Pentagroup Financial LLC Company failed to report a account settled.. And turned around and sold the account to another collection agency after payment was receved and settled.. Houston, Texas
Pentagroup Financial., LLC had a credit card account that they bought from Aspire Visa. I Had called them and settled on amount less then owed.. This was paid to them in June of 2008.
They Failed to contact the 3 credit burrows to show this account was paid and settled.
Then after the fact almost One Year later they turn around and hand over the same account to another credit collection company,Midland Credit.. So now I am having to put up with all kinds of hurrassing calls at all times of the day.. For an Account that was paid a Year Ago.. And I have to contact all 3 burrows and prove that the account was indeed paid. How can then turn around and give some other company and account after it has been paid? Does not seem legal to me.
2 Updates & Rebuttals
Jim
Millbrook,Alabama,
U.S.A.
This is a common SCAM
#3General Comment
Sun, May 02, 2010
What you don't know is that by paying even a penny, the account is "Refreshed" and then they CAN sue, also they are very bad about "Settling" for (Say) Half, then passing along the NEW DEBT to another "Collector" so you pay again.
NEVER GIVE COLLECTORS A SINGLE CENT.
Also the above agreement to release you is NOT binding. It's just another LIE.
Plus NO ONE can remove anything from your credit report, the Credit Report Bureaus do not allow it, it's just a lie to get your money.
John
Louisville,Kentucky,
U.S.A.
Re:
#3Consumer Comment
Sun, May 02, 2010
Some hard lessons learned here:
Never pay a debt collector without first getting a signed settlement agreement on their letterhead stating that the account will be paid in full upon receipt of the agreed-to amount. If you dont, the debt collectors will come back demanding more money...or they'll resell your account to another collection agency. Without a settlement letter, you have no proof that the account was paid in full
When a credit card completely defaults, this is noted on your credit report as a charge-off. This will stay on your credit report for 7 years. A charge-off is one of the worst things than can happen to your credit rating. With a charge-off, the damage is done and it cant be undone by later cutting a check for the entire or settled amount. It is very important to understand that paying back a charge-off will not fix your credit. Your credit report will be updated to a "Paid Charge-Off," which, while slightly better, is still a seriously derogatory item. A charge-off, whether paid, settled for less or not paid at all, will remain on a consumer's credit reports for up to 7 years.. You would have been better off not contact the collection agency to begin with.