SOL and issues with Credit Reports
Date: Thu, 02/05/2009 - 20:05
What if there is debt showing for the same time period from Collection Agency and also from the Company that they supposedly collect for?
If and how can I remove old debt from credit reports? My husband has debt showing on reports from 1998
Is there a reason that each of three credit report would show different debt and in 80% of cases the debt shows only on one report.
How can you build up your credit if you cannot get even secure credit card or store cc with high APR? Any ideas?
It goes by the date of last payment. If the account got charged
It goes by the date of last payment. If the account got charged off then you would see it on there for 7 years plus 180 days. So if it has been longer than that since a payment was made then it should be removed.
The original creditor and a debt collector can report the same account.
You would have to dispute each debt collector on your credit report first and see if they get removed. If they do not then you would have to follow up with a Debt validation letter sent certified mail return receipt requested, unsigned. Wait 30 days after they get it and if you hear nothing dispute it again with the credit reports and they should get removed. If not then it becomes a legal matter and they are looking at being sued.
You cannot send a DV letter to the original creditor. If the account is over 7.6 years old and is closed or charged off then dispute it.
This is about all you can do that I know of. I helped my neighbor do it and I got 2 accounts deleted off his report that where re-aged by a debt collector. One was for $76 from 1999 and the other was for $2 from 1993. Although the $76 one they couldn't verify on trans union but for some reason they could on experian so they might be looking at a lawsuit too, the debt collector that is.
Anyway here is a debt validation letter, format it to your needs. As I said send it certified mail return receipt requested and do not sign the letter. Better yet send the letter first then dispute the entries on the credit reports. I would wait at least 30 days before disputing though. hope this helps.
Your Name
Your Address
CITY/Town, STATE ZIPCODE
Date: March 9, 2005
Collection Agency Name
Address
CITY/Town, STATE ZIPCODE
Re: Acct Ref. # XXXXX and XXXXX
To Whom It May Concern:
This letter is being sent to you in response to a alleged debt. Be advised that this is not a refusal to pay, but a notice sent pursuant to the Fair Debt Collection Practices Act, 15 USC 1692g Sec. 809 (b) that your claim is disputed and validation is requested.
This is NOT a request for verification or proof of my mailing address, but a request for VALIDATION made pursuant to the above named Title and Section. I respectfully request that your offices provide me with competent evidence that I have any legal obligation to pay you
.
What I need you to provide as the debt validation is as follows:
1. What the money you say I owe is for;
2. Explain and show me how you calculated what you say I owe;
3. Provide me with copies of any papers that show I agreed to pay what you say I owe;
4. Provide a verification or copy of any judgment if applicable;
5. Identify the original creditor;
6. Prove the Statute of Limitations has not expired on this account
7. Show me that you are licensed to collect in my state
8. Provide me with your license numbers and Registered Agent
9. Proof that the collection company owns the debt/or has been assigned the debt. (You are legally entitled to collect this particular debt from me.) This is basic contract law.
10. Complete payment history, starting with the original creditor. (I need to have proof of my payment history with original Creditor, what the amount of the debt was when the creditor assigned the debt to your company, and what fees/interest has been tacked on to this debt and how you/they determined these fees.) This requirement was established by the case Fields v. Wilber Law Firm, Donald L. Wilber and Kenneth Wilber, USCA-02-C-0072, 7th Circuit Court, Sept 2004..
11. Copy of the original signed loan agreement or credit card application. (My contract with the original creditor establishing the debt between us.) This is also basic contract law.
At this time I will also inform you that if your offices have reported invalidated information to any of the 3 major Credit Bureau's (Equifax, Experian or TransUnion) this action might constitute fraud under both Federal and State Laws. Due to this fact, if any negative mark is found on any of my credit reports by your company or the company that you represent
I will not hesitate in bringing legal action against you for the following:
1. Violation of the Fair Credit Reporting Act
2. Violation of the Fair Debt Collection Practices Act
3. Defamation of Character
If your offices are able to provide the proper documentation as requested in the following declaration, I will require at least 30 days investigating this information and during such time all collection activity must cease and desist.
Also during this validation period, if any action is taken which could be considered detrimental to any of my credit reports, I will consult with my legal counsel for suit. This includes any listing any information to a credit reporting repository that could be inaccurate or invalidated or verifying an account as accurate when in fact there is no provided proof that it is.
If your offices fail to respond to this validation request within 30 days from the date of your receipt, all references to this account must be deleted and completely removed from my credit file and a copy of such deletion request shall be sent to me immediately.
It would be advisable that you assure that your records are in order before I am forced to take legal action.
Best Regards,