Validation? General repair HELP Please!
Date: Wed, 06/07/2006 - 15:48
1. what is this whole validation thing? Is the letter written to the orig creditor or the collection agency? Then if they don't validate your account it must be removed? If I know it's my collection account should I do this? Is this done to rattle the CA and hope they don't validate so it can be removed?
2. Ok, this "same account being reported twice" on your report topic...I have an original creditor, a store credit card, shows $0 balance, AND the collection agency it sold my account to, shows a balance owed listed on my report. Is that a duplicate or are they correct in reporting each? Called Equifax to dispute and one operator said yes dupe, transfered me to process and the next operator told me it was two accts so both will remain. Help!!!
3. Car was financed and paid off without collection...BUT transunion shows it as "closed" not "paid" or "paid as agreed". Is this wrong or their terminology?
Validation requests are sent to collection agencies for getting
Validation requests are sent to collection agencies for getting the accurate details of the accounts they received from the original creditor. Under the federal laws, the CA must send you something in writing within 5 days after placing the first call. If you have not received anything in the mail, send a debt validation letter for knowing about them making a legitimate collection. You will not like to throw money to some company who has no details of your accounts. Following information can be requested from a collection agency in a validation process
http://www.debtconsolidationcare.com/validation.html
Samples of validation letters are available in the letters section.
http://www.debtconsolidationcare.com/letters/index.html
One account cannot be reported with two creditors or two collection agencies. Once the creditor has sold off the account to some collection agency with a zero balance, both the companies will be shown in your file. Read the FCRA for accurate credit information in your credit report.
http://www.ftc.gov/os/statutes/031224fcra.pdf
Dispute the last point with the CRA reporting the account. I guess there is an error on that reporting.
Validation Letter
can they be sent to creditors? I have things on my credit report that have 1998 as last date reported. Can I ask to have them taken off?
This account is past the 7 years reporting period. It should not
This account is past the 7 years reporting period. It should not remain in your credit file. Check the date of first delinquency of this account. You can dispute with the CRA on this item and get it removed from your file.
Date of delinquency
how do I get that information? Will it be on the credit report? Should I call the creditor or CA listed on my credit report?
I know I probably haven't made any payments to any of the accounts since 1999
Yes, the information will be on your credit report. If you are u
Yes, the information will be on your credit report. If you are unable to find it, call the toll free number of the CRA and inquire about the status. They might ask for some of your personal information which is known to you only. This is done for verification purpose. Once it is done, they will update you with the latest status.
m0ney_g1rl, do a community sign and join the board. You will bec
m0ney_g1rl, do a community sign and join the board. You will become a member here and we will interact more freely. Everyone here will get involved with you.
You can dispute with both if you are willing to get quick results. However, disputing with the bureau is more important. They will get in touch with the company and verify the info. If your dispute is correct, the incorrect item will be removed from your file and you will be sent the latest copy of your credit.