I ALLEGEDLY owed 10-20 K on the account, and settled it for less than 6K. I couldn't get a pay for delete b/c the CA said that only the original creditor can do that. The original creditor is Capital 1, they actually farm out the accounts to TrakAmerica, who farms it out to the various CA. They are so many layers that it's very difficult to be able to talk to someone who can truly make a decision. The CA blames TrakAmerica, TrakAmerica blames Crapital One, and Crapital One would transfer you back to the TrakAmerica. However, I decided to settle b/c I will be getting a very good price on the house (estate sale) and I really needed the tax break and just to get this over with.
It seems that, unless my account is resold, the negative item should get off by the end of the year. Should I start requesting that it be removed already? I think that technically, it might have already been 7 years since it was first reported as past due.
Does anyone have sample letters on how to challenge the reporting period? If the CA or Crapital One messes with me, I can mess back. I already have a letter to my DA on their collection/intimidation techniques, I got the pre-payment agreement as "paid in full" once the payments are made, but after I made the payments, the letter I got was that the account was "settled as full." I haven't used these against them yet, but I am keeping track and will send the complaint to the DA of my state, and the CA's state, as well as to the Capital One, but first, I want to get the mortgage ;-)