Credit Reporting Agency did not investigate illegal payday loans
Date: Thu, 11/05/2009 - 16:31
I got the result today and they still remain on my credit report. There are three of them from 2004. They are all listed with Certified Recovery collection agency. All the credit reporting agency did was ask Certified to verify them so Certified responded back and said the debts were valid. They never even addressed the issue of them being illegal payday loans.
What do I do now?? The form letter I got said I could write a statement to be included with my credit report but the point is they are illegal and should be removed.
i would dispute it again,but include a letter stating that certi
i would dispute it again,but include a letter stating that certified is not a licensed creditor or collector.let the CRA'S know your looking into your legal options as you feel they didn't really investigate.when i sent my disputes i made it a point to inform the CRA'S that not only were the loans illegal.so was the CA reporting them.that should make them investigate further.
Is this a legit CRA (like Equifax)? If so send them a letter.
Is this a legit CRA (like Equifax)? If so send them a letter. Be sure to include the word "15 USC 1681". Also send them a copy of your state law banning payday loans. Be sure to note that you are disputing the underlying debt itself, not the collection activities. Ask the CRA to review the original contract with respect to your state laws. CC copies of all of this stuff to the collector (people who knowingly give BS information to CRA's following a dispute with the CRA are also liable under the FCRA)
15 USC 1681 is the fancy sounding name for the Fair Credit Repor
15 USC 1681 is the fancy sounding name for the Fair Credit Reporting Act. It's the law that makes sure CRAs report valid info on your report. Under it, CRAs are required to investigate potentially invalid information on your account. As someone who recently sued under this act (I am not a lawyer, this simply the result of my research and is no substitute for legal advice), the reason you give for your dispute is important. That is to say the dispute "I dispute the validity of the debt claimed by [abc Illegal PDL company]" could result in an investigation in which they simply call [abc Illegal PDL company] and verify the loan is in your name. Wheras the dispute "the debt claimed by [abc Illegal PDL company] is invalid because the terms of the contract were x,y and z and laws d,e and f prohibit such contracts. Furthermore [abc Illegal PDL company] is not licensed in [insert jurisdiction] and by [insert law], are not legally authorized to collect consumer debt". Requires the CRA to investigate all suppositions you included. Also, it wouldn't hurt to CC this to the PDL company along with a statement that requiring you to pay via pre-authorized bank debits ($50 says they did) is a violation of the EFTA ("Regulation E" to any bankers out there), and that an EFTA violation would cost them much more than the balance of the loan.
PDL companies, and those who work for them, are no better than animals.... the only language they understand is force
Also don't send a "request for removal", send a "demand for remo
Also don't send a "request for removal", send a "demand for removal". Send certified mail with return receipt requested. If they still refuse to remove, look up a group called NACA who will put you in touch with an attorney who handles this type of stuff.