There is a specific charge off my mortgage lender's credit analyst has sent me on a mission to have removed from my credit report in order to get my middle score to qualify me for a mortgage and I need some advice.
On my credit report it is listed as:
Ad Astra Recovery - Date Opened: 3/2017 - Amount $607 - Date Updated: 3/2022 - Collection - Estimated date removed 8/2023
I called Ad Astra to try to do a pay for delete and it turns out they've sold it to a debt collection law firm in Colorado, which is where I lived when I initially took out this debt. It is Mark A. Leachman and Leachman Law. There is a number to call but it's all automated and has no option to speak to a human and says to email instead.
I had sent a dispute by certified mail to all three credit bureaus about this debt on Friday because it isn't accurate. I worry that they will delete the Ad Astra collection and then slap a new Mark Leachman collection my report which would be devastating to my scores in the midst of trying to get a mortgage. Also, per some quick research they've violated Colorado state law by charging $607 on a pay day loan because the state law allows only a maximum of $500 debt for pay day loans and the statute for being sued is a maximum of 6 years. That would make this debt invalid both due to age and the amount of fees charged but I don't know how to take care of this quickly and with zero additional damage to my score. I could also just pay for delete but now I worry about how offering to pay it off would reset the statute or something - and would I send the same template via email that I'd send via mail? Further, how does paying Leachman Law debt collectors get Ad Astra debt collectors to take it off my report? I am lost.
Any advice would be greatly appreciated!
What isn't accurate? Disputes usually do more harm than good. On a 500 loan, plus interest would add up to about 600 to pay back. They can't loan more than 500, but the fees etc are added into that.
If the sol is over, you can't be sued but that doesn't stop them from reporting it for 7 years.
Is Ad Astra showing a 0 balance? Or did they hire the law firm to collect?
A lot of times Attorney offices will PFD. And I have experienced that since they haven't posed it yet, that you have time to email them and pay it in lue of them not reporting to CB. The other one will drop off since they don't have the debt anymore. You can call and ask when it will be removed since they sold it.