Hello,
I am in the process of repairing my credit and I am doing okay so far. One of the biggest negatives in my total credit profile is an old loan from a bank that no longer exists.
The charge is for $953 and I do have the money to pay in total but there are a couple of problems:
- The bank no longer exists (Lets call it NonExist)
- When I contact the bank that bought the original bank (lets say NewBank)they said the loan isn't with them but is with a legal company (BadLawyers).
- I called TU & EX and they said even if I paid the lawyers, they don't show up on my credit report so they have no authority to report it as paid. When I asked for contact info on who has that debt, they gave me a non-working number that belonged to NonExist.
- When I called BadLawyers they said they would "try" to work it out with NewBank if I paid $1487 (Interest and Lawyer fees
) - When I called NewBank and asked for confirmation that they would report the paid amount onto my credit report he said "I'm sure we'll figure something out"
- I have been calling BadLawyers for months to start the process even though neither one of their answers gave me any confidence this would help my credit report and they haven't picked up the phone!
- I tried to just dispute it, and it immediately came back and denied my dispute and it won't let me dispute it anymore.
Help.
(Last reporting date was 8/2019 so I have 5+ years more of this so waiting it out is not really an option I want to explore, I would like a car and apartment soon)
Any help would be appreciated. I never knew it would be so hard to give people money. I wish I could just pay NewBank and be done!
@jnbowmar wrote:I would simply dispute the ammount or history or something. It with the three credit bureus and see what happens. If they update that the debt is valid, it will appear "fresh" if they are not updating every month, but it will appear "fresh" if you pay it and they are not updating every month anyway.
If you decide to dispute it, do it directly to the CRAs. Send the dispute via mail, certified, return receipt, and keep copies of everything you mailed including your USPS receipt & green stamped tags. DO NOT DISPUTE ONLINE or over the phone for any reason whatsoever ever. 
