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First Dispute Letter

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monstere316
Member

First Dispute Letter

I am cleaning up my credit report and in 2009-2010 I have a late payment to a charge off from my bank. It says paid charge off. I have no idea what this is. I have had accounts and still do with the same bank but have never had on go to collections. When writing a dispute letter would I just state I do not know what it is?

Message 1 of 4
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RobertEG
Legendary Contributor

Re: First Dispute Letter

Having no knowledge of an action or delinquency is certainly basis for asserting inaccuracy in their reporting of any information on that account.  However, try to back it up with some evidence, such as old account statements, showing lack of what they reported.  Assertions and non-recollections are not documentation.  In verifying the accuracy of what they reported, they are not required to provide documentary proof, they are required to simply investigate and make a determination as to the accuracy.  So take the initiative to make the dispute substantive.

 

My suggestion, since the issue is clearly a matter of OC account determination over which the CRA has no basis for reaching any determination of accuracy, is not to dispute through the CRA.

 

As of 2010, the consumer has the option of disputing either through the old and tired CRA dispute process, or sending their dispute directly to the furnisher of the disputed information.  File a direct dispute with the creditor under the provisions of FCRA 623(a)(8).

Message 2 of 4
monstere316
Member

Re: First Dispute Letter

Thanks for the respone. So would this be a debt validation letter to the collecting agency or to the bank itself. Also, if they do not respond what is my next option?

Message 3 of 4
RobertEG
Legendary Contributor

Re: First Dispute Letter

The DV process is a debt collection practices issue under the FDCPA, while a dispute of credit reporting is an accuracy of reporting issue under the FCRA.

Different animals, not mutually exclusive.  You can do both.

 

A DV letter is sent to obtain a statement from a debt collector that they have obtained verification of the asserted debt from the creditor, along with providing a statement of the current amount of the asserted debt.  A DV can be sent regardless of whether the debt collector has reported to a CRA.  Until they respond, which is optional on their part, they must cease further collection activity.  So you invoke a cease collection bar on the debt collector.

 

Disputes under the FCRA are made to challenge the accuracy of any reporting they have made to a CRA,  If legitimacy of the debt is the basis for a dispute, then the basis would be the same as that for a DV request, but entirely different processes govern if and how they must be handled.  A dispute has a required time period of 30'ish days for them to investigate the dispute and provide a determination back to the consumer.  Either verification of their reporting, deletion of the reporting, or correction of its accuracy.

 

You may choose to do one, the other, or both.  Disputes are "stronger" to the extent that they have a compulsory resolution period.  DV requests do not.

 

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