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  1. #1
    Join Date
    May 2010
    Posts
    2

    Default How to Correct My Credit Report Regarding an Inaccurate Collection Account

    My question involves a credit report problem in the State of: Pennsylvania/California

    Hi, first of all, I'd like to thank you for the opportunity of having some questions answered here.

    I am not american and I lived in Pennsylvania legally as exchange student in 2004/2005 and opened a bank account with Bank of America. I left the country when my exchange program ended and closed the bank account and did withdraw all of my money. Thank God, I usually keep all my documents for long time and I still have the receipt related to the closure of this account.

    I don't know why, Bank of America charged me a USD 5.00 fee AFTER the bank account was closed. I sent a letter to BoA from my country explaining everything and I also sent the documents proofing that I have closed the account in 2005 and they sent me letter back with an evasive answer. I called them from my country to explain the case again and they treated me with disrespect. So, I didn't pay it.

    I am now back in the US legally again because my company transfered me here for a 2 year project, in California. Then I found out that I have low credit score reported by RJM Acquisitions. I can't have credit cards either was not able to contract Internet service to my house.

    I read a lot of similar cases here and over the internet and contacted this RJM company and they sent me this letter:
    'When you finish paying, this account will be satisfied in full, and, as per your specific request, RJM will have our reporting of this account deleted with Experian and Trans-Union.'

    I called them again and asked about Equifax. They told me they don't deal with Equifax.

    I am a bit confused about what to do, so my question is:
    Is better pay the amount (it's about $ 40.00 only) and have them delete the record or should I dispute this with the Credit Agencies, since I have all the documents proofing this is an inaccurate debt?

    I appreciate if someone can give me a hand!

    Thank you.

  2. #2
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: How to Delete/Clear Credit Report Regarding an Inaccurate Collection Account

    should I dispute this with the Credit Agencies, since I have all the documents proofing this is an inaccurate debt?
    If it is actually an incorrect reporting, you should dispute the report with the CRA. It only costs the time and money for a letter and postage to dispute the entry. You also do not have to deal with a creditor that does not delete your incorrect history even after you pay them what they demand.

    Dispute it will any CRA that is showing it.

  3. #3
    Join Date
    May 2010
    Posts
    2

    Default Re: How to Delete/Clear Credit Report Regarding an Inaccurate Collection Account

    Thank you for your reply.

    The thing is: I read that when disputing with a credit report agency it takes months and If I just pay the collection company, it should take 10 days.
    However, I feel that if I pay the collection agency it seems that I agree that I owe this debt. I just want to have this solved as soon as possible.

  4. #4
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: How to Correct My Credit Report Regarding an Inaccurate Collection Account

    does it really matter if you agree you owe the debt or not?

    and if you want to pay and not claim liability for it, send a letter that you are paying the debt merely to facilitate the removal of the item from your credit report and payment of the debt is not an admission of being liable for the debt.



    If this is the total cost, I don't see how it really makes any difference but if it eases your mind, go for it.

    So, what happens if they do not delete it from your CR? They have no legal responsibility to do so and actually, depending on their contract with the CRA's, they may not even be allowed to do this legitimately.

    If the debt is still owned by BofA, the CA may not have the ability to delete the tradeline.

    Whatever you do, make sure it is in writing before you do it.

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