No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
I am still confused about what a DV is. Is this a letter you send to the collection/original creditor to? What must they prove and what do you do with a response? Thank you for you help.
@jeffery581 wrote:I am still confused about what a DV is. Is this a letter you send to the collection/original creditor to? What must they prove and what do you do with a response? Thank you for you help.
A DV letter is for Debt Validation. You would like the creditor / collection agency to prove the validity of the debt.
While there are a few success stories because of DV letters most creditors are not required to respond to one unless you live in Texas. Generally if you send a DV letter to a creditor with-in 30 days of being notified of the debt your success rate for a response is greatly improved.
If wanting the legalese of a DV letter, Sect. 809 of the FDCPA spells it out. Some states can allow for more information if you ask for it too. YMMV on the state (most don't legislate that far).
Using creditor in the same sentence as a DV letter is confusing. DV letters apply ONLY to debt collectors, and not to original creditors. It is possible if a debt collector has also become the "creditor" by purchase of the debt, but if you are talking about an OC and a debt collector, you can never DV and OC. They were never a debt collector.
Its purpose is really tri-fold. First, it tells them that you dispute at least some of the alleged debt (not to be confused with a dispute under the FCRA, which is a dispute of the accuracy of items in your CR), and want them to obtain verification from the creditor that it is owed. Second, it imposes a cease collection bar upon the debt collector until such time as they provide the requested verification that you do, indeed, owe the debt. The DV must be timely to trigger this bar. And third, if specifically requested, you can also obtain the identify of the original creditor.
Thank you very much for making this clear.