Re: help! need difinitive answer to charge off law

Posted by Bill Bauer on December 25, 2001 at 21:10:28:

In Reply to: Re: help! need difinitive answer to charge off law posted by Linda on December 24, 2001 at 16:27:02:

Linda is absolutely correct. There is no law that requires the reporting of anything to anybody. The requirement is formed by the contract with the credit bureaus who require it. Even then some agencies don't report but only use the bureau for their own internal purposes. The clerks who deal with the debtors only know what they have been told by their supervisors and have little or no idea what is or is not in the laws. One way to get around their positions in some states is to use a restrictive endorsement and a certified bank cashier's check. Most money orders won't do because the restrictive endorsement has to be done in a large rubber stamp because the wording is entirely too big to fit on a small money order or small personal check. You never want to use a personal check anyway because that could give them access to more information they don't need. The rubber stamp I use is quite large and therefore expensive but I use it a lot so it's not all that bad. A one time useage would almost make it prohibitive since it would represent a fair portion of a small debt or might even exceed the cost of a small debt. Some agencies might refuse to accept a check with a restrictive endorsement but in the event they do then their only alternative is to sue and that might not prove to be a successful venture if you appeared in court and argued that you had paid them but they would not accept the money.

I've never had any problem with it's use, but I know that they could arise and probably will sometime in the future.

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