Collection question!

[Anonymous]

Hey fico friends. About a month ago I signed up for collection shield 360 and have been watching them start to dispute things and continue to process stuff, but seeing as it hadn't been 50 days, I didn't expect results yet. Well good news! Today I received a letter (dated 12/23, my snail mail is slow!) stating at the top ACCOUNT CLOSED. It continues to say "please be advised, your account has been closed by this office and returned to your creditor. We have instructed the credit bureau(s) to delete the account. Should you wish to confirm the deletion, we recommend checking back with the bureaus in approximately thirty (30) days. Please note that this response is limited to the account number referenced above."

While this sounds great, am I out of the woods? Can the creditor sell it to another company? I frankly don't even know which debt this is, and plan on pulling my free annual reports to learn what I can.

I would love this to be the end of this, and it excites me that collection shield 360 is doing their work!

[RobertEG]

If it was returned to the creditor, then the creditor never sold it.  It was an assigned collection authority.

The OC can either assign to another debt collector or sell the debt at any time.

It is subject to inclusion in your credit report until past 7 years plus 180 days from the DOFD on the OC account.

A debt that is between debt collectors provides an opportunity to pay before a new debt collector reports.....

[Anonymous]

I can't afford to pay the debt in one lump sum, should I see if the OC will do a payment plan since the debt is no longer under the CA?

[gdale6]

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@Anonymous wrote:
I can't afford to pay the debt in one lump sum, should I see if the OC will do a payment plan since the debt is no longer under the CA?

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its what i would do and you want to make sure that they dont send it to another collector while you are making the payments.

[fltireguy]

I would wait and see what CS360 does in the next month or two. They have worked wonders for me... (540 TU in 10/15, I hit 752 today, and I give them a lot of credit for getting rid of baddies)

[Anonymous]

I will definitely wait it out and see what CS360 does, but the collections coming off my report does not change that the debt is still owed. The ones I know are mine anyways. If I am understanding this correctly, multiple people here have told me that a mortgage officer can see unpaid debt regardless of it being on your credit reports, so that's why I want to pay the OC if I can to totally eliminate the debt regardless of being on my CR or not. I have 14 days left though from my initial signing up with CS360 so we will see what happens!