Jump to content

Data validation? Pay for Delete? What say you?


Emperess
 Share

The last post in this topic was posted 1839 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Recommended Posts

I have another CO on my CRs that are reporting under the OC. However, I received a letter last year from a CA (Chase Receivables) who is supposedly collecting for the OC (Amerimark), but the CA is not reporting on my CRs. And Amerimark is actually sending me emails and letters asking me to come back as a customer, go figure.

 

I hadn't received any more correspondence from the CA, until today. I received a letter offering a 50% settlement on a balance of $172. Not a bad deal, but if I pay, I'd want to pay Amerimark directly than risk having the entry on my CR being updated to "paid" and staying on my account longer. It's already going to linger until 2022.

 

What's the scoop on Chase Receivables, if any? If anyone has dealt with them and successfully got a pay-for-delete, PLEASE do tell.

 

I'm considering sending a data validation letter to the CA, just to see if there's an actual relationship between the OC and the CA. Good idea or no?

 

 

 

Link to comment
Share on other sites


No experience with chase but, if its an in-house CA or if the OC updates to paid, it will still count against you as a derogatory and the 7 year clocks starts all over IIRC

 

I really don't go back to creditors I've burned in the past unless I'm 100% sure its not going to bite me in the flowers. That's just me

Link to comment
Share on other sites

No experience with chase but, if its an in-house CA or if the OC updates to paid, it will still count against you as a derogatory and the 7 year clocks starts all over IIRC

 

I really don't go back to creditors I've burned in the past unless I'm 100% sure its not going to bite me in the flowers. That's just me

 

Derogatory items only report for 7 years from DOFD.

Link to comment
Share on other sites

 

No experience with chase but, if its an in-house CA or if the OC updates to paid, it will still count against you as a derogatory and the 7 year clocks starts all over IIRC

 

I really don't go back to creditors I've burned in the past unless I'm 100% sure its not going to bite me in the flowers. That's just me

 

Derogatory items only report for 7 years from DOFD.

 

 

The clock does not start over.

 

It depends. A lot of re-aging can happen when you start making partial payments or you settle but don't get a pay for delete signed. As a general rule, if the debt is a couple years old I don't contact or pay or do anything that could cause it to stay on my reports longer. Also, the clock does restart over when the debt has be brought back to good standing, if it ever gets in bad standing again. Unfortunately a good standing account with one late on the payment history is still considered a derogatory account until it falls off.

Edited by TheChosenOne
Link to comment
Share on other sites

http://blog.credit.com/2017/04/7-things-you-need-to-know-about-the-statutes-of-limitation-for-debt-114442/ 4. Should I Pay an Old Debt?

That’s something only you can decide. However, keep in mind that if you pay anything — even a small amount — on an old debt, you may restart the statute of limitation. That’s why it can be risky to pay an old debt if you can’t afford to pay it in full. You could open yourself up to collection efforts, or even a lawsuit, for the entire amount the collector says you owe.

Link to comment
Share on other sites

 

 

No experience with chase but, if its an in-house CA or if the OC updates to paid, it will still count against you as a derogatory and the 7 year clocks starts all over IIRC

 

I really don't go back to creditors I've burned in the past unless I'm 100% sure its not going to bite me in the flowers. That's just me

 

Derogatory items only report for 7 years from DOFD.

 

 

The clock does not start over.

 

It depends. A lot of re-aging can happen when you start making partial payments or you settle but don't get a pay for delete signed. As a general rule, if the debt is a couple years old I don't contact or pay or do anything that could cause it to stay on my reports longer. Also, the clock does restart over when the debt has be brought back to good standing, if it ever gets in bad standing again. Unfortunately a good standing account with one late on the payment history is still considered a derogatory account until it falls off.

 

 

Derogatory items only report for 7 years from DOFD.

Link to comment
Share on other sites

 

 

 

No experience with chase but, if its an in-house CA or if the OC updates to paid, it will still count against you as a derogatory and the 7 year clocks starts all over IIRC

 

I really don't go back to creditors I've burned in the past unless I'm 100% sure its not going to bite me in the flowers. That's just me

 

Derogatory items only report for 7 years from DOFD.

 

 

The clock does not start over.

 

It depends. A lot of re-aging can happen when you start making partial payments or you settle but don't get a pay for delete signed. As a general rule, if the debt is a couple years old I don't contact or pay or do anything that could cause it to stay on my reports longer. Also, the clock does restart over when the debt has be brought back to good standing, if it ever gets in bad standing again. Unfortunately a good standing account with one late on the payment history is still considered a derogatory account until it falls off.

