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 Posted: Fri Feb 17, 2006 7:44 am Subject: No response to validation, what is the next step |
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Once you have sent a collection agency a validation letter, if they do not respond in the 30 days, what is the next step in removing these from my credit report? Also I got a thing from a collection agency from a debt from 1997. I realize the SOL is expired, if they do not respond to an SOL letter, what is my next step?
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| Posted: Fri Feb 17, 2006 1:53 pm Subject: |
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Hi
Welcome to the forums.
After the collection agency has failed to validate the debt within the 30 days period, you must involve the bureaus for further actions. Give them proof of your validation copies sent to the collection agency. They will run an investigation and get facts from the listed companies in your credit report. If nothing gets verified from you within the 30 days, the item must be removed from your file. You will regain your financial worthiness and improve some scores.
Every state has a specific statute. Be sure that the last date of activity in your account does not fall within the statute. Once you get confirmed, send a dispute letter to the company mentioning the expiry of the SOL. It is your legal right to refuse payment if the statutes have expired. You must send a registered mail with return receipt requested so that your part of the actions gets proven.
You can also notify the bureaus about it so that they can get alarmed if any company tries to hit your file with a negative note. Your credit file is one of the prestigious financial documents. Monitor it on a regular basis.
Regards
Roxette
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roxette
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| Posted: Fri Feb 17, 2006 7:03 pm Subject: SOL |
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What does SOL stand for?
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TearDrop
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| Posted: Fri Feb 17, 2006 10:50 pm Subject: |
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SOL:
Statute Of Limitations
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kchahn
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| Posted: Sat Feb 18, 2006 12:21 pm Subject: |
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TearDrop, check the SOL period in your state before making a paying an account. Your state laws give you the legal rights to escape the debt if they are past the statutes. See the date of last activity in your debt account and verify it with the SOL period of your state. Most of the statutes expire after a period of 4-5 years. If you have not made a payment during this time, you can refuse to pay anything further. No company can take legal actions against you after the expiry of the statutes. But, if a payment is made or a promissory note is signed, the statutes will get renewed and you will be brought back under legal actions.
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david
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