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LT
Joined: 30 Jan 2009
LT's page
Posts: 64
2178 Magic Points
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Subject: DV Letter
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Sun Feb 01, 2009 1:05 pm
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| If a collection agancy does validate your debt in time or without proper documents would you just send that information into the credit bureaus or try to get them to validate the account again. |
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Mary
Joined: 06 Jul 2006
Mary's page
Posts: 730
17417 Magic Points
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Mon Feb 02, 2009 10:34 am
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According to the fair credit reporting Act, creditors or the collection agency must validate the debt if they claim that they own the debt in your credit report. Validation of the debt must include a copy of the original signed contract between you and the OC, documents proving that the CA has purchased the debt from the OC and copies of the outstanding bills. If they cannot validate the debt properly within 30 days, they must remove their name against the debt from the credit report, else you can easily have them removed.
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Where there's a will, there's a way !! |
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scott
Joined: 28 Jun 2006
scott's page
Posts: 462
10934 Magic Points
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Mon Feb 02, 2009 10:49 am
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Yes, if the creditor or the CA neither validates the debt, nor removes the listing from your credit report, just send a dispute letter to the bureaus. The credit reporting agencies will verify it with the CA or the OC as the case may be. If they fail to provide proper verification to the bureaus, the bureaus will get them removed from the report. You can find sample debt validation and dispute letter if you visit the link letters of credit
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SCOTT
Use your credit account responsibly and enjoy a debt free life. |
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