 

 

Derogatory items only report for 7 years from DOFD.

 

There is more to that. It is 7yrs from DOFD that led the CO status.

Link to comment
Share on other sites

 

 

 

 

No experience with chase but, if its an in-house CA or if the OC updates to paid, it will still count against you as a derogatory and the 7 year clocks starts all over IIRC

 

I really don't go back to creditors I've burned in the past unless I'm 100% sure its not going to bite me in the flowers. That's just me

 

Derogatory items only report for 7 years from DOFD.

 

 

The clock does not start over.

 

It depends. A lot of re-aging can happen when you start making partial payments or you settle but don't get a pay for delete signed. As a general rule, if the debt is a couple years old I don't contact or pay or do anything that could cause it to stay on my reports longer. Also, the clock does restart over when the debt has be brought back to good standing, if it ever gets in bad standing again. Unfortunately a good standing account with one late on the payment history is still considered a derogatory account until it falls off.

 

 

Derogatory items only report for 7 years from DOFD.

 

There is more to that. It is 7yrs from DOFD that led the CO status.

 

 

The generally-accepted CB definition of DOFD for as long as I have been around is the date at which the account became delinquent and was never brought current.

Link to comment
Share on other sites

My understanding is the same as The ChosenOne's. If I pay the settlement amount and the OC does not delete, the account will be updated to "paid" and restart the reporting clock.

 

Since the DOFD is 2015, making it relatively new, I think I'll just leave it alone.

 

Thanks for all your feedback!

Edited by Emperess
Link to comment
Share on other sites

My understanding is the same as The ChosenOne's. If I pay the settlement amount and the OC does not delete, the account will be updated to "paid" and restart the reporting clock.

 

Since the DOFD is 2015, making it relatively new, I think I'll just leave it alone.

 

Thanks for all your feedback!

 

Once the account is charged off the DOFD doesn't change.

 

Unless you are able to get the trade line removed, it will show the negative payment history for ~7 years and then the lates will fall off and the trade line will appear to be a positive TL until it dies of old age and falls off your report.

 

Statute of limitations is a completely different concept than how long something can report on your credit.

Link to comment
Share on other sites

 

 

 

 

 

No experience with chase but, if its an in-house CA or if the OC updates to paid, it will still count against you as a derogatory and the 7 year clocks starts all over IIRC

 

I really don't go back to creditors I've burned in the past unless I'm 100% sure its not going to bite me in the flowers. That's just me

 

Derogatory items only report for 7 years from DOFD.

 

 

The clock does not start over.

 

It depends. A lot of re-aging can happen when you start making partial payments or you settle but don't get a pay for delete signed. As a general rule, if the debt is a couple years old I don't contact or pay or do anything that could cause it to stay on my reports longer. Also, the clock does restart over when the debt has be brought back to good standing, if it ever gets in bad standing again. Unfortunately a good standing account with one late on the payment history is still considered a derogatory account until it falls off.

 

 

Derogatory items only report for 7 years from DOFD.

 

There is more to that. It is 7yrs from DOFD that led the CO status.

 

 

The generally-accepted CB definition of DOFD for as long as I have been around is the date at which the account became delinquent and was never brought current.

 

 

My recent experience puts into question the validity of the "and never brought current" part of this statement. I explained my scenario in this thread:

 

https://creditboards.com/forums/index.php?showtopic=607412&hl=%2Bdofd&do=findComment&comment=5709606

 

It appears "until brought current" would be more appropriate if my scenario plays out as the paper reports indicate it will play out.

Link to comment
Share on other sites

 

 

 

 

 

 

No experience with chase but, if its an in-house CA or if the OC updates to paid, it will still count against you as a derogatory and the 7 year clocks starts all over IIRC

 

I really don't go back to creditors I've burned in the past unless I'm 100% sure its not going to bite me in the flowers. That's just me

 

Derogatory items only report for 7 years from DOFD.

 

 

The clock does not start over.

 

It depends. A lot of re-aging can happen when you start making partial payments or you settle but don't get a pay for delete signed. As a general rule, if the debt is a couple years old I don't contact or pay or do anything that could cause it to stay on my reports longer. Also, the clock does restart over when the debt has be brought back to good standing, if it ever gets in bad standing again. Unfortunately a good standing account with one late on the payment history is still considered a derogatory account until it falls off.

 

 

Derogatory items only report for 7 years from DOFD.

 

There is more to that. It is 7yrs from DOFD that led the CO status.

 

 

The generally-accepted CB definition of DOFD for as long as I have been around is the date at which the account became delinquent and was never brought current.

