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Questions about CR
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Posted by Arnie
(24.154.232.81) on April 21, 2003 at 17:59:46:
Just received copy of credit report. Originally, I had written on this board about inheritance/creditors. "Why Chat" had suggested that I get copies of my CR's to see when come-off dates of adverse accounts would be. He, also, suggested that I not contact CRA even if some information on reports was incorrect right away because it might draw attention to me from my creditors whom I don't want to know about my upcoming inheritance. Well, believe me, there are many things that are incorrect on this report, and eventually I will be doing something about it. Anyway, the last time I had any activity on these credit card accounts was in 2000. Most of these accounts were noted as Profit & Loss/charged as bad debt. I noted that many of these charge-offs didn't have a delinquency date on them just a status date of charge-off. Also, one of the creditors who had wrote off an account as profit-loss/bad debt, didn't acknowledge that I had settled this account over a year ago with a CA who said they were representing this creditor and would settle in-full for 50% of original amt. due. I sent a money order in to them for this amt. and notated on the MO that "endorsement and cashing of this MO constituted payment and settlement in full of this acct." Well, about three months later, another CA tried to collect on this same account, and I had to send them a copy of my MO and the letter from the other CA stating that this account had been paid and settled in full; however there is nowhere on the CR where the OC or CA collecting this debt acknowledge it having been paid. Also, many of my charged-off accounts have been assigned or bought by CA's. These accounts have already been noted by the OC on the CR as charged-off/profit-loss, but the CA's have also reported them using the status date as the date they bought or received them for collection. Some of these CA's bought these charged-off accounts because they'd previously sent me letters informing me of this; however, on the CR they have submitted these accounts as just "collection" accounts. Well, to get to the questions I'd like to please have someone answer:
1. Are CA's who buy or become assignors/assignee of charged-off accounts , allowed to submit these accounts to CRA's for a second time after the OC's have already done this? The dates these CA used, make the SOL much longer than it should be. Is this known as "re-aging" an account? Is this legal?
2. What does a "profit and loss write-off" mean for the OC? Also, is the SOL determined by the OC or AC?
3. What does a factoring company account mean?
4. What does it mean when an OC transfers an account?
5. Under what SOL in Pennsylvania does a revolving account come under (contract, note, etc.)?
6. One of my accounts (a Visa acct.)is listed as a revolving charge account when it is definitely an open account. Why would an OC classify it as this? SOL?
7. What constitutes a third party in a creditor/debtor relationship?
8. Would it be possible that a CA could know about an upcoming distribution of an inheritance of a debtor if all of a sudden they started checking the debtor's CR on a regular monthly basis (and ironically, the first time they started doing this was when the will went into probate)and previously they'd only checked on your CR about 3 times a year? Or could there be some other reason for this?
I apologize for the length and elementary questions that I am asking, but I'm new at this creditor/debtor thing with CA's and interpreting some of the material on the credit reports.
Thanks for any help given. Arnie
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