So, I am a co signer on my wife's student loan, we were paying on it on time $57 a month. The all at once no bill and idisappeared from our online banking. I went into the local branch, they could not really see what was going on but assumed it was sold. Called them a little while later and yes it was sold. Not uncommon, I took a loan with one bank and by the time I graduated it had been in the hands of four other banks. Then out of nowhere bam it is in collections? No bill, been sold, in ever missed a payment until something happened. What do I do bal is 5k+ settlement is still like 3500. I can't afford that and the CA won't stop fees on account so if I continue my monthly payment I won't get any where cus they want to charge me collections fees of $600 a year. I'm lost?
to clarify this was a private loan. So I dont think DOEd (doe=dept of energy fyi) could help me. suggestions? apparently it was sold to the collection agentcey, this is why chase couldnt see it. I waiting like two months of not getting a bill to do anything. Everyone seems to just blame eash other CA says chase sent it to them, Chase says I was 90 days late and they sold it yet my last payment that posted to the account was like 70 days prior. Nobody wants to admit if there is a mistake or not so idk.
Yep, pretty sure the Department of Energy can't help.
I would send the CA and Chase a direct dispute under FCRA 623(a)(8). They will each be required to investigate and correct any errors and notify you of the outcome within 30 days. This is a requirement and they have to do it or each one will be in violation of the FCRA.
I provided a template. The one you send to the OC will not include the information about the CA.
“This is a Notice of Direct Dispute with you, under the provisions of FCRA §623(a)(8)(D), of the accuracy of information you have reported to my credit file.
► (If sent to a debt collector, (CA), it might be beneficial to also include the blurb:
► “This is a direct dispute of credit reporting. This is not a request for debt validation/verification under FDCPA §809(b).”.
(don’t let them just simply sluff it off as a meaningless DV letter)
“In compliance with FCRA §623(a)(8)(D), and enacting regulations published at 16 CFR § 660.4, this Notice of Direct dispute includes:
“Identification of the specific information being disputed:
(specify the account number, and the specific information that is disputed under that identifying account)
“Basis for the dispute:
(how the reporting was inaccurate; was any reporting in violation of any statutory or regulatory provisions? account or express agreements? CRA reporting gudelines? Account not yours? etc.)
(all documents that support your dispute; it is recommened to also include, as part of your documentation, at least a copy of the portion only of your
recent credit report showing their reporting of the disputed information was actually reported to your credit flle. The implementing rule suggests a showing
that it appeared in your credit report)