STUCK WITH CREDIT REPAIR!
Date: Fri, 05/29/2009 - 21:31
About two years ago my husband and I started the process of improving our credit by making timely payments, and not applying for any cards or doing anything that would affect further our credit history. However, as of today we still struggle with two collections, one his and one "mine". His collection, from Bank of America was with National Enterprise Systems, which would appear in his credit report, curiously enough, when we sent a dv letter they dissappeared from the cr, but Bank of America continued reporting it to the cb. Due to the determination we have to purchase a house this year, I called BOA and asked to settle but they replied they did not have the account anymore, they gave the "right" to collect to NES and gave me their number. Of course, I called and they we super rude, as many people already know, so I asked to speak with a supervisor "Pam" and we made a settlement of 50% of the debt (made in two payments) and she would send me that offer through the mail. What puzzled me is that the verbal settlement was that we would pay 50% of the debt and they would report to BOA as paid in full, sounded good. Well, I asked her to include the whole deal in the letter she was going to send, but she stated she could not include the part that they would report it as paid in full due to the fact they are not the ones reporting it to the cb, but she "assured" me they were going to notify BOA that such debt was paid in full, thus BOA would later report it as such. Is this possible? Should I believe this? I am worried I might be throwing my money to the abyss.... Please help... thanks
Hi Evon First of all, you send DV letter to NES and they did no
Hi Evon
First of all, you send DV letter to NES and they did not validate it, instead they removed their listing from the credit report. So make sure that you get the debt validated before you pay them off.
Secondly, Even if you settle the debt with the CA, the BOA listing will stay there in your report and can never be removed before seven years and 180 days. However, the status of the listing will change to "settled for less" or "paid as agreed".
Finally, since the BOA has already sold the debt to NES, they will never report anything to the bureaus. The NES will report it as "paid as agreed" or "settled for less" to the bureaus.
