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JerseyMatt

Finally ALMOST out of the toilet... But questions.

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Posted (edited)

So hi again, it's been a long time since I've had to be here.  I just need some advice on handling a few things.

 

So due to a series of unfortunate events years back, I found myself in a "rebuilding" phase, and I was actually doing pretty good when I posted here last.  I had several credit lines totaling about $7k even though I was still sub-700, I was starting my own business from scratch (without a loan) while living on unemployment.  Unfortunately the business did not take off in time to keep up with my bills, and I tanked my credit again, because I had to let all of my cards go (a lot of that debt is what went into starting the business).  Everything charged off and went to collections with the exception of one card, a Cap1.  It was my oldest card and had the highest limit so I made sure that one never went late, and did eventually pay it down to $0.  This was a hair over 7 years ago.  Now after 3 years (Kansas SOL) I started telling the CAs to FOAD, because nobody seemed to want to play ball for PFD.  Anyway, things are now starting to fall off my reports and my scores are finally recovering.  The couple that are left have me a little puzzled though.  Now thanks to you guys I got really well educated on rights, laws, and policies over the last decade, and I need your input on these things..

 

First I had a BoA card that was one of COs.  As far as I know they never sold it off for a few reasons..  It always showed a balance, I never recall getting dunned by any CA claiming to be collecting on it (nor has any shown up on my CR), and then maybe 3-4 years ago (probably around the time SOL expired) I got a 1099-C from BoA for the full amount.  I did on a couple occasions dispute that account as incorrect balance because I don't think they can't report or collect a balance that has been forgiven - but it has come back valid every time from every CRA and is to this day reporting the full balance.  Now my puzzle is this..  I started walking away from these cards around the end of 2011  (hence things are starting to fall off).  This account on all 3 CRs say that it was closed in 3/12.  However the DOFD is listed as 11/12?  The account history doesn't go back that far on any of the reports except EQ, which shows nothing from 3/12 earlier, but starting at 4/12 its (assuming you're familiar with EQ's number codes)

 

4/12 3

5/12 4

6/12 4

(7/12 thru 10/12 are skipped entirely)

11/12 1

12/12 2

1/13 3

2/13 4

3/13 4

4/14 4

(5/13 skipped entirely)

(6/13 on) L

 

I would never make a payment on a closed account, or even a payment that wouldn't at least bring me current and stave pff a CO for another month.. So I don't know where these alleged payments in January and October came from, but they reaged the account so now it won't fall off until 11/19.

 

I have the same issue with a Kohl's card (which was also kept "in house" and never sold)..  It shows that it was closed at the same time as the BoA (3/12) but has a DoFD of 10/12 (that one's history just shows L from 4/13 on, nothing before).  Same argument - I would not have made a one-off payment on a closed account, especially given my financial situation at the time.  I DO however recall getting something from Kohls at some point about a refund (it was less than a dollar IIRC, like 12 cents or something ridiculous like that) for something they "miscalculated".  I have no idea when that actually was, nor do I have what they sent me. It was something I just thought was hysterical at the time and tossed it.  Could they have counted that as a "payment"?  I don't recall getting anything like that from BoA though.

 

Ok and then there's this.. Just a few months ago I had a collection from IC show up for an old Directv bill ($658).  It was for equipment that I sent back after cancelling service, and they claimed it was damaged and were charging me, so I told them to FOAD I wasn't paying it.  Service was canceled in 4/14.  Haven't heard anything until now. I did not break a contract, my two year initial contract was long over by then.  I intend to go at them with a lowball PFD offer because that would be the only unresolved thing that'll still be there for a few years, but I just want to clear one thing up..  Kansas has 3 year SOL for unwritten/verbal contracts and open accounts, but it's 5 years for written contracts.  I believe I did have to sign something when the installer initially came (would've been in 2010) but I don't remember whether it was the service contract or just acknowledging the satisfactory install.  So would this be under the 3 or 5 year?  If it's 5 years I would only have to wait until April till 5 years is up, so it's not a real big deal, but I don't want to go at them early and end up triggering a last second suit if they don't play ball.

 

And one more thing..  I have a defaulted payday loan from 2016 on TU.   It's from Plain Green (yeah one of the "tribal mill" scam companies whose CEO was convicted of fraud), and I've heard that these are pretty much null and void from collection or reporting action now..  But it would technically be inside SOL and again I don't want to trigger action if I dispute it.  Truth to this?

 

Well thanks again in advance!

Matt

Edited by JerseyMatt

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Welcome back.

