Collection Agency Madness!

Comments(9)

• 
  flacorps10th February, 2005

  http://www.creditinfocenter.com/rebuild/statuteLimitations.shtml

• 
  flacorps10th February, 2005

  Sounds like that CA needs to get a nutcase letter, and then you need to send disputes to the CRAs that are carrying the derog TL.

• 
  flacorps10th February, 2005

  http://p204.ezboard.com/fcreditwrenchfrm2.showMessage?topicID=92.topic

• 
  kfran123410th February, 2005

  Thanks for the link. Should I try disputing it first and see what happens or just go ahead and send them the letter?

• 
  flacorps10th February, 2005

  Quote:
  On 2005-02-10 10:53, kfran1234 wrote:
  Thanks for the link. Should I try disputing it first and see what happens or just go ahead and send them the letter?
  
  
  Try making the CA chary of responding to your dispute. Send the letter, give them a little time to digest it.

• 
  edmeyer9th February, 2005

  This is a guess on my part but I think your credit rating will drop. The reason is that when you have credit capacity the credit rating companies assume you will take on more debt and hence be a bigger risk.

• 
  abstractinvestment10th February, 2005

  It depends on if the lender reports as a revolving account, or a installment account, and if so it will hurt score based on your amount of credit just skyrocketed,therefore it will appear as if your over extended, if the heloc is reported as a mortgage you will be okay, depending on debt to income ratio. :-o

• 
  Nathan1410th February, 2005

  Not trying to step on your shoes edmeyer, but if the HELOC is reported to the credit bureaus as "REV" = revolving, and not used, it will help raise the score to some degree. If it were used JUST a little, just for activity purposes, it would help quite a bit. This post may help:
  
  http://www.thecreativeinvestor.com/ViewTopic40641-27-12.html
  
  If it is reported as "ISC" = Installment Sales Contract, it will probably have little affect either way.
  
  
  Good luck.

• 
  flacorps11th February, 2005

  The debtor should open a checking account with an internet bank out of state.
  
  The creditor can settle at any time for any amount. They just choose not to in this instance.
  
  Perhaps when the creditor finds its ready source of debtor cash dried up, it will be more receptive.
  
  Beware any checks that come to the debtor for small amounts masquerading as prize or rebate checks ... they may be "Trojan Checks" (read down a bit in this link: http://commdocs.house.gov/committees/bank/hba66938.000/hba66938_0.HTM )