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DV Strategy

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Anonymous
Not applicable

DV Strategy

So I'm going to tackle FIA/BofA

Account is a secured account.
Amount Past Due: 258
Balance: 758
Charged off: 835 on 1/2013
(Why would they be different)

So on all CRs it's reported as BofA, but FIA card services is company try to collect on account. Is there a way to use DV to help with this account??

Thanks in advance!
Message 1 of 3
2 REPLIES 2
RobertEG
Legendary Contributor

Re: DV Strategy

Sending a DV is a "help" in that if you send it within 30 days of receipt of their collection ("dunning") notice, it requires them to cease continued collection activities until they first provide verification of the debt.  It is also a "help" if you dispute the legitimacy of the debt or its amount, or want the name of the original creditor.

 

However, it sets no period in which they must provide verification.  They can choose to simply cease active collection activities and not respond.  So you will be in a state of limbo until they choose to respond.  Lack of response is not basis for any deletion of their credit reporting, so it is not a tool to force credit report deletion if they have already reported a collection.

Is your goal to stop theri communications and calls?  If so, a timely DV is a "help."

 

The cease collection bar also prevents you frominitiating any negotiations should you decide to pursue payment terms, such as a PFD or settlement offer.

It is not always beneficial.

 

Message 2 of 3
Anonymous
Not applicable

Re: DV Strategy

Thank you for the detailed information, it makes sense.

I will continue PFD to eliminate this account.
Message 3 of 3
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