What are CA's responsibility's after a settlement?
Date: Mon, 04/03/2006 - 12:00
I had a Citibank card that went to charge off and was bought by NCO. I settled and paid off the settlement with NCO in 5/2003. Equifax still shows the account as an open collection. I contacted the CA, they said it shows in their books that it is closed (they are sending me another settlement complete letter), and that I need to contact the CRA to dispute it.
As per my other thread, http://www.debtconsolidationcare.com/forums/outstanding-collection.html , everyone is telling me to send a letter of dispute to the NCO, not the CRA, asking they update my info. I assume if I dispute with the CRA, they will change the status to "paid collection". If I dispute it with NCO, and lean on them a little, I can probably get them to either mark it as "paid as agreed" or remove it entirely (which is better?)
So, my main question is, can somebody help me find the right section of either the FCRA, or the fdcpa that shows they violated some portion of it by not updating my account with the CRA? If I can find that, I can include it in my letter, and try to force them to remove or change the reporting to a positive report.
Second, I was going to take the following steps, and wanted to make sure I was not making any mistakes:
1. I am waiting for the settlement letter to arrive
2. I will send a dispute letter to NCO including copies of the settlement, as well as the settlement agreement sent in 2/2003.
3. I will request in the letter that they remove their entry from all CRA's completely because of their violation of the (whatever portion of whatever act they violated)
4. I will immediately after sending the letter complete an online dispute with the CRA reporting this account asking them to investigate.
Does this sound like the right steps? Should I wait before I dispute it with the CRA?
Thanks in advance, and double thanks to the person who can help me find the violation they committed in the FCRA or the FDCPA.
Section 623a 2) Duty to correct and update information. A perso
Section 623a
2) Duty to correct and update information. A person who
(A) regularly and in the ordinary course of business furnishes information to one or more consumer reporting agencies about the person's transactions or experiences with any consumer; and
(B) has furnished to a consumer reporting agency information that the person determines is not complete or accurate, shall promptly notify the consumer reporting agency of that determination and provide to the agency any corrections to that information, or any additional information, that is necessary to make the information provided by the person to the agency complete and accurate, and shall not thereafter furnish to the agency any of the information that remains not complete or accurate.
They are to change the status of the account on your credit repo
They are to change the status of the account on your credit report and send you a letter or account settled in full for your records.
