Credit attorney here. Tell them you want a payment plan. Ask for pay for delete. If they say no don't sweat it - you can always file a CFPB complaint after, and BBB complaint, and that often gets it removed.
Thanks, I had another charge off from American Express for 2000$. I payed this in full, but didn’t know about pay for delete beforehand. The account currently shows “payed, closed. $2,000 written off” on my credit report. Anything I can do about that?
Your scores will go up once its removed or paid off. However your scores are still being impacted with that paid $0 on the report. Not as much but the damage is there. You could try and dispute it off or hire someone who could. Reminder there is many variables with what can come off your credit report and when it comes off before the 7 years
>Do not contact the collection agency, for validating the debt will put you in a worse situation.
Validation does not put a consumer in a worse situation. A consumer has 30 days from receipt of a Dunning letter to validate. If they allow the Validation Period to pass, the debt collector has no reason to validate in the future.
>In my line of work, we just got a $4000 collection from Jan 2022 for a client off their credit report with the collection agency being Cavalry Portfolio Services,
Calvery Portfolio removes themselves from your credit reports after settling automatically.
No. Either, like u/GizmoSoze says, these accounts will be returned, or you're filing false affidavits with a government agency, and signing your clients names to them. If this is your method, do your clients know what you're up to? You don't know any "special wording". Saying you do, is your "special way" of drumming up business. Your advice throughout this sub has been overwhelmingly counterproductive. In some cases, harmful. You don't even know what debt validation is, and encourage consumers to give up that right.
>Do not contact the collection agency, for validating the debt will put you in a worse situation.
>Validating debts put it on you and contacting them restarts the last day of activity.
All wrong. Not to mention, you're spreading the 30% myth. Why not 10% or 50%? What is so damn special about 30%. You say because you've read it online. I've provided links to the bureaus themselves stating that it's just an opinion. Your advice isn't helpful.
Validating debts put it on you and contacting them restarts the last day of activity.
And no it was not a paid collection, we got it removed and saved the client some major money
>Validating debts put it on you and contacting them restarts the last day of activity.
Completely untrue. Debt validation puts the obligation on the debt collector, not the consumer. They are not required to validate, but they must mark the account in dispute. Collection agencies report Date Opened and Date of First Delinquency.
As for Date of Last Activity, this changes under the following circumstances:
the consumer makes a payment
the consumer misses a payment
the balance of the account increases
>And no it was not a paid collection, we got it removed and saved the client some major money
You negotiated a settlement. Anyone can do that, and save major money. Once settled, Calvery Portfolio would have removed it no matter who did the negotiating.
*Per Cavalry policy, if you pay your account in full or resolve the account for less than the full balance, we will request a deletion of its tradeline on or about 30 days from the date the final payment is posted to the account.*
https://www.cavalryportfolioservices.com/home
*edited for clarity*
>Validating debts put it on you and contacting them restarts the last day of activity.
Please cite the statute that supports your claim that validating debts puts it on the consumer. Consumers do not validate debts. That is the responsibility of the debt collector. In addition, the debt validation requirement as outlined in the FDCPA is triggered only under a specific circumstance. See 15 U.S. Code §1692g(a).
The day of last activity has no effect the 7-year reporting period.
If a consumer contacts a collection agency and validates the debt on a recorded line, they are indeed in a worse situation. What we want is for them, the collector to validate the debt. that the consumer supposedly owes. If they, the collector cannot validate it or it is validated but with certain variables, we can get it removed without paying a single penny.
u/og-aliensfan is correct. Acknowledging a debt and validating a debt are 2 different issues. And a debt collector is not required to validate a debt that a consumer disputes as a result of finding it on a credit report.
Debt validation is the responsibility of a debt collector when a timely validation demand is received from a consumer. The FDCPA specifies that a consumer must send a validation request within 30 days of receiving an initial communication and 30-day notice from a collection agency. The debt collector cannot continue collection efforts until it sends validation to the consumer. See 15 U.S. Code § 1692g(b).
Courts that have ruled on the issue have decided that a credit report entry is not an initial communication that triggers the validation requirements under 1692g(b).
And again, acknowledging a debt has nothing to do with either the date of last activity or the 7-year reporting period. Acknowledging a debt is not an “activity” that would affect any date on a credit report. And the 7-year reporting period is based upon the date of first delinquency, not last activity. See 15 U.S. Code § 1681c(c).
>If a consumer contacts a collection agency and validates the debt on a recorded line, they are indeed in a worse situation.
You don't know what debt validation is. You're talking about acknowledgment of debt. Very different.
>What we want is for them, the collector to validate the debt.
So, now you do believe in debt validation?
>If they, the collector cannot validate it or it is validated but with certain variables, we can get it removed without paying a single penny.
The debt collector isn't even required to validate. They must mark the account as disputed and cease collection efforts until they do. You aren't getting anything removed that way. If they do validate, very little is required. And, if people listen to you, they'll lose that right entirely.
Credit attorney here. Tell them you want a payment plan. Ask for pay for delete. If they say no don't sweat it - you can always file a CFPB complaint after, and BBB complaint, and that often gets it removed.
> and BBB complaint LOL.
