Collection item in my report for a defaulted loan in 98
Date: Wed, 12/07/2005 - 10:15
How should I approach this to get it off my report? Should I first ask for a debt validation from CA? And then write a letter to the bureau with a copy of the debt validation proving to the bureau that this debt is way past its SOL for reporting purposes?
The collection item was opened in 2004.
Kam, Send a dispute letter to the bureau highlighting this en
Kam,
Send a dispute letter to the bureau highlighting this entry in collection. This debt is past the 7 years reporting time as per the FCRA and it should have been automatically removed by now.
Request the bureau to conduct an investigation on this item and they will update your file after verifying your dispute. You should get a free copy within 30 days of placing the dispute.
Collection item in my report for a defaulted loan in 98
Thanks Ben for your reply.
The problem is I am not 100% sure if it corresponds to a debt from 98. The collection item was entered into my report in 2004 while the debt went into default in 1998. That's why I said maybe I should get a debt validation from CA first. It is also possible it might be a totally wrong item on my report.
Kam Highlight this item and do not explain anything to the bu
Kam
Highlight this item and do not explain anything to the bureaus. Just mention that you are disputing it as your credit file is not being properly depicted.
Let the bureaus investigate this matter. Later, when they will give you the results of the investigation, you can verify it.
Well, whatever this item was, it was removed by Experian yesterd
Well, whatever this item was, it was removed by Experian yesterday. I simply entered a dispute on their website last month and received an email yesterday that the entry was deleted. I hope I am not a victim of identity theft!
Dispute the item with the CRA. They are required to research it
Dispute the item with the CRA. They are required to research it and provide you with the results of their investigation. If they are unable to validate the report, then they are required to remove it and provide you with a corrected copy. Either way they will let you know they results of their investigation in about 30 days.
Clay, The CRA already investigated the item and deleted it. I
Clay,
The CRA already investigated the item and deleted it. I just don't know the details of what made the CRA to delete it. Was it identity theft? Or was it the old debt from 98 and the collection agency tried to mess with me but the CRA caught up on it? Or mabe the CRA sent a letter to CA but CA failed to reply within 30 days?
That is an easy one. All you have to do is ask. The CRA is requi
That is an easy one. All you have to do is ask. The CRA is required to provided you with the details of their investigation including the information and procedures they used to make their determination. Make your request in witting directly to the CRA.
The full FCRA can be found on the Federal Trade Commission Website at:
www.ftc.gov/os/statutes/fcradoc.pdf
The FCRA states
Quote:
(6) Notice of Results of Reinvestigation (A) In general. A consumer reporting agency shall provide written notice to a consumer of the results of a reinvestigation under this subsection not later than 5 business days after the completion of the reinvestigation, by mail or, if authorized by the consumer for that purpose, by other means available to the agency. (B) Contents. As part of, or in addition to, the notice under subparagraph (A), a consumer reporting agency shall provide to a consumer in writing before the expiration of the 5-day period referred to in subparagraph (A) (i) a statement that the reinvestigation is completed; (ii) a consumer report that is based upon the consumer' s file as that file is revised as a result of the reinvestigation; (iii) a notice that, if requested by the consumer, a description of the procedure used to determine the accuracy and completeness of the information shall be provided to the consumer by the agency, including the business name and address of any furnisher of information contacted in connection with such information and the telephone number of such furnisher, if reasonably available; (iv) a notice that the consumer has the right to add a statement to the consumer' s file disputing the accuracy or completeness of the information; and (v) a notice that the consumer has the right to request under subsection (d) that the consumer reporting agency furnish notifications under that subsection. (7) Description of reinvestigation procedure. A consumer reporting agency shall provide to a consumer a description referred to in paragraph (6)(B)(iii) by not later than 15 days after receiving a request from the consumer for that description. (8) Expedited dispute resolution. If a dispute regarding an item of information in a consumer's file at a consumer reporting agency is resolved in accordance with paragraph (5)(A) by the deletion of the disputed information by not later than 3 business days after the date on which the agency receives notice of the dispute from the consumer in accordance with paragraph (1)(A), then the agency shall not be required to comply with paragraphs (2), (6), and (7) with respect to that dispute if the agency (A) provides prompt notice of the deletion to the consumer by telephone; (B) includes in that notice, or in a written notice that accompanies a confirmation and consumer report provided in accordance with subparagraph (C), a statement of the consumer' s right to request under subsection (d) that the agency furnish notifications under that subsection; and (C) provides written confirmation of the deletion and a copy of a consumer report on the consumer that is based on the consumer' s file after the deletion, not later than 5 business days after making the deletion. |