08-19-2011 08:04 PM - edited 08-19-2011 08:48 PM
I have a couple of collection accounts that are from 2 to 5 years old from Date of Last Report, but still a few years off from dropping off my Credit Report. My wife and I are looking to purchase a home and I was wondering if I can do a PFD w/o a DV? I am pretty sure these debts are mine and can pay them...under 500 dollars each, but can't wait for them to fall off after seven years. I recognize and found one CA but two others only partial names and no other information regarding accounts or payments. The only information I have regarding these at this time is from my CR. Any suggestions? Thanks in advance!
Has anyone heard as I have, that a CA named "S&P Capital Investments" is out of business and collections on a CR by them can be removed?
08-19-2011 09:10 PM
Hey i am no expert by no means. I was in the same situation and my credit score is up HUGELY in the past 6-8 months. I payed Lexington Law and they actually did a great number of getting things removed. Although i do know i paid all of my account that were in collections and charged off. The only 2 things ive had trouble getting removed is Chase Bank Card and Macey's . But i also do know that most of the ones i paid off they removed without me asking them. Chase being my oldest account i dont think i want to get it removed as its not effecting my credit report like it once use to. But i am no expert by no means im sure you will find ALOT better advice. But one thing i DO KNOW to be fact is that most of my CO's were small under 500 also i paid them and i noticed around 40-60% of them being removed without a PFD. So my suggestion is to pay them. I dont know if i was lucky or that is common practice. So wait for farther advice just adding my 2 cents. Hope this helps some
08-20-2011 06:49 AM
So did you find out old debt in collection, contacted them to pay it, then pay LL to go and get those marks deleted from your CR?
See I am having trouble even finding a CA that holds my debt because it seems one went out of business. How do I pay if they aren't around anymore?
08-20-2011 07:38 AM - edited 08-20-2011 07:42 AM
I was wondering if I can do a PFD w/o a DV? I am pretty sure these debts are mine and can pay them...under 500 dollars each, but can't wait for them to fall off after seven years. I recognize and found one CA but two others only partial names and no other information regarding accounts or payments. The only information I have regarding these at this time is from my CR. Any suggestions? Thanks in advance! Sincerely, Jacob Has anyone heard as I have, that a CA named "S&P Capital Investments" is out of business and collections on a CR by them can be removed? ....
I see different questions, so will give my input on each.
1. Can you do a PFD without a prior DV?
Certainly. The DV process is a debt collection practices matter under the FCRA, and PFD deletion is a credit reporting matter under the FCRA.
Not having DV'd within 30-days does not preclude you from DV'ing at any time, but does take away your ability to use the DV letter to compel a ban on their continuance of collection activities until such time as they provide verification of the debt. :Lack of a DV has nothing to do with how you pursue payment or CR deletion.
DVs are for two reasons. First, to have the debt collector state ("verify") that they have communicated with the OC, and have determined the debt is legit, and tell you how much the debt is asserted to be. Aside from all the controversy that surrounds what is required for adequate debt validation, assume their verification is adequate. Then, second, the DV letter required them to cease active collection activity until such time as they do provide verification. If you dont contest the validity of the debt, and you are not too concerned about barring their collection activities over the period until they verify, then the DV process really does not hold much benefit.
2. How can you locate contact information for a debt collector who has reported to your CR?
If they complied with FDCPA 809(a) and sent you proper dunning notice, then their contact address should already have been provided to you.
In the event you dont have it, then part of their reporting of a collection to a CRA requires identification of their name and contact address. This is not provided in most commercial credit reports, but can be obtained, if all other avenues fail, but simply sending the CRA a letter under FCRA 609(a)(1), which entitles you to the disclosure by the CRA directly to you of any and all information reported to your credit file. So file a request to the CRA for this information, and be sure to include their authorized processing fee, which is currently $11.00.
3. Suspecting that a party who has reported information to your credit file is no longer in business presents an opportunity to get CR deletion of their prior reporting. But it requires a little work. It works like this. IF you have a legitimate ground for disputing the accuracy of the information (and that is the key), then you can dispute it with the CRA. the CRA must then contact the party who reported the disputed information and get a verification of its accuracy within 30-days of your date of dispute. IF the party does not verify, then CR deletion is mandated. A party who is no longer in business is unlikely to verify back to the CRA. The key is presenting some legitimate basis for the dispute itself. That initial burden is on the consumer.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.