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Ask Barrister Your Own Question
Barrister
Barrister, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 34254
Experience:  Attorney,16 years experience in consumer protection areas
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I had several debts closed, charged off and turned over

Customer Question

Hi I had several debts closed, charged off and turned over to collection agencies, and I have now paid down the bad debt in full (no settlement amounts) to creditors but i don't see any update after 3 months on my credit report. What is the law on that for the creditor?
i.e. DELTA OUTSOURCE GROUP took over the CAPITAL ONE RETAIL CARD
I called Delta and was told they would email "BUREAU INVESTMENT GROUP" who owns the Cap1 card
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  Barrister replied 1 year ago.
Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.
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Have you gotten anything from the creditors in writing stating the debts have been paid in full?
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Have you contacted the credit reporting agencies directly?
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thanks
Barrister
Customer: replied 1 year ago.
Have you gotten anything from the creditors in writing stating the debts have been paid in full?
Yes - today when they asked if I received one - I had not - so they offered to send it and send a memo to Capital One to update the 3 agencies - that debt was paid off over 60 days ago
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Have you contacted the credit reporting agencies directly?
No not yet I ran my report on 6.10.2015
Customer: replied 1 year ago.
I paid off CitiFinancial Loan in Feb 2015 and received nothing, the collecting agency that City owns requested and I sent a fax requesting the Lien release on my vehicle (which I forgot existed) and requesting that they update the credit report.
Expert:  Barrister replied 1 year ago.
Ok, legally the creditors are supposed to notify the credit reporting agencies within 30 days of a debt being paid off or settled under the Fair Credit Reporting Act. But you can initiate your own dispute by contacting the 3 agencies..Equifax, Transunion and Experian and disputing the accounts as paid. They will then contact the creditors directly and they have 30 days to dispute the status of the accounts or the credit agencies have to change them to paid.
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thanks
Barrister