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Elan CO Needs To Go Away


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Hey y'all! It's been a while since I have posted on here. My credit rebuild journey is continuing. At this point, I have settled all of my delinquent debts, except for one, which is US Bank/Elan Financial. This account charged off in 2017 with a balance of about $23k. It has passed the 4 year SOL here in Texas, so I am safe from being sued by them. They are currently reporting on my Experian credit file and sometimes on my Equifax file. Equifax will delete the account, then Elan will report it again a couple of months later. I think I am on round 3 of this happening with them. Anyway, I really would like to get this account settled or deleted permanently. I spoke with Elan maybe 6 months ago about settlement and got a very rude woman on the phone who said they could not settle the debt for less than $18,000. Realistically, the most I could settle with them for is about $5k. Paying more is not worth it to me at this particular point in time. According to Experian, this account is due to fall off in 11/2023, or about 2 years and 2 months from now. Does anyone have any ideas about how to get them to negotiate down to a lower amount? I know Elan will sell stuff to debt buyers as well, but they have never sold this account for some reason. Also, do you see any potential reasons to dispute this account? I have run out of ideas.

 

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settling won't remove the account as an OC is unlikely to go for a PFD.

 

I don't see anything obvious as a basis of a dispute but then this does not appear to be a tradeline record from a paper copy of your reports (forgive my old eyes if it is).

 

I don't see any upside to settling as the trade will remain and a paid/settled CO is just as bad (sans the utilization effect) as an unpaid CO. Moreover there may be a 1099 involved with any settlement.

 

Would you rather wait 26 months (of course try for early delete) or is it worth the equivalent of $692 a month AND still have a derogatory tradeline?

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5 hours ago, hegemony said:

settling won't remove the account as an OC is unlikely to go for a PFD.

 

I don't see anything obvious as a basis of a dispute but then this does not appear to be a tradeline record from a paper copy of your reports (forgive my old eyes if it is).

 

I don't see any upside to settling as the trade will remain and a paid/settled CO is just as bad (sans the utilization effect) as an unpaid CO. Moreover there may be a 1099 involved with any settlement.

 

Would you rather wait 26 months (of course try for early delete) or is it worth the equivalent of $692 a month AND still have a derogatory tradeline?

That's the issue. I am concerned that it is affecting my utilization. But you're right, it will still show as settled/derogatory anyway. That's why I don't think it's worth paying them much money. Especially on Experian, where I have had ZERO luck getting any settled accounts deleted. I should probably just wait and ask for early exclusion in August of 2023. 

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