10-04-2012 12:14 PM
Getting married soon and ran my fiances report...two collections that she never got a notice for (moved around a bit).
Date of 1st delinquency: 10/2009
Balance Date: 10/2012
Status Date: 10/2012 (Notice this keeps staying current... it shouldn't right? )
Date assigned: 06/2010
Date Reported: 10/2012
Date of 1st delinquency: 08/2010
Balance Date: 04/2012
Status Date: 04/2012
Date assigned: 10/2011
Date Reported: 04/12
1.) What do I need to keep an eye on above? Date reported, assigned, etc etc.
2.) Should she still send a DV letter? Since she never got a notice - how does the 30 day notice that they send work?
10-04-2012 12:20 PM
You can always send a DV but they do not have to reply. If it is timely (which yours would not be since they are so old) they simply have to cease and desist until they respond. Even though that is not the case, I would still send one. A few of mine disappeared after a DV. Most likely they will validate. If they do (or if you just don't hear anything) you can send a pay for delete letter in which they would agree to remove for your payment. That needs to be in writing. What are the amounts? If they are small just offer to PIF for deletion. Also, think about your SOL for your state. I doubt either of those are out of SOL, so that means they could technically sue. The factor for when SOL starts is your date of first delinquicy.Ignore all of those other dates, they don't matter.
10-04-2012 12:47 PM
Without receiving a proper dunning notice a DV would be considered timely and would bar any collection activity from the creditor. The DOFD would be the only relevant factor on these as it would set the dates for SOL and CRTP. My suggestion at this time would be to send the DV and if they validate properly, try for a PFD. Good Luck!
10-04-2012 02:20 PM
These are what I call submarine collections..... reported and in your file with no dunning notice on their part, and thus no ability to address their inclusion unless you are lucky enough to have pulled your own CR. They are hurting your scoring without prompt ability to address them.
FDCPA 809(a) requires any debt collector to advise a consumer by way of formal collection (dunning) notice, once they have initiated communication with a consumer on their collection on the debt, informing the consumer of their name, the name of the creditor, the amount of the debt, and of how to invoke their debt verification rights.
Dunning notice is required to be provided within 5 days of their initial communication. Reporting to your credit report, while not specfically included in section 809(a) as an "initial communication with the consumer," has been interpreted by the FTC and the courts to consitute an action that triggers their requirement to send dunning notice.
The 30-day period for a consumer to request debt verification that invokes a cease collection bar on the debt collector is ONLY set by their sending of a dunning notice.
Absent dunning notice, and DV you send is timely, and thus invokes an automatic cease collection bar. However, such a bar only applies to further collection activities, and thus is not basis for deletion of their prior credit reporting.
Failure to have provided required dunning notice is not basis for compelling CR deletion, but it is basis for filing a formal complaint with the FTC for their violation of their debt collection practices. They must respond to the FTC, which might have impact on their dealings with you. It is a tool.
Whether to now send a DV depends upon what you are attempting to accomplish. If you dont acknowlege the debt or question its amount, a DV will bar any further collection until they provide that information. However, sending a DV will preclude you from negotiating with them, such as by sending a PFD offer, until they have addressed your DV request.
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.