Original creditor has closed...

Date: Fri, 01/19/2007 - 12:25

Submitted by Jana
on Fri, 01/19/2007 - 12:25

Posts: Credits: [Donate]

Total Replies: 2

I was looking over my credit report and there's an outstanding debt that I don't believe is mine. It's currently in collections, and when I called for a copy of a bill, they said they cannot provide one, as the original creditor has gone out of business. All they can provide is a letter stating that I owe this money. I can pay the $110.00 and it'll at least show satisfied, but is there a way for me to be able to keep my money and have this debt removed from my credit report? Any help would be greatly appreciated.

Dispute the item with the credit bureau. They will check for the

Dispute the item with the credit bureau. They will check for the original creditor and find out if the collection company is authorized to report in your credit report. Don't pay anything without reviewing the papers. It will become yours and the collection entry will hurt your credit scores negatively. If the item is found disputed, it will be removed from your credit copy.

lrhall41

Submitted by orake on Fri, 01/19/2007 - 12:34

( Posts: 482 | Credits: )

A debt must be evidenced in writing for it to be enforceable. N

A debt must be evidenced in writing for it to be enforceable. Namely, it must have your signature. If they cannot provide evidence of the indebtedness, then they cannot prove you owe them a dime.

An analogy:

Does my letter mean that you owe me money. NO, I have no proof of it. Dispute the item, and request a verification of the debt, showing your signature. You have that right.

lrhall41

Submitted by DebtCruncher on Fri, 01/19/2007 - 18:12

( Posts: 2293 | Credits: )