 

 

My recent experience puts into question the validity of the "and never brought current" part of this statement. I explained my scenario in this thread:

 

https://creditboards.com/forums/index.php?showtopic=607412&hl=%2Bdofd&do=findComment&comment=5709606

 

It appears "until brought current" would be more appropriate if my scenario plays out as the paper reports indicate it will play out.

 

 

If the account is brought current you just have a string of old lates. OP had a charge-off.

Link to comment
Share on other sites

 

 

 

 

 

 

 

No experience with chase but, if its an in-house CA or if the OC updates to paid, it will still count against you as a derogatory and the 7 year clocks starts all over IIRC

 

I really don't go back to creditors I've burned in the past unless I'm 100% sure its not going to bite me in the flowers. That's just me

 

Derogatory items only report for 7 years from DOFD.

 

 

The clock does not start over.

 

It depends. A lot of re-aging can happen when you start making partial payments or you settle but don't get a pay for delete signed. As a general rule, if the debt is a couple years old I don't contact or pay or do anything that could cause it to stay on my reports longer. Also, the clock does restart over when the debt has be brought back to good standing, if it ever gets in bad standing again. Unfortunately a good standing account with one late on the payment history is still considered a derogatory account until it falls off.

 

 

Derogatory items only report for 7 years from DOFD.

 

There is more to that. It is 7yrs from DOFD that led the CO status.

 

 

The generally-accepted CB definition of DOFD for as long as I have been around is the date at which the account became delinquent and was never brought current.

 

 

My recent experience puts into question the validity of the "and never brought current" part of this statement. I explained my scenario in this thread:

 

https://creditboards.com/forums/index.php?showtopic=607412&hl=%2Bdofd&do=findComment&comment=5709606

 

It appears "until brought current" would be more appropriate if my scenario plays out as the paper reports indicate it will play out.

 

 

If the account is brought current you just have a string of old lates. OP had a charge-off.

 

 

 

Correct. However, it now appears that the string of lates still has only one unique DOFD.

 

This fact makes the "and never brought current" part of that commonly accepted phrase incorrect.

 

I do understand OP has not brought anything current.

 

 

The discussion is about concerns with resetting the reporting timeframe by making a payment on a charge-off.
Link to comment
Share on other sites

That is a true enough statement, no disagreements there.

 

My comment is in reference to you your comment in this thread stating:

 

"The generally-accepted CB definition of DOFD for as long as I have been around is the date at which the account became delinquent and was never brought current."

 

As I previously have stated, I have seen evidence that the "and was never brought current" portion of that generally accepted CB definition is most likely not correct. As I see others make this statement in threads, I will address the fact this is most likely incorrect.

Link to comment
Share on other sites

That is a true enough statement, no disagreements there.

 

My comment is in reference to you your comment in this thread stating:

 

"The generally-accepted CB definition of DOFD for as long as I have been around is the date at which the account became delinquent and was never brought current."

 

As I previously have stated, I have seen evidence that the "and was never brought current" portion of that generally accepted CB definition is most likely not correct. As I see others make this statement in threads, I will address the fact this is most likely incorrect.

 

A charge-off by definition was never brought current. Nor can it be.

 

We should move this disagreement into your thread, which is about a completely unrelated situation, because it is probably confusing OP.

Link to comment
Share on other sites

No experience with chase but, if its an in-house CA or if the OC updates to paid, it will still count against you as a derogatory and the 7 year clocks starts all over IIRC

 

I really don't go back to creditors I've burned in the past unless I'm 100% sure its not going to bite me in the flowers. That's just me

Geez people....

 

First, listen to cv, s/he is spot on in this thread. Second, paid charge-offs are no longer scored as derogatory by FICO 9, however this is ONLY for FICO 9 and ALL other FICO versions will typically punish you for paying charge-offs!

Link to comment
Share on other sites

 

 

That's only if it wasn't ever charged off -

 

 

Once a Charge off occurs, the account is never moved to the positive side - it's always "Paid, was a charge off" and remains a derogatory account that falls off after seven years

 

Banks will not reopen a charged off account

Link to comment
Share on other sites

Yeah, the thread did sort of veer off a bit, but it was interesting to watch.

 

Let me reiterate...the account was charged off, as in never brought current. The CA I mentioned is not reporting to my CR; the OC is reporting the account.

 

If I pay it to either the OC or CA, a CO that is slated to report until 2022 will end up reporting until 2025 (i.e, restarting the reporting clock). Yes or no?

