Validation Letters Not Received

Virginia-Legal-Defense,
According to the Texas Attorney General's office, as I quoted in the previous post, debt collectors have 30 days to respond to your verification letter, either to give you the info you need, tell you they need more time, or tell you they cannot validate the debt...you can look at my previous post for the link.

As for the rest of your post...thanks, that was very nice of you to offer your opinions, and to offer your letter for others to use. This forum can definitely use all the information you have to offer...sounds like you are a wealth of knowledge.

The previous post was me...forgot to log in

That may be true as a matter of Texas law, I don't know. And the opinion of the Texas AG is certainly a guide to enforcement of Texas law. But this is a country with fifty-one independent and co-equal sovereign governments (fifty states and the U.S.), each of which has its own legal system. And no state laws apply outside of the territory of that state except by agreement in a contract. That's why it's really important that everyone check their local law as well as federal. I was quoting from the United States Code, which does not control what Texas may do. (Under certain circumstances, federal law may "pre-empt" state law, and vice versa, depending on how the Constitution delegates sovereign authority - e.g., State law is preeminent with respect to health, education, public welfare, and the police power; federal law is preeminent in national defense, coinage of money, and interstate commerce.)

Crooklyn Girl,

The inaccurate reporting is an error with the credit bureau's. Trans-union, Experian and Equifax sometimes report the date the account was purchased by a new creditor as the opened date. However, it still has no bearing on the seven year time period an account can be reported. The account will still fall off after the seven year time runs from the date the account became delinquent. If you have no intentions of paying, call the CA and ask for the last payment and charge-off date. You will have a better idea of when these accounts will come off. For example, if the last payment with the original creditor was in May of 1999, the account should fall off before the end of this year.

I am going to have the money to pay off all my debt in June....so when I pay off my debt, will all the bad delinquent stuff stay on or will it be updated as paid, or will both stay on? Also, will that improve my credit quite a bit, or will it remain bad for a long time because stuff was delinquent for a long time?

TMD,

Inquire whether or not you can have the delinquent items deleted once they are paid. If the CA agrees to have their tradeline deleted, you can simply dispute the previous or original creditor's tradeline through the credit reporting agencies to have it deleted or atleast update it as sold or transferred to another lender. In most cases, they do delete if they no longer own the debt.

Cool, thanks for the info...I will remember to do that in June. I think it is going to be a long process though just to get everything paid, since I am not sure who has most of my accounts, they keep changing CA's and I have only been seriously delinquent for about 6 months, long time yes..but not as long as some, so I am suprised this is happening so soon...it is all very confusing. Do CA's often agree to remove delinquent items and stuff? If so, that is really great, and will help a whole lot. I hope to get everything paid, and NEVER have this happen again..no more department store credit cards, and no more buying unless I have the cash.

TMD, the FCRA laws state that accurate negative information will stay in the credit file for a period of seven years except bankruptcy that stays for 10 years. No collection agency or a credit repair package can remove that negative mark before the due period. Only the federal authorities have the rights to remove if the item is placed as disputed.

Sometimes people try to remove the negative information from the file before the legal time period. In cases of bankruptcy, a person's file remains in the court for two years and afterwards, the file is entered in the electronic system. Someone with illegal intentions places the bankruptcy as 'disputed' with the bureau. As a result, the CRA tries to verify the item with the court and as expected, the file is not found. Thus, the bankruptcy is removed from the credit report. But remember, if the person is caught in the act, severe legal actions will take place.

There are credit repair packages that claim negative information can be removed from the file. This is legally not possible. If the company claims to do so, they are trying to make some money from you. Be careful!