HOW LONG TO VERIFY INFORMATION AS ACCURATE???????

[JFJ]

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@MaRain wrote:

@JFJ wrote:

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@DaBears wrote:

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@MaRain wrote:

Sorry to threadjack but @DaBears, I thought that if a CA no longer owned the debt, then they just had to $0 out the balance and mark the status as sold/transferred? 

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If the CA sold the debt to another CA they have to delete their tradeline. 

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Does this have anything to do with the subject??

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My bad JFJ. I clicked on your post because I was interested in knowing the answer too (in case policies/procedures changed) and found out new info as well. Using the new info, instead of  me having to wait for the CA to verify the info as accurate, they should've delete the tradelines since they are the 1st CA's listed for 2 of my accounts along with a 2nd. I wouldn't have known this info if I had skipped over your post.

Thanks for asking the question, the information gained was very useful (at least to me). Hopefully you can benefit from it too!

Good luck on your rebuilding journey.  

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The info has been helpful in a sense, thanks for the good wishes and the best wishes to you also!

[RobertEG]

There is no requriement under either the FDCPA or the FCRA that a debt collection must, upon termination of their collection authority, either by termination of their agreement with the owner of the debt, or by sale of the debt if they own it, delete their prior reporting of their collection.

Statements that the must delete have no basis in statute or regulation.

Thus, I know of no basis for disputing lack of their deletion.  They must update their collection by reporting that it is now closed, with a $0 amount now under collection.

[DaBears]

Collection Agencies must delete accounts that have been cancelled and returned to the creditor

Debt Purchasers/Factoring Companies must delete accounts that have been forwarded or sold to another entity.

[guiness56]

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@RobertEG wrote:

There is no requriement under either the FDCPA or the FCRA that a debt collection must, upon termination of their collection authority, either by termination of their agreement with the owner of the debt, or by sale of the debt if they own it, delete their prior reporting of their collection.

Statements that the must delete have no basis in statute or regulation.

Thus, I know of no basis for disputing lack of their deletion.  They must update their collection by reporting that it is now closed, with a $0 amount now under collection.

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You keep saying this but have not given any proof.  Just because it is not in the FCRA or the FDCPA does not make it so.  There are other documents that a CA/JDB must follow when reporting to the CRAs.  Those most definitely state they have to delete.