 

I'm not so much concerned about it reporting as "paid"; I'm not trying to have it stuck on my reports any longer than necessary.

 

Hope that clarifies things.

Link to comment
Share on other sites

Yeah, the thread did sort of veer off a bit, but it was interesting to watch.

 

Let me reiterate...the account was charged off, as in never brought current. The CA I mentioned is not reporting to my CR; the OC is reporting the account.

 

If I pay it to either the OC or CA, a CO that is slated to report until 2022 will end up reporting until 2025 (i.e, restarting the reporting clock). Yes or no?

 

I'm not so much concerned about it reporting as "paid"; I'm not trying to have it stuck on my reports any longer than necessary.

 

Hope that clarifies things.

 

It will be reported as a Paid Charge off and only stay on your reports 7 years from the DOFD that lead to the charge off

 

are you sure you're not dealing with a JDB , not a CA ?

 

Do you know the difference?

Link to comment
Share on other sites

I agree. I don't feel a need to continue here, or elsewhere, really. I have made my clarification and don't have anything further to add.

Bravo!

 

Yeah, the thread did sort of veer off a bit, but it was interesting to watch.

 

Let me reiterate...the account was charged off, as in never brought current. The CA I mentioned is not reporting to my CR; the OC is reporting the account.

 

If I pay it to either the OC or CA, a CO that is slated to report until 2022 will end up reporting until 2025 (i.e, restarting the reporting clock). Yes or no?

 

I'm not so much concerned about it reporting as "paid"; I'm not trying to have it stuck on my reports any longer than necessary.

 

Hope that clarifies things.

It will be reported as a Paid Charge off and only stay on your reports 7 years from the DOFD that lead to the charge off

 

are you sure you're not dealing with a JDB , not a CA ?

 

Do you know the difference?

What is the difference?

Link to comment
Share on other sites

 

Yeah, the thread did sort of veer off a bit, but it was interesting to watch.

 

Let me reiterate...the account was charged off, as in never brought current. The CA I mentioned is not reporting to my CR; the OC is reporting the account.

 

If I pay it to either the OC or CA, a CO that is slated to report until 2022 will end up reporting until 2025 (i.e, restarting the reporting clock). Yes or no?

 

I'm not so much concerned about it reporting as "paid"; I'm not trying to have it stuck on my reports any longer than necessary.

 

Hope that clarifies things.

 

It will be reported as a Paid Charge off and only stay on your reports 7 years from the DOFD that lead to the charge off So it will report until 2022 as stated on my CRs.

are you sure you're not dealing with a JDB , not a CA ?

 

Do you know the difference?

 

 

Yes, I know the difference between a JDB and CA, however, I'm not sure whether Chase Receivables is one or the other. That's why I was asking if anyone here was familiar with them.

 

The fact that they are not reporting to my CRs--and the fact that the account is not marked on my CR as "sent to collections"--makes me suspect they are a JDB. Yet, on their settlement letter, they refer to Amerimark as their "client".

Link to comment
Share on other sites

sorry, sounds' like Chase decided to set up their own in house CA , but set it up asa a subsiderary - or so it seems

 

 

however, used to be that any company that goes by a different name than the OC is a CA under law

 

Wood v. Capital One Services, LLC, 718 F. Supp. 2d 286 ( 2010)

 

Additionally, the term "debt collectors" includes creditors "who, in the process of collecting [their] own debts, use[] any name other than [their] own which would indicate that a third person is collecting or attempting to collect such debts." § 1692a(6). However, under the "false name" exception, creditors who use a name other than their own in the process of collecting their debts are not exempt. See § 1692a(6); Williams, 565 F.Supp.2d at 529.

 

Plaintiff refers to Capital One Bank as a creditor in the complaint, and Exhibit A explicitly lists Capital One Bank as the creditor of Plaintiff's account. (Compl. *290 ¶ 1; Ex. A.) Additionally, Plaintiff alleges that Capital One Services is a debt collector under the FDCPA, because it collects debts on behalf of Capital One Bank and other affiliates, and its principal business of Capital One Services is the collection of such debts.[2] (Compl. ¶ 8.) Since Capital One Services is a creditor's affiliate, it is not subject to the FDCPA if it collects debts only on behalf of affiliates and its principal business is not collecting debts. See 15 U.S.C. § 1692a(6)(B) (2006).

Link to comment
Share on other sites

The last post in this topic was posted 1839 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share




  • Member Statistics

    • Total Members
      185294
    • Most Online
      2046

    Newest Member
    LoveDani1
    Joined
×
×
  • Create New...

Important Information

Guidelines