Question in regards to DV and dispute 623

[erledo]

Hello all and Happy holidays!

I have some questions regarding DV and dispute 623, I have a BOA credit card debt that I'm not sure how I should approach. The credit card was opened in 2004 and Unfortunately defaulted on it in 2005. The original account has been purchased by a Collection agency a while back, can I still send a DV letter or is that only 30 days within the notice of collection? 

Also, to do a 623 dispute I assume that I need some basic information as the original account number, which I of course do not have. Is there anyway to get this info?  as an addendum the balance on the original credit card was over 5K (yes I was in school and stupid). If I start inquiring about the account will the creditors or the collection agency start court proceedings for payment or something of the sort? Thus far I have not been asked to make any payments, and not sure what action I should take.

Thank you for your time and consideration.

[RobertEG]

As for sending a DV after 30 days from receipt of your  collection (dunning) notice, yes you can still send one.  But the problem is that the debt collector can summarty dismiss it as untimely, not provide validation,and also continue further collection activities.   FDCPA 809(b) does not place a time limit on when you can request debt validation,  What it does is, if you make your request within 30-days of their collection notice, prevents the debt collector from conducting further debt collection activities until they provide validation.  They may or may not hold your DV as untimely, but can if they choose.

What exactly are you attempting to gain by a DV letter?  It doesnt appear that you are being harassed by collection activities.......

As for disputing under FCRA 623(a)(8), first, what are you disputing, and who are you disputing with?  You have both an OC and CA who have reported information.

If you dispute with either the OC, the CA, or bothy, what is inaccurate about a specific item of information they have posted?  Unlike a DV letter, a dispute must identify the specific information that is considered inaccurate, and provide documentation to support your allegation of inaccuracy.

If the OC account is in your credit report, their address is in your credit file, and can be obtained from the CRA.  The implementing rules for the direct dispute process specifically state that direct disputes must be considered if sent to the address that the furnisher of the information (the OC or CA) has provided to your credit report.  See 16 CFR 660.4(c).

As for the peril of a dispute possibly leadihg to legal action, yes, that is a risk.  They can bring legal action at any time a debt becomes delinquent.

So it is important not to dispute unless you have evidence to support your assertion of inaccurate reporting on their part.  Dont dispute unless you can show an inaccuracy, and remember that the dispute only then relates to the accuracy of that specific item of information, and probably not the account itself, or other items of information.

[erledo]

Robert, 

Wow, Thanks for all the great information. All I my debt to collection agencies has been paid up to date, the only that is left is my biggest one and I'm going to tackle that next. I believe I'm going to try to settle for a lump sum payment. I can't afford the whole amount but it's going to be a good percentage, I hop this will be sufficient to at least have the credit reported as paid as agreed. I know it's not as good as a paid in full or paid for deletion, but it is what I can manage. 

Again, thank you!