longer an account for which the company is attempting collection. Following is the information that appears in the Credit Reporting Resource Guide in the collection agency/debt purchaser reporting guidelines section.

Account Status Codes (Base Segment, Field 17A) — report only the following:

93 — Account assigned to internal or external collections

62 — Paid in full, was a collection account

DF — Delete entire account due to confirmed fraud

Collection Agencies must delete accounts that have been canceled and returned to the creditor.

Debt Purchasers/Factoring Companies must delete accounts that have been forwarded or sold to another entity.