What does it mean when the account status changes from blank to Renwed/Refinanced? (see actual Equifax data below):
ARROW FINANCIAL SERV AFS ASSIG-3600XXXX 10/2006 $0 02/2010 $0 REFINANCED OR RENEWED $0
Hide Details Dispute this Item
ARROW FINANCIAL SERVICES L5996 W Touhy Ave
Niles,IL 60714-4610
(800) 279-0224
Account Number: AFS ASSIG-3600XXXX Current Status: REFINANCED OR RENEWED
Account Owner: High Credit: $0
Type of Account: N/A Credit Limit: $0
Term Duration: Terms Frequency:
Date Opened: 10/2006 Balance: $0
Date Reported: 02/2010 Amount Past Due: $0
Date of Last Payment: Actual Payment Amount: $0
Scheduled Payment Amount: $0 Date of Last Activity: 06/2004
Date Major Delinquency First Reported: Months Reviewed: N/A
Creditor Classification: Activity Description: N/A
Charge Off Amount: $0 Deferred Payment Start Date:
Balloon Payment Amount: $0 Balloon Payment Date:
Date Closed: Type of Loan: Collection Agency/Attorney
Date of First Delinquency: N/A
Comments: Consumer disputes this account information,
Collection account
81-Month Payment HistoryNo 81-Month Payment Data available for display.
I have, also, noticed that the previous balances went from $939 to Zero. Does this mean Arrow has sold the account to another CA or did First Premier Bank recall the account? Apprently, Arrow Financial is acting as assignee for First Premier Bank.
Any advise or opinions on what has happened? Any course of action I can take?
I have disputed this account with CRA, sent a DV letter and follow up letter to AFS. Submitted a 623 to the CRA. Lodged a complaint on the AFS website for this account requesting validation.
Any assistance is appreciated.
Is this debt listed under another collection agency on your report or is this the only one?
collection account
Hi Wasco,
You should contact the first collection agency, and inquire into the matter. As your account has been handed over to a second collection agency by the first one, it should have been reported in your credit report. Even if First Premier Bank would have pulled the account back, it should have got reported on your credit report. Thus, it's better to inquire with Arrow Financial.
Hope this helps.
Arrow Financial changes status of account to RENWED or REFIN
For the record.....There are multiple accounts involved and this is the first I have seen the status changed to REnwed/Refinanced.
CA ignores the DV letters and continues to report account as verified to CRA. I tried to call once and was on hold for nearly 45 minutes before I gave up (waiting to talk to a person about the account).
Advise or opinions?
collection account
Hi Wasco,
You can first check the statute of limitations (SOL) of your state. If the SOL has expired, you need not worry much, as the collection agency won't be able to sue you. You can then send the collection agency (CA) an "expired SOL notification letter" mentioning that you are aware of your rights.
However, if the SOL has not yet expired, you can contact the original creditor (OC), and request them to pull the account from the CA. If they comply, you can then settle the amount to be paid. However, if the OC doesn't comply to your request, you need to deal with the CA.
First, ask the CA to talk to the credit bureaus and correct the wrong information listed on your credit report. Then, you can request them to settle the debt amount. However, if they don't want to settle, you can contact your State Attorney General and seek advice.
Aaron gives some great advice hear, the attorney general in our state is very active in helping consumers resolve issues, so you may want to contact them and see what they can do. Most of the time they will have an online complaint section on their web page.
Arrow Financial changes status of account to RENWED or REFIN
HI Aaron and Goodnatured,
First of all, the SOL in California is 4 years. All these accounts past the SOL in December 2008. I agree that if the accounts are past the SOL the CA cannot file suit. If they do file suit, I have the past SOL statute defense and will get the case(s) dismissed.
Second, I want Arrow to go away and I need to get the tradelines deleted. I think I could force them into a position to defend what they are reporting, by litigating with them in court. I might be able to initiate the lawsuit(s) under technical violations of the FDCPA and FCPA. Should I exploit their collection activity violations and SOL issues in a letter or in litigation? Like we all could use a little money, so I would look forward to gewtting something out of the deal above and beyond tradeline deletions (if possible).
Third, I have files complaints with FTC, AG and BBB. Awaiting reply...I know I will hear nothing back from FTC. AG will make an inquiry and Arrow will answer the inquiry but that is all the action I expect from AG.
Would the DA from my county be an avenue to expose them? How about the US Attorney's Office? I am sure there is a way to tie all this activity into a mail fraud violation....I will have to look into this topic.
Lastly, I spoke to OC. There position is I have no financial obligation to them. I offered to settle accounts and they insist I must settle with the CA. Ironic, an OC not wanting to get paid twice for the same account. They charged off the accounts and are refusing to settle. Doesn't make sense to me....but hey I am looking for the easiest way to clear this mess up without a dime out of my pocket.
reply
Hi Wasco,
I am afraid, unpaid accounts cannot be disputed or removed from the report, though statute of limitations (SOL) may have expired. Moreover when original creditor (OC) sells off an account to a collection agency (CA), they generally do not pull it back from the CA. It depends totally on the credit card company or the bank. However, for more details and legal aid you can contact the State Attorney General, as I have said before.
Hope this helps :) .
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As a follow-up to my initial post and replies over the last couple of years.....
I was able to get all Arrow Financial collection accounts removed from all 3 credit reports. I was, also, able to get First Premier Bank to remove all the account information through deletion by an officer of their banking operations.
First Premier Bank will not remove charge offs, late payments, or past due balances at the consumer level even with a dis[pute and validation of debt.
They will consider a goodwill letter if you can justly convince them and request to re-open the account or offer to settle the debt in full. Even though they declined my offer on all 8 accounts (both individually and jointly owned); upper Vice Presidents will move mountains to re-secure a customer's business.
Perseverance and patients will prevail.
The 8 accounts totaled nearly $4,900 and my credit score jumped from 435 to 597 within 2 months after getting the notice of deletions from the VP of Banking Operations at the corporate level.