Reply
Established Member
Posts: 10
Registered: ‎11-28-2012
0

Another DV question

Hey again everyone! So I have read posts and done a little posting of my own, but I am still confused about the DV letter. If I have a Collection that shows up on my CR, I send that CA a DV letter. Are they legally obligated to respond? And if they are, what happens if they don't respond? I guess I'm just a little confused because if I send a DV and they don't answer, what do I do then? Do I dispute with the CRA's? I've read the article "What steps do I take?" but it doesn't tell me what to do if a CA can't validate the debt. I know that if they can validate, I start the PFD process but I'm unsure of what steps to take if they cannot or do not validate. You guys have been so helpful and I thank you in advance for the replies. :smileyhappy:

Epic Contributor
Posts: 22,406
Registered: ‎01-17-2008
0

Re: Another DV question

A DV is supposed to be sent within 30 days of your first contact with a CA.  After they receive it they cannot continue collection activity until they respond.  There is no time frame, except in TX, for them to respond to the DV.

 

If your first contact is through finding it on your CR, I would say that is first contact, others may not.

 

If they don't respond and they send you another dunning letter, update your CR, call you etc, that is considered collection activity and they are in violation.

Moderator
Posts: 13,892
Registered: ‎04-15-2011
0

Re: Another DV question

+1  Good answer.  :smileyhappy:

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Epic Contributor
Posts: 20,904
Registered: ‎03-19-2007
0

Re: Another DV question

The period for sending a timely DV is based on their date of formal collection (dunning) notice sent to the consumer, not the consumer's first contact with the debt collector.

 

Initial communication with a consumer, which includes reporting to a CRA, triggers their requirement to send dunning notice within 5 days thereafter.

It does not begin the period for sending a timely DV.  If the debt collector initiates communication and fails to send dunning notice, any DV will be timely, regardless of any communications with the debt collector.

 

Sending a DV does not require response by the debt collector.  The purpose of the DV process is to free the consumer from continued collection activities on the part of a debt collector until they have provided sufficient information for the consumer to evaluate their assertion of debt and take their next step.

 

If the debt collector chooses to simply cease collection on the debt, they have no requirement to provide debt validation.  They have a requirement to cease collection on the debt, which is not retroactive to any prior activities they have conducted, including any reporting of their collection to the CRAs.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.