Should I use this DV letter?

[Vivid]

Should I use this DV letter? or if not could you link to a different one?

Welcome to the forums!

Please refrain from posting links to credit repair sites, it violates myFICO forums' terms of service and user guidelines. As for which DV letter to use, please use this site's search engine, you'll find many sample letters. Good luck!!!

--fused, myfico moderator

I called Asset Acceptance and asked for a DV letter and they sent one, but it was so lame...It contained no pertinent info...at all. Nothing about it proved I owed anything. My credit report had more info...And it doesn't have much info. lol. So Im just going to send a DV letter and see if anything new happens. They recently updated my report to reflect "Consumer disputes this account information
Collection account". << Does that do anything for me?

Message Edited by fused on 11-01-2009 05:38 PM

[RobertEG]

All a CA is required to provide in response to a DV request is a statement that they have verified the debt, with the name and address of the original creditor, and the amount of the debt. 

FDCPA 809(b).

I dont know what you sent, but many DV letters posted here and elsewhere require such additional things as full documentation of all OC files, proof of CA licensing, etc.

None of these are required under FDCPA 809(b).

[Vivid]

Sorry didn't know.

Ok Robert, I guess I'll just PFD now. Thanks!

[RobertEG]

Before you offer a PFD, first consider its implication.

What is the DOFD on the OC account?  That governs the drop off date from your CR, and also the initial running of the SOL for defense of legal action in most states.  But some states provide for resetting of the SOL if simple offers to pay are made.

Before you shoot off a PFD, first make sure that it wont impact your SOL.  Go to your state statute, and be sure of your SOL.

Just a caution.

[Anonymous]

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@RobertEG wrote:

Before you offer a PFD, first consider its implication.

What is the DOFD on the OC account?  That governs the drop off date from your CR, and also the initial running of the SOL for defense of legal action in most states.  But some states provide for resetting of the SOL if simple offers to pay are made.

Before you shoot off a PFD, first make sure that it wont impact your SOL.  Go to your state statute, and be sure of your SOL.

Just a caution.

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What if you are willing to pay in full?  When you say *resetting* do you mean at the beginning or whatever is left of the seven years? Just trying to get an understanding.

Message Edited by Value on 11-02-2009 09:29 AM

[Vivid]

DOFD on the OC account? ... How should I go about find that info?

Cause I can't find it in my equifax/trans (can't do annual credit report again till first of 2010) report and obviously the CA isn't shareing accurate info. Should I try calling the OC, I have the OC account #....? It's an old debt tho. Your thoughts...

[Anonymous]

Here's what I found on MSN.

"Collectors can't legally restart the seven-year clock by "re-aging" the debt (giving it a new delinquency date) or by selling it to another agency. (The FTC shut down one large collection agency, CAMCO, after charging the company repeatedly re-aged debts in its attempts to collect.)"

However

"The other curb on debt collection is the statute of limitations, which gives creditors a certain time period -- in most states, three to six years -- in which to sue you over a debt."

Got it!  Before you go moving furniture around, check your SOL..  lol

[ktm214]

How long after DOFD is negative information supposed to drop off?

Thanks

[MarineVietVet]

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@ktm214 wrote:

How long after DOFD is negative information supposed to drop off?

Thanks

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I believe I stole (borrowed) this from RobertG. If not him it was from someone else on this forum alot smarter than I am!!!

Here is how and when derogs drop from you CR, and are thus no longer included in FICO scoring.

Monthly delinquencies under an OC account drop at 7 years from their individual date of delinquency. FCRA 605(a)(5). The date of first delinquency (DOFD) has nothing to do with these drop-off dates. They drop from their own individual dates. So look at each prior OC reported monthly derog date, and simply add 7 years.

If the OC subsequently reports their account as a charge off, that is a totally different and additional post to your CR. Their post as a charge-off will remain in your CR for 7 1/2 years from the DOFD on the OC account, which is the first 30-day delinquency you had on the account, and disregards any later 60/90+ delinquencies that followed. That is one single date-certain, and cannot be reset. FCRA 605(c).

If the OC then refers the account for collection, and a CA posts to your CR, the drop-off date of their collection reporting is the same as that of a CO. It is 7 1/2 years from the same DOFD on the OC account, and the CA cannot reset this date. Again, FCRA 605(c).