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Next move with Collection?

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Hello all,


Ive been reading and using knowledge gleaned and have made great strides in the past 3 months. One last issue is that I am dealing with a Collection Account from Real Time Resolutions. This was a payday loan (I know!) from Check n GO from 2 years ago, so still within SOL. I now live in Georgia where pay day loans are illegal. I opened this account when living in Alabama at the time.


I sent them a DV on 4 April, 2016. I noticed soon after (around 2 weeks) they deleted their account from my credit reports. Then, I received validation in the mail dated 17 May 2016, with a contract showing an online signature, payment history, IP address, etc ( I know this is my account).


However, in their response, they willingly noted that the account number had been changed to a new account number, and informed me to reference the new account number in all future correspondence. Needless to say, I now see that they have reinserted this account to my credit reports on 6/7/16 under the new account numbers. Since I didnt go through the credit bureaus, does the 5 business day reinsertion notification rule still apply?


The amount is 2620 ( the original principal was 2200; I had paid ~1000 before defaulting but of course that was essentially just money I have given away). This is my last collection and I want it gone. I can afford to pay it to be rid of this; should I just go ahead and offer a PFD? If not, then what should be my next step?


Thanks for any suggestions.

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Just because you or the lender calls the loan a "payday loan" doesn't make it one. It depends on the rates and more importantly if that institution is licensed to lend in your state. Also just because you move to a state with different lending laws you can still be held accountable. The owner of the debt can choose to sue you in Alabama. If I were you, I would first check to see if Check n GO has the proper licensing to lend in Alabama.


I mention all that so you can determine if you are liable for this debt or not.


To answer your question about the 5 business day rule, the CRA only have to inform you if the removed the debt as a result of dispute they didn't receive verification on from the CA. Since you are saying all your reports are showing the tradeline with the new account number it is the data furnisher reporting. The CRA is under no obligation to notify you in this circumstance.


While I tend to shy away from advising people to contact collectors while you are still under SoL, you can afford to pay in full so there isn't much harm. Keep in mind since you can still be sued for the debt and you have no made it apparent to them that you want this debt resolved, you don't have a lot of negotiating power. Find out who owns the debt and try to work with them on a PFD. If they aren't willing, I would be ready to have to PIF. If it comes to that, you can always try to GW them.


Good luck!

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