Amount of time Collection Agency has to post a satisfied account to CRA?
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Posted by Notorious
(141.149.210.248) on July 03, 2003 at 03:41:03:
Can any one direct me to any regulation or statute that would state the time period a collection agency has to report that a debt has been paid? My father and I are co-owners of two time shares in VA. Both Condo Association Fees were sent to Resort Management International (www.resortmgt.com) “hereinafter RMI” for collection on August 1, 2002. On August 23, both Association Fees were paid in full. I received a fax and then a letter from RMI stating in pertinent part:
“Your collection accounts were settled when we received $xxx on August 23, 2002. RMI will report this as satisfied accounts to the following credit reporting agencies: 1) Trans Union; 2) Experian”. On January 1, 2003 I applied for a home refinancing loan and was declined. An inquiry into my credit report showed that RMI still reported that both Condo Association Fees were “delinquent” on both Trans Union and Experian. I called RMI and one of their customer reps. stated that it would take an additional three weeks to mark these accounts as “satisfied” because that will be the next time they issue them to the CRA. On January 22, I again checked my credit report and both accounts were still marked as “delinquent”. I called RMI again and was assured that the accounts would be “Bulls eyed” which would put them as top priority for posting to CRA and that they would be both marked as “satisfied”. On June 2, 2003 I was denied a school loan. I called the loan officer and inquired as to why? One reason given was a “Serious Delinquency” attributed to two RMI accounts. I called RMI on June 4 and spoke with their manager who apologized and said that he would “delete” rather than mark as “satisfied” the two accounts posted to Trans Union and Experian. I am in the process of obtaining an additional credit report to examine if the accounts are “deleted”. There is no reason why it should take 10 months to resolve this problem. Is there any recourse? Or just any suggestions, thanks.
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