any difference with a secure loan?

Shirleybedford

On very rare occasions, secured debts are passed on to outside collection agencies. Mostly, the creditor tries to recover the debt from the debtors and after a certain period of time, if the debt is not recovered, an internal collection agency is assigned to collect this debt.

During this time, if the CA is not able to gather money, the creditors are likely to take legal actions against the debtors.

I have seen that creditors do take actions in such situations by repossessing the property of the debtors or issuing a judgment in their name.

In any case, paying off the debt is most important. Be it secured or unsecured, but the risks in unsecured loans are comparatively more.

I can't find my original post, it was made several months ago. I have a wells fargo account that was charged off. It went right into collections. Collection agency contacted me. Since it went so fast, I was able to verify the amount they were saying that I owed against my original account and didn't feel the need to validate. maybe I should have but I didn't.

Right off the bat, I got in contact with them and sent them a letter asking for payment arrangements with a money order as a good faith payment. The next month, I did the same thing again. By the third month, I got a weird feeling about this and decided to send a check to them. That would leave me a better paper trail. They didn't cash it.

Four months came and went without them cashing it. Then I decided to write them another letter, telling them they had 30 days to return my check and money orders or provide proof that my money was being applied to my account OR I was contacting the BBB on them. Once again, I heard nothing. Then the last day before report to BBB time, they cash the check.
Didn't get my money back but didn't get my proof that payments were being applied to account either. I have all letters saved and trust me, theres quite a few. None by which have ever been answered by them. Also wrote original creditor, wells fargo. they never responded either.

When they cashed the check, I wrote them another letter and once again asked for account status---and showing me where the payments had been applied. I sent that certified return receipt. I also stated in letter that I wasn't sending any more money until I heard from them and they showed me that money was being applied. haven't heard anything. In fact, the ONLY time I've ever heard from them was that first original letter. One letter, that was it. no phone calls, no more letters. no response to me on trying to take care of this debt and get it paid. nothing!!!

this is crazy! I am actually having to beg a collection agency to take my money! never heard of this before. here I am, didn't ask for validation, jumped right in and responded to their letter and started right off sending money. I have copies of all letters to them and also to wells fargo. But I'm at a loss as to what to do next. The last time I talked about this was to Roxette and between me and her, we decided the next move should be theirs, the ball was in their court. But still nothing!!

I wrote credit bureaus and explained alittle about whats been going on with this account---maybe they will come back with something.
Is there anyone else I should contact about all of this?
thanks, shirley

Also meant to add that original letter from CA was received around the early part of the year. Also, they are NOT on my credit report, just original creditor. thanks shirley

Hi Shirley,

When did you send your dispute letter to the CRA? If it is over 30 days, you need to send a follow up letter now. The federal laws state that CRA must give you the results of the investigation done. So, if you don't find any change in your CR, you will have to send a copy of your letter to the FTC as well.

And lastly, you also have the option to add a 100 word statement in your file. Since you have already taken all the required steps, now you need to sit patiently and wait for their response. Generally, these are not so time consuming affairs but still, you will have to keep some time in hand.

Thanks Shirley (Did you check your PM?)

Regards
Roxette

No, it hasn't been 30 days yet. I sent them all off on December 13.

I've had a bad day...where nothing 'feels' right and everything seems to go wrong. nothing major just a constant flow of little things through out the day. I went out and when I came back, had missed the mail man and there was a slip in my mailbox stating that I had something certified that I needed to go and sign for at the post office. suddenly I felt sick to my stomach. I drove up to the post office and was nervous, like a school girl going to see the principle. I had a sick feeling in my stomach...so who's threatening to sue me, I wondered to myself.

I get in there and they've got one of the certified letters that I sent to the CRA---Experian. It was returned to me cause apparently the address was wrong or something. So I had to sign for my own certified letter. so, since I mailed them two letters, one for hubbys report and the other for mine, I'll be getting another one returned to me in the next day or so. I put the same address on both.

does anyone have the correct address for this bureau??? thanks much, shirley

Take it easy, Shirley. Everything will be fine.

Here is the correct address of the CRA
Experian
P. O. Box 9595, Allen, TX 75013-9595
Phone number: 888 397 3742

thats strange...this is the exact address that I sent it to. It says 'return to sender' attempted-not known
Unable to forward'. This is weird. If i could attach an attachment to this post, I would scan my letter so you would see that it went to the correct address.
Maybe they refused to accept it?? thanks!!! shirley

Under the Fair Credit Reporting Act, credit bureau is required to present your accurate credit history. You have the legal powers to file a lawsuit against credit bureau on charges of defamation and willful financial injury if they intend to do so.

You will consider this matter later but right now, the thing that is most important is that your letter should have been accepted by the bureau. Call the experian number and explain this situation. This should not have happened in any case. I am also quite surprised on this matter.

I was surprised at the post office when she gave it back to me returned, but I thought that maybe I had the wrong address and made a mistake...but now I find that I didn't. will do more checking to find out what the problem is. thanks for taking the time to read and respond. =) shirley

Okay, called the number and couldn't get a human. They just push buying their report. I haven't bought a credit report from them in the last 90 days or so. Its been several months but I still have my last one and it falls almost word for word with what the Equifax report shows that I just received last month.
I received green cards on Equifax and transunion. Could this be the reason, they checked and found that I haven't purchased a report from them lately so they don't feel they have to talk to me? I haven't gotten a recent report from transunion either. Got it the same time I got the Experian one. They accepted my letter.

Found another address for Experian on the net.
Theres a couple of numbers different.


Experian
NCAC
PO Box 9556
Allen TX 75013
1-800-493-1058

From what I've read and heard on the phone (listening to their answering message), it sounds like unless you purchase a report, they won't talk to you? Also, went to their website and it seems that you can't dispute unless you have purchased a credit report from them in the last certain time period. And only their report.

If this is whats going on, come January 1, I'm due for another free report, I will get it and go from there. If anyone has had this happen to them before--please share. Or if anyone knows whats going on here, please help shed some light on this, I'm confused. thanks, shirley

The FTC link displays the following address

Experian
Consumer Opt-Out
701 Experian Parkway
Allen, TX 75013

I have never heard of this criterion that a person has to order a credit report before he can dispute on an item. If it would have been like this, it should have been followed by the other two bureaus also. But, the other two bureaus have accepted your letter.

Call the FTC toll free number 1-877-FTCHELP
(1-877-382-4357); TTY: 1-866-653-4261 and check if there are any such criteria.

Thank you so much for the info Ben!!!! shirley

got the second letter back today from experian. Researched the website, as I said, lots of emphases on 'buying' a credit report. Then it tells you that if you have a disbute, to look on your credit report and get the address listed on it, to mail your disbute in. They don't list it on the website. so again, purchase the report and you get the address. Ben gave me an address above. was wondering if anyone has gotten a report from Experian that they could check on the address for me???? I just want to make sure that I have the right address before sending them in again. I've already wasted $9, not interested in wasting anymore.

also...got a letter back from Equifax today...seems I made a mistake in my letter to them and sent in an incorrect SSN. I put in an 8 instead of an 0. So now they need a copy of my SSN and drivers license. oh boy! will get one more back from transunion, cause I used the same letter head, just changed to who it was to.
thanks, shirley

Cool, Shirley, don't make mistakes in writing your SSN#. It increases the whole lot of work and needless to say, the additional and perhaps, unnecessary expenses.