• Report: #286065

Complaint Review: First Credit Corporation

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  • Submitted: Wed, November 21, 2007
  • Updated: Thu, October 02, 2008

  • Reported By:Liberty Twp Ohio
First Credit Corporation
PO Box 9300 Boulder, Colorado U.S.A.
  • Phone: 303-499-9500
  • Web:
  • Category: Loans

First Credit Corporation Reporting derogatory information Boulder Colorado

*Consumer Suggestion: You have credit reporting agency rights also!

*Consumer Comment: from the looks of it.....

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Back in 2003, I obtained an installment loan from First Credit Corporation, for the purchase of a Kirby sweeper. During the installment agreement, I did default on the loan, due to another job loss.

First Credit Corporation obtained a collection agency by the name of Receivable Management Systems, located in Bensalem, PA. In March of 2006, this collection agency assisted me in a settlement program with First Credit Corporation to pay off this debt. I paid off the settlement by July of 2006. It was settled for less than the original amount of the loan.

In return, Receivable Management Systems, sent me a letter of good faith, stating that the debt was settled in full through their office, regarding First Credit Corporation. Receivable Management was very helpful to me, believe it or not.

Ever since this has been paid off, I have informed the Credit Reporting agencies, Transunion, Experian and Equifax, that this account was settled. I even sent copies of the good faith letter to these agencies. My credit report does show that this account was settled. Understandably, this debt will continue to stay on my credit report until 2011.

Meanwhile, First Credit Corporation continues to add new derogatory state ments to my credit report, as recent as June 2007, a year after this account was settled. My credit report states their was a derogatory statement made by First Credit Corporation in June 2007. The notation on my credit report states a code reason of "9P Paying with MOP 09." I do not know what this means.

So, I called First Credit Corporation myself, about this matter. I believe I spoke with a woman by the name of Jeanine. Mind you, this woman was a total B!&@# on the phone. This woman really needs to work on her customer relations skills. Anyway, I wanted her to explain to me why First Credit was continuing to add derogatory statements to my credit report. She totally denied that they were doing this. She goes on to explain that the account was settled IN FULL and that this stays on my credit history for a decade. But, I contined to ask her why is First Credit continuing to make derogatory statements on my credit report as recent as June of 2007. She got really angry, bypassed my question, and hung up the phone.

I have settled other accounts on my credit history, and past creditors have not added derogatory statements to my credit history ever since. Only First Credit has, and this needs to stop. I want to know what I have to do to stop this. First Credit shouldn't be adding these statements to my credit history after the account was settled over a year ago. Like I've said before, past due accounts that have been paid off continue to stay on a credit history for several years, but derogatory comments should not be added year after year, when the account was settled. To me, this is a form of harassment.

Minnie
Liberty Twp, Ohio
U.S.A.

This report was posted on Ripoff Report on 11/21/2007 07:54 PM and is a permanent record located here: http://www.ripoffreport.com/r/First-Credit-Corporation/Boulder-Colorado-80301-9300/First-Credit-Corporation-Reporting-derogatory-information-Boulder-Colorado-286065. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
0Author 2Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Suggestion

You have credit reporting agency rights also!

AUTHOR: Dennis - (U.S.A.)

We have to look at this situation from the creditors perspective. The creditor lent you a sum of money that you contractually agreed to pay back according to the terms and conditions of the contract you signed. Apparently, from your description of events, you did not hold up to your end of the contract for what ever the reason. So the creditor is going to report whatever floats their boat which obviously they want as negative as they can legally get away with to prevent you from obtaining other credit and also as a form of punishment.
However, you are not at wits end here! You have the legal right to send a letter of explanation disputing anything on your credit report and the credit agency must by law, insert that information into any creditors inquiry! So you do get the chance to explain your side of the story and generally, new creditors will take into consideration your side of the events as they are fully aware of the way the system operates.
But here's the catch! A little known thing the credit reporting agencies do everyday in violation of federal law is send one report to creditors and a totally different report to you if you so request one. So if you have filed bankruptcy three times in eighteen years, legally the creditor is only supposed to get information regarding the bankruptcy filing which is less than 10 years-meaning one report. However, the credit bureaus send them everything they have on you since inception of life!
This is where congressional intervention is well warranted in such that only a court should be able to insert information on your credit record. The violators to which we all know the big three, Trans Union-Equifax-Experian, should be held accountable for their actions.
As the law stands now, any Tom, Dick, or Harry can pay the dues to join the club and insert anything they'd like too. So any company that belongs to the service and has a bone to pick with you, will unevitably use this service to stick the screws to you! I know, because it was done to me!!
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#2 Consumer Comment

from the looks of it.....

AUTHOR: Bart - (U.S.A.)

it's really not a derogatory comment.
This is off the Transunion site:

9P-Paying or paid account with MOP 09 or 9B
09-Charged off to bad debt
9B-Collection account

So "9P" means you are paying or paid the account by method of payment (MOP) on a "09" charged off bad debt.

That's the way I interpret it anyway.
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