Subject: What are options to get credit report corrected.
Tue Mar 23, 2010 6:01 pm
My daughter has paid to a collection agency the full amount of a debt and received a letter stating that the debt has been paid in full from them. The first credit reporting agency will not acknowledge the debt as paid unless the original debt holder (BanK) reports the account as $0.00. The bank will only acknowledge in writing that the debt was sold to a collection agency and the amount of the debt. Verbaly they will state that the account is $0.00 but not in writing. The secound credit reporting agency shows the debt as paid. The third credit reporting agency has no record of the debt. What are her options?
You said, "verbally..they will state..." Can you speak to the bank and have them (possibally?) call the CB that is asking for the 'verbal' confirmation? It may be a long shot, but,..if you explain things, it MAY work.
You tell the bank that they need to rectify this problem immediately - tell them you disputed this and someone their direction verified inaccurate information and it is their job to report accurately other wise you will demand deletion. And you will report them to the FTC & the FDIC or NCUA if they do not comply.
They do have what is called like Instant update at least through Experian, and something similar through the other credit reporting agencies. They have the means to electronically update then in addition update their manual tapes for that month.
Consumers can sue for willful noncompliance, it is listed in the FCRA here:
Your personal details (name, email address and phone number) will be delivered to the company advertised on the Creditmagic after ve agreed to go for the counseling session by filling out the no-obligation form. However, it is your discretion to accept or reject their services.
Not all the creditors/debt collectors agree to trim down the outstanding balances, interests, and fees payable by the consumer.
Consumers working with the debt relief companies can still be sued by the creditors/collection agencies.
Debt relief services may have a diminishing effect on the creditworthiness of the consumer. The total outstanding balance may increase as the additional fees get accrued.
The overall amount saved by the consumer through the debt relief services is considered as taxable income by the IRS.