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I have a TL showing as a "credit account", open account, with a balance, industry: factoring company. This TL was opened & reported 2/2009, date of last activity is 11/2006. I don't know who this is or what it is for. No 30, 60 or 90 day lates reported, worst delinguency, none reported, yet it shows 120 days late. This is obviously a collection agency. I don't think this is being reported correctly. Any feed back would be appreciated. I dont want to do a dispute until I feel confident its something that can be disputed. It is on all 3 CRs.
@jojomomma wrote:I have a TL showing as a "credit account", open account, with a balance, industry: factoring company. This TL was opened & reported 2/2009, date of last activity is 11/2006. I don't know who this is or what it is for. No 30, 60 or 90 day lates reported, worst delinguency, none reported, yet it shows 120 days late. This is obviously a collection agency. I don't think this is being reported correctly. Any feed back would be appreciated. I dont want to do a dispute until I feel confident its something that can be disputed. It is on all 3 CRs.
Send a DV letter to them. Puts a bar restriction on them until they verify.
The first issue is whether they are a debt collector, and thus even subject to the FDCPA.
A party who buys a debt that is not in default at the time of their purchase is not a debt collector under the FDCPA.
That is what a legitimate factoring company does... purchases accounts receivable that are in good standing from a creditor.
Was the account delinquent at the time they acquired it?
I can only assume it was, I really don't know. I have cleaned up quite a bit of garbage from my reports that showed up post divorce, my ex was less than honorable when it came to acquiring accounts in OUR names etc, I never had an account mirroring this balance or any account near the balance this one is reporting. It shows no lates but states 120 days past due under comments and the date of last acitivty was 06 and they factoring comany is showing account opened in 09..............
It look't s like its a private firm, possibly law firm, out of state.....its not a name I am familiar with or have ever seen on these forums.
I would send the DV letter!!