Hello, After refinancing my home in 9/2006, (credit report was perfectly clean)! we rechecked our credit report in 10/06, only to see that a collection had been added! Before that, we had not had any lates..etc for over 10 years. We immediately called Asset Acceptaqnce( the collection agency listed) the next day and was told it was a debt for $105.00 for an electric bill that we did not pay 4 years ago. The month in question for this bill was when we moved from MN to CA. We left a forwarding address, received all other mail, but never an electric bill. In fact, we received nothing from either the Electric Co nor Asset Acceptance in those 4 years. (no letters, no phone calls) They insisted that a bill was sent to us. Naturally, not knowing any better and since we did live at the address in question for the bill in August 2002, we paid the $105. We pleaded our case with Asset, that we never received anything, despite our forwarding address...it was an unfortunate mistake, or cross in the mail and asked them to remove it from our credit reports after payment. Well, month later, it still on reports as a PAID Collection. My FICO has gone down 50+ points, which doesn't give me very favorable terms for best rates when financing. Can they legally keep this on my record for 7-10 more years ( they just placed it on there in 10/2006)ruining my credit, even when they placed it on my credit reports 4 years later without even a hint that there was a problem? I wrote them a letter asking that they please do the right thing, and not ruin my credit for $105 as they themselves did not contact me during the 4 years. They didn't care. I also wrote the Electric Co. in question, they replied with their "apologies" and said there was nothing they could do and only Asset Acceptance can remove this collection. Should I contact the Credit bureaus and send letter to them also asking for "forgiveness" for something I knew nothing about to see if they will remove it? Why would I want to ruin my credit for $105? There has to be a way to fix this. Any suggestions? Thank you for your time...Ed
Forums
Actually, there is a way to get "Paid Collections" removed,
in that:
1. Furnishers of Information must prove what they are reporting
to the credit bureaus.
2. CAs must be able to PROVE that whatever Information they
are Furnishing to the CBs is 100% accurate. Not 75% or
98%. Information must be 100% accurate or it must be removed.
3. Furnishers of Information must be able to PROVE that the debt
belongs to you. (i.e., contract bearing your signature, account
summary showing charges and payments, etc.)
4. Although you had mistakenly paid the UNPROVEN debt
to preserve your excellent credit scores, you still may DV
with Asset Acceptance and Dispute with the CBs.
5. Asset had illegally Re-aged this alleged debt.
6. If the illegally Re-aged debt is ever PROVEN to be yours,
the Date of Last Payment was on or about JULY 2002,
not October 2006, as fraudulently reported by Asset Acceptance.
7. This illegal Re-aging is totally unacceptable to the FTC.
This unproven, inaccurate and fraudulent account may
remain on your credit reports until 10/2013 (or 4 years
longer). Ouch!!!
8. Without admitting to anything further, use their violation(s)
as leverage for complete removal.
9. You owe it to yourself and your family to bring this illegal
Re-aging violation to the attention of Asset's FCRA Compliance
Officer. Tell them that if this false information is not removed
from your credit reports immediately, you fully intend to file a
detailed complaint with the FTC, and your State Attorney General
and Asset's State Attorney General.
Hope this response is helpful.
Using Leverage for Removal of Paid Collections
Actually, there is a way to get "Paid Collections" removed,
in that:
1. Furnishers of Information must prove what they are reporting
to the credit bureaus.
2. CAs must be able to PROVE that whatever Information they
are Furnishing to the CBs is 100% accurate. Not 75% or
98%. Information must be 100% accurate or it must be removed.
3. Furnishers of Information must be able to PROVE that the debt
belongs to you. (i.e., contract bearing your signature, account
summary showing charges and payments, etc.)
4. Although you had mistakenly paid the UNPROVEN debt
to preserve your excellent credit scores, you still may DV
with Asset Acceptance and Dispute with the CBs.
5. Asset had illegally Re-aged this alleged debt.
6. If the illegally Re-aged debt is ever PROVEN to be yours,
the Date of Last Payment was on or about JULY 2002,
not October 2006, as fraudulently reported by Asset Acceptance.
7. This illegal Re-aging is totally unacceptable to the FTC.
This unproven, inaccurate and fraudulent account may
remain on your credit reports until 10/2013 (or 4 years
longer). Ouch!!!
8. Without admitting to anything further, use their violation(s)
as leverage for complete removal.
9. You owe it to yourself and your family to bring this illegal
Re-aging violation to the attention of Asset's FCRA Compliance
Officer. Tell them that if this false information is not removed
from your credit reports immediately, you fully intend to file a
detailed complaint with the FTC, and your State Attorney General
and Asset's State Attorney General.
Hope this response is helpful.
SEAGiqEOyD
mIjZh8 Awesome article.Really thank you! Want more.