07-23-2012 07:25 AM
Good morning all,
I have disputed an inaccuracies in the reporting of a amount submitted by the collection company. However, the results are "verified". I have the letter of the last communication with the original creditor, that states a different amount. At this point what would you suggest? Thanks in advance.
07-23-2012 07:36 AM
What's the difference between the OC's amount and the CA's amount? How long ago did the OC give you that balance? Is the CA's balance higher and could interest account for that difference?
07-30-2012 06:06 AM
No interest, the difference is $80. It's with Fair Collections and the OC updated the amount owed after sending it to FCO.
FCO is a pain, and they will sent you an itemized listing if you ask for it.
Have you called the OC to see what their records reflect? Maybe THEY changed the amount and FCO is reporting the amount they changed it to?
07-31-2012 08:55 PM
Yes, the OC sent me the updated amount. Basically FCO received a amount while I was still in contact with the OC. The amount was updated, but not with FCO. They are still reporting the previous amount.
08-01-2012 01:42 AM
Get the itemized listing from the debt collector, and then carefully review it against the terms of your account agreement with the OC.
Debt collectors are specifically limited as to what amounts they can add to the principal balance.
FDCPA 808(1) states that it is a violation to attempt
"The collection of any amount (including any interest, fee, charge, or expense incidental to the principal obligation) unless such amount is expressly authorized by the agreement creating the debt or permitted by law."
If not expressly provided for in your account agreement, they need some additionaly provision of state law authorizing collection of amounts not included in your contract with the creditor.
09-02-2012 11:13 AM
Thanks for the reply. To clarify, the OC did send FCO the amount that is being reported currently to the credit bureaus. However, the OC updated the amount due to a inaccuracy. FCO is still reporting the credit bureaus the inaccurate amount. Any suggestions?
09-02-2012 01:04 PM
In my opinion, while any inaccurate reporting can be disputed, I would not push it at this time. I dont see it being of material significance, other than the fact that others doing a manual review of your CR might get the wrong impression of the current amount of your delinquent indebetness.
The actual determination of amount of debt will come about at the time you pay/offer to pay. At that time, you have the provisions of FDCPA 808 to protect you against attempt to collect any amount not authorized by your account agreement or otherwise permitted by law.
A dispute will raise a lot of he said, she said, but as long as the reporting party did not report information that, at the time, was knowingly incorrect, there is no violation of the FCRA. People make errors. Upon filing of any dispute over accuracy, the furnisher always has the option to correct their reporting, so your dispute is most likely not going to compel any deletion. It will put a dispute flag in your credit file, thus screwing up your scoring until removed.
I would leave the issue for when it is paid, at which time it will have only one required reporting. $0.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO