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bobsmith99

Pendrick Capital Partners -JDB, weird situation

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Also known as Pendrick Capital Partners (PCP), Commonwealth Financial systems (CFS), Dynamic Recovery Solutions (DRS)

 

Was doing a refi this summer and these guys popped up out of the woodwork trying to collect on a balance from 2013 that is set to expire in early 2020. 

 

I was pissed because my score dropped 50+ points so I fired off a letter to them asking for DV and also telling them I would sue them if my refi fell through and would seek damages equal to the amount of interest I was supposed to save (six figures). I also disputed with the CRAs as PCP does not have the right to transact business in the state of TX. 

 

Within a week I received a letter back from PCP stating they would remove from my CR "while they researched the issue internally". And TU sent me a letter saying they didn't see the account on my CR and that it may have been removed by the time they investigated it. 

 

Meanwhile my score popped back up to where it was and about 10 days later I get some very weak sauce validation form from PCP that looks like someone put some numbers in an excel sheet and printed it along with a letter stating this is their validation documentation and "to call them when convenient to discuss."

 

Since it was removed from my reports and my score popped back up, and their letter was basically BS and I know they are a JDB with a bad history, I just blew it off. 

 

Finished my refi and everything has been fine for the past 5 months.

 

EXCEPT, two weeks ago they reported again, but to just TU this time!? (and tanked my score again by 43pts)

 

I left it for about a week to see if it was going to report to EX and EQ, but nothing, so I started an online dispute ONLY with TU and submitted documentation from the state of TX showing PCP does not have the right to transact business and asked for removal. This time I did not reach out to PCP at all.

 

Within 48hrs it was gone from TU, BUT again, I received a letter from TU today stating "they did not see the account on my CR and that it may have been removed by the time they investigated it."

 

Anyone have any guesses why TU said twice they haven't seen it on my CR? First time I was under the impression PCP deleted before TU could investigate, this second time I'm not sure why it was deleted if TU "doesn't see it on my CR"? Is this standard protocol/form letter for TU

 

 

Edited by bobsmith99

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You are a victim of "data mining" by JDBs

 

Follow the guide;

https://whychat.me/GUIDEBOOK.html

 

Opting out BEFORE you start refinancing prevents your data from being sold by CRAs to data miners who resell to JDBs (junk debt buyers) who love to poison reports when people are the most vulnerable.

 

If it is still on any of your reports send the CRA the initial dispute letter from here (if it is a medical account)

https://whychat.me/hipaadisp.html

 

or here if it is non medical

https://whychat.me/initdispltrsol.html

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If you mean Pendrick out of Alexandria, VA, then yes, they do indeed have the bonds required under the relevant provisions of the Texas Finance Code.  The underwriter is Liberty Mutual. 

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@centex this is Pendrick out of PA who is operating under the name of Commonwealth Financial and Dynamic Recovery. Correspondence was sent under Commonwealth Financial and their right to transact business in TX is not currently valid even though they do have two active valid bonds. 

 

@whychat my refi has been completed already and I opted out and deleted addresses 4yrs ago. Additionally during my refi process, I obtained a burner number that I used for soliciting the refi offers and while working with the selected lender until closing. After closing, I called and updated the new lender with my personal number. I know the data mining game and how it works lol 

 

My main concern was related to why TU keeps said the account doesn't exist on their end when I disputed it for the second time? 

Edited by bobsmith99

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I'm seeing a valid bond for Commonwealth Financial out of PA under a SureTec bond.  I also see a current and valid Travelers bond for a Dynamic Recovery Solutions. 

 

Again, upon what are you basing the claim that they cannot do business in Texas?

 

Further, with the apparent residency in Texas, have you looked at the Texas plan and attempted to use the full teeth of the Texas Finance Code?  That does a Texas resident FAR more good than federal law precisely because it directs a modification is to take place in the manner sought by the consumer.  Also, properly drafted, it brings the trebling of damages in through the Texas Business and Commerce Code with the Deceptive Trade Practices Act violations that could be demonstrated. 

 

Most of the national companies are used to the cut-and-paste drivel that misstates federal law.  They tend NOT to be used to the proper use of Texas law.  Remember also that it was through the Texas Finance Code that a Travis County jury slapped Lenahan many years ago for something like seven figures...

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