Charged off?

[Wolphe]

Hello, all.

I've been disputing a collection agency about an account I have no idea what it is. I asked for proof. PRA (Collection Agency) sent me mail showing what they have of proof. It was a copy of a bill from GE Money showing in 2010 I owe close to $7k. The bill shows as a credit card company and did not specify what purchases I may have made. The next copy is another bill from GE Money showing 2011, 2 charge offs, one for principle and other of fees.

According to records, PRA purchased this account in 2014 and within the last year starting to harass me. I placed it on disput last year. I really need this off my credit as soon as possible. Should I dispute, settle or what?

I can answer any question the best of my ability

Thanks,
Donovan

 

[tranquility]

Hello, all.

I've been disputing a collection agency about an account I have no idea what it is. I asked for proof. PRA (Collection Agency) sent me mail showing what they have of proof. It was a copy of a bill from GE Money showing in 2010 I owe close to $7k. The bill shows as a credit card company and did not specify what purchases I may have made. The next copy is another bill from GE Money showing 2011, 2 charge offs, one for principle and other of fees.

According to records, PRA purchased this account in 2014 and within the last year starting to harass me. I placed it on disput last year. I really need this off my credit as soon as possible. Should I dispute, settle or what?

I can answer any question the best of my ability

Thanks,
Donovan

It doesn't get off your credit for years. Sometimes people try a "pay to delete" where they make a settlement offer for the creditor to remove it from the credit report. There are many letter templates out there for how to do it. However, be warned, they don't really have to live up to their promise. Some might say it is illegal while others may say it is against public policy. In either case, you probably won't be creating an enforceable contract.

 

[Wolphe]

So if settling for deletion is agreed, they don't have to honor it?

 

[tranquility]

So if settling for deletion is agreed, they don't have to honor it?

They probably don't have a legal duty to do so.

 

[Wolphe]

When you said "probably won't be creating an enforceable contract". Asking them to send me a letter as proof that they will remove it once settlement is paid, won't work?

 

[tranquility]

When you said "probably won't be creating an enforceable contract". Asking them to send me a letter as proof that they will remove it once settlement is paid, won't work?

No. The purported contract could be invalidated on any of a number of issues. It might be intentional interference with contractual relations (deal with the reporting companies), illegal or void as against public policy.

That's not to say they won't do it as there are stories out there about the strategy being successful. But, they don't have to. Even if you have a video of them signing a contract with you to do so as witnessed by the Pope and a notary public.

 

[Wolphe]

I'm not sure what to do here, then. I don't remember anything about this debt and all they have for proof is a Credit Card bill that shows nothing of what was purchased. I'm not agreeing nor disagreeing that this debt is true or not, I just don't know anything about it.

I'm trying to buy a house as soon as possible and this is the only thing holding me back. Any suggestions?

 

[tranquility]

I'm not sure what to do here, then. I don't remember anything about this debt and all they have for proof is a Credit Card bill that shows nothing of what was purchased. I'm not agreeing nor disagreeing that this debt is true or not, I just don't know anything about it.

I'm trying to buy a house as soon as possible and this is the only thing holding me back. Any suggestions?

I'd ask any mortgage broker you use what needs to be done to qualify.

 

[Wolphe]

She told me to negotiate a settlement and have it resolved as quickly as possible. 2 other brokers said the same thing.

 

[Zigner]

Hello, all.

I've been disputing a collection agency about an account I have no idea what it is. I asked for proof. PRA (Collection Agency) sent me mail showing what they have of proof. It was a copy of a bill from GE Money showing in 2010 I owe close to $7k. The bill shows as a credit card company and did not specify what purchases I may have made. The next copy is another bill from GE Money showing 2011, 2 charge offs, one for principle and other of fees.

According to records, PRA purchased this account in 2014 and within the last year starting to harass me. I placed it on disput last year. I really need this off my credit as soon as possible. Should I dispute, settle or what?

I can answer any question the best of my ability

Thanks,
Donovan

I would suggest that you negotiate a settlement and have it resolved as quickly as possible.

 

[tranquility]

She told me to negotiate a settlement and have it resolved as quickly as possible. 2 other brokers said the same thing.

Note "resolved" does not have the same meaning as remove or get off my credit. It is still there only the lender is willing to take it into account it is paid.

 

[Zigner]

Note "resolved" does not have the same meaning as remove or get off my credit. It is still there only the lender is willing to take it into account it is paid.

I've been involved in transactions where the lender has required that the items be paid through escrow.