 

Your post is going to be extremely difficult to consume for the growing number of people who read CB on a tiny phone screen (or tablet screen), and this may present some obstacles to receiving good replies.

 

If you don't get much feedback I would encourage you to create smaller, individual threads, one issue per thread.  You can always link to your full story in this thread if you'd like.

 

People generally aren't shy about asking questions when info is missing.

 

 

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Barring new threads, one of your questions appears to be:

 

"If a creditor has issued a 1099-C after forgiving a debt, can they continue to report a balance?"

 

Let's see what people can contribute to this question here in your original thread.

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Regarding the Payday loan collection, I believe new credit reporting standards (National Consumer Assistance Plan) prevent the reporting of Payday Loan Collections.

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On 1/5/2019 at 9:05 AM, dvd said:

Regarding the Payday loan collection, I believe new credit reporting standards (National Consumer Assistance Plan) prevent the reporting of Payday Loan Collections.

Hi, dvd,

 

I have a related issue and wondered whether you had a link to these standards? I'm crafting my dispute letter. Thank you so much!

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NCAP has a web site.  I don't see anything relevant to OP's situation.

 

http://www.nationalconsumerassistanceplan.com/highlights/

 

This is the only item I found on CFPB's web site that deals with payday loans and credit reporting, and there's nothing helpful there either.

 

https://www.consumerfinance.gov/ask-cfpb/i-heard-that-taking-out-a-payday-loan-can-help-rebuild-my-credit-or-improve-my-credit-score-is-this-true-en-1611/

 

 

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On 1/9/2019 at 5:21 PM, wingwalker said:

Hi, dvd,

 

I have a related issue and wondered whether you had a link to these standards? I'm crafting my dispute letter. Thank you so much!

 

Will go through my files when I get home.

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19 hours ago, wingwalker said:

Thank you so much!

Here are the links:

 

This is a link to a copy of a letter sent to the Dallas Police Dept regarding NCAP/CRA changes to credit reporting. Payday Loan reference is towards the bottom of the second page of the letter:

https://www.thenewspaper.com/rlc/docs/2016/creditletter.pdf

 

Link to an article about the NCAP changes. The reference about Payday Loans is about NY State only, but I think the CRA adopted the policy nationally.

https://www.cheatsheet.com/money-career/credit-reporting-agencies-agree-to-massive-overhaul.html/?a=viewall

 

 

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2 hours ago, dvd said:

Here are the links:

 

This is a link to a copy of a letter sent to the Dallas Police Dept regarding NCAP/CRA changes to credit reporting. Payday Loan reference is towards the bottom of the second page of the letter:

https://www.thenewspaper.com/rlc/docs/2016/creditletter.pdf

 

Link to an article about the NCAP changes. The reference about Payday Loans is about NY State only, but I think the CRA adopted the policy nationally.

https://www.cheatsheet.com/money-career/credit-reporting-agencies-agree-to-massive-overhaul.html/?a=viewall

 

 

 

Thank you! I'll read this through. I really appreciate it.

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5 hours ago, wingwalker said:

 

Thank you! I'll read this through. I really appreciate it.

No problem.

 

Ill look for more links later today.

 

 

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35 minutes ago, dvd said:

No problem.

 

Ill look for more links later today.

 

 

Thanks! It looks like the letter was the source of ICanHasMuny's very helpful post in April 2017, so it's great to have that. The second link with the matrices is helpful too - I'm wondering whether (and where) that was codified in the appropriate statute that I can cite in my dispute. Definitely a step forward. :)

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17 minutes ago, wingwalker said:

Thanks! It looks like the letter was the source of ICanHasMuny's very helpful post in April 2017, so it's great to have that. The second link with the matrices is helpful too - I'm wondering whether (and where) that was codified in the appropriate statute that I can cite in my dispute. Definitely a step forward. :)

 How is the payday loan collection reporting?

 

 

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7 hours ago, dvd said:

 How is the payday loan collection reporting?

 

 

Agency Address:     XXXXX

 

 

Date Reported: 01/2019 
Date Assigned: 12/2018 
Creditor Classification: Financial 
Original Creditor Name: [Check Cashing/Payday Loan Storefront]
Account Number: XXXXXXX 
Account Owner: Individual Account. 
Original Amount Owned: $XXX 
Date of 1 st Delinquency: 07/2012 
Balance Date: 01/2019 
Balance Owned: $XXX 
Last Payment Date: N/A 
Status Date: 01/2019 
Status: D - Unpaid 

 

(From EQ)

Edited by wingwalker
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