cancel
Showing results for 
Search instead for 
Did you mean: 

DV question

Valued Member

DV question

I was wondering if you should DV if you know the debt is yours? I'm not encouraging inaccuracy, but I've heard from debt management things I've read that sending a DV is a standard practice for any debt. I have some debts I know are mine, but I'm not quite sure the amounts are accurate.


Starting Score: 464 October 2012
Current Score: 544 (+80 points whoo hoo!)
Goal Score: 600


Take the FICO Fitness Challenge
Message 1 of 6
5 REPLIES
Senior Contributor

Re: DV question

You'll get more help with this topic under the Rebuilders thread. You can always DV, but even if they don't respond, it doesn't mean that you an get an inaccurate item off if your CR. 

 

if you're just concerned with the amts, you'd be better off contacting OC. In general, you want to limit or avoid calling CAs. if you're sure the debts are yours, your best bet would be to PFD, if you have the $. 

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*
EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Message 2 of 6
Senior Contributor

Re: DV question

+1 and I would also like to add......If the amounts are higher, it could be from interest being added to the debt.

 

 

 

FICO's May 2015 EQ764 ~~Live below your means and always keep an emergency fund -Love Everybody ~ Big Kenny ~ Big and Rich ~~~~~Credit Scoring 101 - Common Abbreviations - Freq Req Threads - Free Credit Reports - What Steps Do I Take?DV? PFD?
Message 3 of 6
Valued Member

Re: DV question

Thanks! I think I'll DV just to be sure. Do you DV the OC or the CA or Both? I have a credit card (JCPenney) that now has NO reference to JCP, but Portfolio Associates. The only reason I know it's probably JCP is by the amount. Do I DV Port. Assoc.?


Starting Score: 464 October 2012
Current Score: 544 (+80 points whoo hoo!)
Goal Score: 600


Take the FICO Fitness Challenge
Message 4 of 6
Moderator Emeritus

Re: DV question

DVs are for CAs only, so yes you would DV Portfolio.

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!

June 2017 update: All scores over 820, just pure gardening now.
Message 5 of 6
Community Leader
Epic Contributor

Re: DV question

Sending a DV is not, in my opinion, "standard practice" in all situations when dealing with a debt collector.

A lot depends upon how the consumer wishes to proceed with their next step.

 

The DV process is intended to require debt collectors to cease collection activity until such time as they have provided the consumer sufficient information to evaluate their obligation of the asserted debt, to get a statement of its current amount, and, if unsure of the origin of the debt, the name of the original creditor.

 

In their dunning notice, they are required to state the amount of the asserted debt, and identify the current creditor.  If the consumer recognizes the debt obligation and agrees with its amount, little additional useful information will most likely be provided.  The debt collector is not required to provide supporting documentation in their verification, so the consumer cannot expect proofs to be provided.

 

What the DV then provides, if timely, is a respit from active collection on the debt.  And that respit is only achieved if the DV is sent within 30 days of receipt of dunning notice.  If untimely, it can be ignored, and most likely will create frustration on the part of the consumer due to their lack of response.

 

If the DV is timely, the cease collection bar imposed can cut two ways.  While in effect, it bars the debt collector from conducting any negotiations on any PFD offer, so if the consumer wishes to pursue a PFD negotiation, that is put in limbo until debt verification is received.  Such might be the case, for example, if rapid CR deletion is needed for qualification for needed credit.

 

 

 

Message 6 of 6