I am really confused right now. I have Verizon Wireless debt on my credit reports.
The status is as follows:
EX: Paid, Closed. $615 written off.
TU: Payment After Charge off/Collection
EQ: Bad debt/collection
The original balance is $615.
According to TU report, this verizion account will be removed this June.
The problem is this. I've been getting this settlement offer from a collection agency. On the settlement offer, it shows the original creditor as Verizon Wireless and the balance is $715.56, not $615. They are making an offer to settle for $100.
So I thought maybe I can pay off that $100 right now and ask them to delete the derogatory information from my credit reports. When I called them, however, they were saying that they purchased this debt account in 2009 and the original balance is not $615. They also said that once they purchase an account, there should be only one creditor/collection agency report to the bureaus, which means that Verizon should've not reported to credit bureaus???? The agent from the collection agency suggested that I might have two accounts from Verizon Wireleess, but as far as I remember I only opened one Verizon Wiress account back in 2003.
I am not sure where I should contact or what I need to do to get this derogatory listing removed. Please help
Welcome to the forums!
I think the CA gave you some bad info (never trust a CA). Both the OC and CA can report and Verizon Wireless (VZW) must report $0 if they sold it. Now if the CA is collecting or owns the debt, they can call and collect forever. They likely know they your SOL had already run out (likely) and your CRTP of 7-7.5 yrs is about to expire too. They are trying to get $100 now because they know this debt will disappear from view very soon.
It's up to you to accept that settlement or not. Now if you do, VZW won't delete early. A CA cannot force the OC to delete (and can't). And whether or not you do pay it via a settlement, the CA can report too, though they'd have to delete this summer too.
If you want Verizon Wireless to delete, send them a GW letter asking them to delete if they report $0.
The balance difference could be due to added interest.
Thank you for your quick and thorough response.
I do still have some questions though. Sorry, I just started to rebuild my credit and I absolutely know nothing about credit and finance...
So should I just settle with the CA for $100 and send a GW letter to Verizon? If I don't settle with the CA and don't send a GW letter to Verizon, is my debt still going to be removed from my reports in June?
How long is the SOL? from what date? the date I opened the account? the first delinquency? Thanks a lot!
I still have so many questions about other things too...Sigh...Hopefully I can get my scores up soon.