credit report showing a delinquent account
Date: Fri, 05/25/2007 - 18:26
I was allowed to break it up into 6 payments. 4 have been automatically deducted from my checking account. I have 2 left. None have been late or delinquent. I just found out that Asset Acceptance has put a delinquent status on the account and it dropped my credit score by 50 points! Is this allowed?
Now why did you go and start sending them money if you didn't th
Now why did you go and start sending them money if you didn't think you owed it? Hindsight is always 20/20, but it really was up to them to prove you owed it.
Were they reporting before on your credit, and it just recently turned bad? Or is this the first time the account appeared on your credit?
Asset Acceptance is a collection agency, simply because they collect on defaulted accounts instead of extending new credit. Because they are identified by the bureaus as a collection agency, I'm pretty sure anything they report to the bureaus would show up as a collection item.
Did you get your payment agreement with them in writing? If so, that may be grounds to say they shouldn't report negatively (or at all).
You might draft a letter to them, ATTN FCRA Compliance Officer, and state that you have made satisfactory arrangements on the account, and furthermore you have continued to meet those arragements, and they should not be reporting derogatory information about you in violation of the Fair Credit Reporting Act. There's also a plethora of pre-made letters in the Do It Yourself Section.
You can also try disputing your credit directly through the credit bureaus. They will pass your dispute on to Asset at which point they would have to verify that they are reporting correct information.
