10-15-2012 08:06 AM
I am in the process of debt validation for a few collection accounts that are listed on both mine and my husbands credit reports. I went through the credit bureaus online disputes and asked them to validate the accounts. 2 of the collection accounts were deleted from all 3 bureaus. One account was deleted from EXP and EQU but came back validated by Transunion.
Has anyone had a similar experience? Any suggestions as to other options to get this account removed or updated from the last credit bureau?
10-15-2012 08:15 AM
I had that happen. I think it was just a (dis)organization thing. Creditors only have so long to respond, and validation requires some work. So they didn't respond in time to validate with two of the agencies, but they did with TU.
10-15-2012 08:42 AM
Taking a step back....debt validation (DV) is allowed by the FDCPA and those go to collection agencies (CAs) only, not to the CRAs (e.g. TU, EX, etc.). The only thing that goes to the CRAs are disputes.
If you disputed, it'll often be a mixed bag. There can be several reasons why one will verify over the other:
1) Maybe the OC/CA stopped reporting to the CRA.
2) Maybe the CRAs saw something which led to the deletion, that the other didn't see.
3) Maybe the OC/CA decided to delete off all 3 and the third is lagging behind.
4) When you dispute, the OC or CA is electronically asked if the account is valid. Maybe the other two CRAs didn't get a response back in time.
5) Depending on your time frame of when you looked at the progress, maybe all 3 were verified, but then the OC or CA decided to delete on their own or sell the debt to someone else.
If you agree with the debt, send a PFD to whom ever is reporting the debt. If you disagree it'll be harder to get off since it was disputed already.
10-15-2012 09:06 AM
Thank you for the advice. I will contact the OC and see what I can get resolved.
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