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HI all.
Unfortunately, most of the CAs I'm dealing with have legally validated my debt. Still fighting with Asset Acceptance, but that's another story. So the rest, Midland, Resurgent and Portfolio have sent the at least the minimum for debt validation. My next thought was a C&D letter in the hopes they would sell the debt to someone who wouldn't buy the documentation. After they sell, they will have to remove from CR and I can deal with the JDB that buys it. Most are past SOL in Texas. I will handle the remaining 3 still in SOL differently.
Thoughts?
Cease and Desist letters will only stop them from calling or sending letters. If they are within the CRTP they can still list the debt on your credit reports. Unpaid debt never goes away and will be sold over and over again until its paid.
@DaBears wrote:Cease and Desist letters will only stop them from calling or sending letters. If they are within the CRTP they can still list the debt on your credit reports. Unpaid debt never goes away and will be sold over and over again until its paid.
Yes, but I think I see his thought patterns on this one. Interesting, and nothing illegal or against the rules of doing this.
@Shogun wrote:
@DaBears wrote:Cease and Desist letters will only stop them from calling or sending letters. If they are within the CRTP they can still list the debt on your credit reports. Unpaid debt never goes away and will be sold over and over again until its paid.
Yes, but I think I see his thought patterns on this one. Interesting, and nothing illegal or against the rules of doing this.
Exactly. I know it doesn't go away, but if they sell, they have to remove the TL. Assuming they do sell, I can keep this pattern going till the 7 years are up. I'd love to do a PFD or PIF and GW to death, but everything combined is around $17 or $18k. That would take me years, CRTP is up on most of it in about 2 years.
@Shokk wrote:
@Shogun wrote:
@DaBears wrote:Cease and Desist letters will only stop them from calling or sending letters. If they are within the CRTP they can still list the debt on your credit reports. Unpaid debt never goes away and will be sold over and over again until its paid.
Yes, but I think I see his thought patterns on this one. Interesting, and nothing illegal or against the rules of doing this.
Exactly. I know it doesn't go away, but if they sell, they have to remove the TL. Assuming they do sell, I can keep this pattern going till the 7 years are up. I'd love to do a PFD or PIF and GW to death, but everything combined is around $17 or $18k. That would take me years, CRTP is up on most of it in about 2 years.
Not arguing it's illegal or anything. just stating that's what a ceast and desist letter does
The presumption is that sale of the debt requires them to delete their prior reporting of having had collection authority on the debt.
Nothing in statute or regulation requires deletion of their piror reporting based on termination of their collection on the debt.
They are required to close their collection, and report a current balance of $0 under collection.
One can notify a debt collector under FDCPA 805(c) to cease communication with the consumer, but cannot notify them to cease their legitimate business of any other authorized activities related to collection on the debt, such as credit reporting or inquiries for the consumer's credit report.
If a cease communication bar is imposed, then they will also be precluded from any negotiations on payment of the debt if you should decide to make a PFD offer.
@RobertEG wrote:The presumption is that sale of the debt requires them to delete their prior reporting of having had collection authority on the debt.
Nothing in statute or regulation requires deletion of their piror reporting based on termination of their collection on the debt.
They are required to close their collection, and report a current balance of $0 under collection.
One can notify a debt collector under FDCPA 805(c) to cease communication with the consumer, but cannot notify them to cease their legitimate business of any other authorized activities related to collection on the debt, such as credit reporting or inquiries for the consumer's credit report.
If a cease communication bar is imposed, then they will also be precluded from any negotiations on payment of the debt if you should decide to make a PFD offer.
Agreed. Correct me if I'm wrong here. once they sell the debt, they can no longer have a right to collect. Isn't having the negative TL on a CR an attempt to collect? They may not remove, but a dispute with the CRA at that point should take care it. The previous CA will not legally be able to verify the debt.
If the debt is sold, they should remove. Yes. I wouldn't dispute with the CRA, I'd do a direct dispute with the CA.
If a CA sells the debt they must remove their reporting. The FCRA nor the FDCPA covers this but the Credit Reporting Resource Guide does. It is governed by the CDIA.