MOV Letters obsolete?

Anonymous · ‎06-25-2008

I have a collection agency reporting on Equifax that should not be there. I disputed and it came back verified, so I started looking for info about Method of Verification letters.

I looked at the old threads here and found one that quotes the stated policy on the Equifax cover letters. But it didn't match the wording on the cover letter I received. Then I looked at the FCRA section that was quoted and noted what it says the CRA must provide.

I think the MOV letters may be obsolete, at least with Equifax. It appears that EQ is now saving a step, and simply including the information in the letter where they state the results of the investigation.

In my case, the letter says "We have researched the collection account. Account # 1234567 The results are: This creditor has verified to Equifax that the balance is being reported correctly. IF you have additional questions about this item please contact: Collection Agency Name, PO Box xxxxx, City, NC Zip Code."

In the Notice to Consumers section it says "The name, address, and, if reasonably available, the telephone number of the furnisher(s) of the information contacted while processing your dispute(s) is shown under the "Results of Your Investigation" section on the cover letter that accompanies the copy of your revised credit file."

This is the information the FCRA requires them to provide. So it seems they have streamlined things by providing it immediately instead of waiting for an MOV letter.

Which is fine with me, because this letter confirms that the collection agency provided false information to the CRA after I had provided them with documentation proving that the account was paid in full. I filed my lawsuit against the CA on Monday.

Anonymous · ‎06-25-2008

I have had the same thing happen to me this week. I got 2 CRA's that verified a debt that i paid back in 2002. Of course, it is due to drop off in about 6 months, but its the principal of the matter. I sent a certified letter to the finance company requesting an investigation. I also called when i first saw it on my report, and the lady told me over the phone they had no records dating back that far. That tells me the CRA's are NOT really looking into the disputes at all. I did, however, get one collection updated that i had paid back in 2004. I doubt it will really boost my score much, though.

Also, i have a student loan, that is NOT federal, that is reporting wrong. I have disputed this, and havent heard back yet. I opened it in 1996, which means I dont think it should even be on there anymore????? Is this correct? The last payment i made on it was in 1998.

Anonymous · ‎06-25-2008

OBSOLETE WITH ALL!!!!!

Anonymous · ‎06-25-2008

nursegal wrote:

I have had the same thing happen to me this week. I got 2 CRA's that verified a debt that i paid back in 2002. Of course, it is due to drop off in about 6 months, but its the principal of the matter. I sent a certified letter to the finance company requesting an investigation. I also called when i first saw it on my report, and the lady told me over the phone they had no records dating back that far. That tells me the CRA's are NOT really looking into the disputes at all. I did, however, get one collection updated that i had paid back in 2004. I doubt it will really boost my score much, though.

Also, i have a student loan, that is NOT federal, that is reporting wrong. I have disputed this, and havent heard back yet. I opened it in 1996, which means I dont think it should even be on there anymore????? Is this correct? The last payment i made on it was in 1998.

My advice would be starting a new thread with your posting.

As for the SL, when you start the new thread, detail what is wrong, if account is paid, delinquent, when paid if it is, etc.

As for CRA and disputes, they contact the information provider, usually all computerized, and verify that the information being reported is what they reported. If the provider says yes, then it is "verified". CRA do not ask for proof or look into our files when we dispute.

Anonymous · ‎06-25-2008

Thanks for your input. I actually did post this in the Student Loan thread, and I didnt really get a response.

On the other issue, i have sent a letter requesting investigation from the finance company. If they dont respond, should i contact the CRA's again or what???

Thanks!