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Hello,
Today, I had an appointment to get pre-approved for a mortgage. Everything was great as far as assets and employment history. I have a previous bankruptcy that discharged a couple years ago.
I made the really bad mistake of breaking my cycle of saying no to those pre-approved credit card offers and totally forgot that I got the account. All bills and statements were going to a different address. I have been on time with everything else and my car is due to be paid off next month with no other revolving debt.
To make a long story short, I was told by my lender that I will either have to get the account deleted or continue renting for another year. Is there anyone out there that can help me so that I can get the ball rolling? I have previously sent a certified letter to settle this debt, the creditor accepted, but their response letter indicates that they will denote Paid settlement on my credit report, which I know won’t help me. Can I Pay in Full & Dispute with CRAs?
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3 Responses to Pay for Delete or Dispute with CRAs? I need an account deleted from credit report ASAP. How?!?
T-man
May 29th, 2010 at 5:55 pm
My suggestion is that you talk to another lender.
FHA loans do not factor in collections and that’s one route for you to go. Your lender should know that. Moreover, if paying a debt would not improve one’s position, what incentive would there be to pay?
Lastly, no don’t pay in full and dispute. Either dispute with the CRAs right off the bat (which you should do) or pay in full and move forward. I hope it works out for you.
Sgt Big Red
May 29th, 2010 at 6:43 pm
Well first of all, you have made contact with the creditor to settle the debt therefore you have acknowleged you owe the debt so you can not dispute it with the CRA’s. Second, you have now re-set your states statute of limitations on the debt so you have no legal recourse. Make sure the creditor puts it in writing that the payment is in full settelment. They could change their mind and sue you in court for the ballance.
If you feel that your credit report does not accurately reflect your creditworthiness, Regulation B, which implements the Equal Credit Opportunity Act, provides that you have the right to present information to a prospective creditor to show that your credit report does not reflect yor ability or willingness to repay. The creditor must consider this information at your request. If you know there is adverse information on your credit report it is often best to explain the circumstances surrounding that item and provide other positive information to the creditor at the time you complete an application.
Next step, even if you paid it, it will still stay on your credit report, except it will show as paid in settelment. So your lender is a fool, and does not know anything about how CRA’s operate. Tell him he should read up on the FCRA and the FDCPA laws. I would highly suggest you find another lender.
Most mortgage lenders will ignore revolving debts, they will however make sure you pay any judgments at the time of closing to the title company. I know, went through that a few years ago.
Hope this answers your question.
smile4cobra
May 29th, 2010 at 7:24 pm
WHEN SETTLING AN ACCOUNT, YOU SHOULD ALWAYS NEGOTIATE YOUR DELETION PRIOR TO AGREEING TO PAYING OUT ANY AMOUNT.
I SUGGEST YOU CONTACT THE CREDITOR AND OFFER A PAYMENT IN FULL RATHER THAN A SETTLEMENT…IN RETURN FOR A DELETION.
IN MOST CASES THEY WILL ACCEPT. BE SURE TO GET THAT IN WRITING BEFORE YOU PAY OUT. THAT WOULD BE THE EASY WAY.
AFTER YOU HAVE PAID IN FULL, DEPENDING ON THE COLLECTION AGENT YOUR DEALING WITH…IN MOST CASES THEY WILL NOT RESPOND TO YOUR DISPUTE. THEY HAVE THEIR MONEY, THEY GOT THEIR COMMISSION AND IT WOULD BE A WASTE TIME ON SOMETHING THAT WILL NOT BENEFIT THEM ANY FURTHER. THEY WILL NOT BENEFIT FROM THIS APPEARING ON YOUR CREDIT REPORT AFTER YOU HAVE PAID. THEY REALLY WONT CARE.
FILE A GENERAL DENIAL INDICATING THAT THE ACCOUNT WAS PAID IN FULL AND IS REPORTED IN ERROR.
AS FOR YOUR EMAIL QUESTION, YES THE COLLECTION AGENCY SHOULD BE LICENSED IN YOUR STATE. IF THEY ARE NOT, BE SURE THAT THEY ARE NOT CORP. AFFILIATES/DBA, ETC. WITH OTHER AGENCIES THAT ARE…BEFORE YOU FILE A COMPLAINT AND ATTRACT ATTENTION TO YOURSELF…THEY WILL RESPOND TO YOUR DISPUTES.
ATTORNEY…WELL, THE COLLECTION AGENCY WILL NORMALLY RETAIN COUNSEL LOCAL TO YOU AND WHO PRACTICES IN YOUR STATE. UNLESS THEIR IS A VENUE CLAUSE ON THEIR CREDIT APPLICATION, THEY WILL RETAIN COUNSEL LOCAL TO THEM AND MAKE YOU TRAVEL TO DEFEND YOUR LAWSUIT THERE.
YOUR QUESTION…DOES THE VALIDATION METHOD WORK? NO, NOT IF YOUR DEBT IS VALID. THE VALIDATION METHOD ONLY WORKS IF YOUR DEBT IS NOT VALID! YOU REQUEST VALIDATION, THEY MAKE COPIES OF YOUR PAPERWORK AND SEND IT TO YOU. AND? YOU BOUGHT SOME TIME? WHAT WILL YOU DO NEXT?
IN FACT, IT PISSES THEM OFF AND IF THE BALANCE YOU OWE IS SIGNIFICANT, THEY MIGHT JUST SUE YOU AND VALIDATE IT IN COURT…IF THE DEBT IS NOT PAST THE STATUTE OF LIMITATION.
IT ALL DEPENDS ON THE INDIVIDUAL YOU ARE DEALING WITH AND HOW MUCH THEY REALLY WISH TO USE THE REMEDIES PROVIDED TO THEM BY THE LAW.
AS FOR YOUR QUESTION…HOW LONG BEFORE THE AGENCY PURGES THEIR FILES…EVERY SIX MONTHS FOR 7 YEAR ON REGULAR FILES AND 10 YEARS FOR JUDGMENTS AND DEPENDING ON WHAT STATE YOUR IN…THEY RENEW THEIR JUDGMENT. THATS AT THE LEAST. NOTHING REALLY GETS DELETED, IT GETS STORED. BUT THEY SHOULD REPORT YOUR PAYMENTS RIGHT AWAY.
I HOPE I HAVE ANSWERED YOUR QUESTIONS, EMAIL ME AGAIN IF YOU NEED MORE DETAILS.
GOOD LUCK.