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I have a letter from the Creditor's third party counsel stating that they agreed to change my account status to reflect a closed (paid) with a current pay status, however on my credit report the file shows pay staus as collection/chargeoff instead of current.
What steps should I do to have this corrected? Thank you.
Hi Guest,
I would suggest that you dispute the issue directly with the credit bureaus. You will find a sample Dispute Letter in the Letters of Credit section. You must enclose a copy of your credit report and a copy of the agreement letter from the creditor's third party counsel. Encircle the item on the credit report that you are disputing. Send your Dispute letter through certified mail, with a return receipt requested.
The credit bureau should investigate and remove the negative listing within 15 days, after receiving your Dispute Letter. You are also entitled to get a free copy of your credit report after it is corrected and updated.
Hello Guest,
I can't help but to notice that you said the Creditor's third party counsel. Do you mean a collection agency?
You may have a problem if the original creditor is still showing on your credit reports as charged off. This may still stay this way even if you have made an agreement with a collection agency. Is it a collection agency that you've been dealing with?
Thank you both for your help. It was Citibank who hired a local (where I live) attorney. I made arrangements with the attorney to pay off the debt in full if they agreed to change the status. Rachel answered the question very well. Thank you very much.