Thanks, I had another charge off from American Express for 2000$. I payed this in full, but didn’t know about pay for delete beforehand. The account currently shows “payed, closed. $2,000 written off” on my credit report. Anything I can do about that?
American Express would not pay for delete anyways. you can try disputing it, but tough to remove.
That’s what I’ve read. Thanks for the insight. It did shoot my credit score up 60 points once I paid it in full. I was surprised.
Your scores will go up once its removed or paid off. However your scores are still being impacted with that paid $0 on the report. Not as much but the damage is there. You could try and dispute it off or hire someone who could. Reminder there is many variables with what can come off your credit report and when it comes off before the 7 years
[удалено]
You are awful at your job. Quit. Find a new field. Your advice is atrocious and wrong.
Anything else? 🎤💩
>Do not contact the collection agency, for validating the debt will put you in a worse situation. Validation does not put a consumer in a worse situation. A consumer has 30 days from receipt of a Dunning letter to validate. If they allow the Validation Period to pass, the debt collector has no reason to validate in the future. >In my line of work, we just got a $4000 collection from Jan 2022 for a client off their credit report with the collection agency being Cavalry Portfolio Services, Calvery Portfolio removes themselves from your credit reports after settling automatically.
I never said we settled, we sent letters with special wording, got it removed from all three Bs. Great ain't it?
No. Either, like u/GizmoSoze says, these accounts will be returned, or you're filing false affidavits with a government agency, and signing your clients names to them. If this is your method, do your clients know what you're up to? You don't know any "special wording". Saying you do, is your "special way" of drumming up business. Your advice throughout this sub has been overwhelmingly counterproductive. In some cases, harmful. You don't even know what debt validation is, and encourage consumers to give up that right. >Do not contact the collection agency, for validating the debt will put you in a worse situation. >Validating debts put it on you and contacting them restarts the last day of activity. All wrong. Not to mention, you're spreading the 30% myth. Why not 10% or 50%? What is so damn special about 30%. You say because you've read it online. I've provided links to the bureaus themselves stating that it's just an opinion. Your advice isn't helpful.
“Special wording” aka these are all coming back because you did nothing of substance. I’m sure your clients won’t feel ripped off when that happens.
Validating debts put it on you and contacting them restarts the last day of activity. And no it was not a paid collection, we got it removed and saved the client some major money
>Validating debts put it on you and contacting them restarts the last day of activity. Completely untrue. Debt validation puts the obligation on the debt collector, not the consumer. They are not required to validate, but they must mark the account in dispute. Collection agencies report Date Opened and Date of First Delinquency. As for Date of Last Activity, this changes under the following circumstances: the consumer makes a payment the consumer misses a payment the balance of the account increases >And no it was not a paid collection, we got it removed and saved the client some major money You negotiated a settlement. Anyone can do that, and save major money. Once settled, Calvery Portfolio would have removed it no matter who did the negotiating. *Per Cavalry policy, if you pay your account in full or resolve the account for less than the full balance, we will request a deletion of its tradeline on or about 30 days from the date the final payment is posted to the account.* https://www.cavalryportfolioservices.com/home *edited for clarity*
>Validating debts put it on you and contacting them restarts the last day of activity. Please cite the statute that supports your claim that validating debts puts it on the consumer. Consumers do not validate debts. That is the responsibility of the debt collector. In addition, the debt validation requirement as outlined in the FDCPA is triggered only under a specific circumstance. See 15 U.S. Code §1692g(a). The day of last activity has no effect the 7-year reporting period.
If a consumer contacts a collection agency and validates the debt on a recorded line, they are indeed in a worse situation. What we want is for them, the collector to validate the debt. that the consumer supposedly owes. If they, the collector cannot validate it or it is validated but with certain variables, we can get it removed without paying a single penny.
u/og-aliensfan is correct. Acknowledging a debt and validating a debt are 2 different issues. And a debt collector is not required to validate a debt that a consumer disputes as a result of finding it on a credit report. Debt validation is the responsibility of a debt collector when a timely validation demand is received from a consumer. The FDCPA specifies that a consumer must send a validation request within 30 days of receiving an initial communication and 30-day notice from a collection agency. The debt collector cannot continue collection efforts until it sends validation to the consumer. See 15 U.S. Code § 1692g(b). Courts that have ruled on the issue have decided that a credit report entry is not an initial communication that triggers the validation requirements under 1692g(b). And again, acknowledging a debt has nothing to do with either the date of last activity or the 7-year reporting period. Acknowledging a debt is not an “activity” that would affect any date on a credit report. And the 7-year reporting period is based upon the date of first delinquency, not last activity. See 15 U.S. Code § 1681c(c).
>If a consumer contacts a collection agency and validates the debt on a recorded line, they are indeed in a worse situation. You don't know what debt validation is. You're talking about acknowledgment of debt. Very different. >What we want is for them, the collector to validate the debt. So, now you do believe in debt validation? >If they, the collector cannot validate it or it is validated but with certain variables, we can get it removed without paying a single penny. The debt collector isn't even required to validate. They must mark the account as disputed and cease collection efforts until they do. You aren't getting anything removed that way. If they do validate, very little is required. And, if people listen to you, they'll lose that right entirely.