What order to do things in?

[Eager2Learn]

Advice is appreciated.  I will try to make this as short as possible without leaving out pertinent info; please bear with me.  Last week I received a letter from Pinnacle Credit Services claiming that Vision Financial Corp has authorized them to collect on an outstanding balance (Originally CHASE Manhattan) due of $15,XXX.  They claim they will accept $2,3XX as payment.   Further stating "this is an attempt to collect a debt....unless you notify within 30 days that you dispute the validity".

A couple of problems are:  I do not recall what bank I co-signed for my son for in 1996.  He did get into some financial difficulties in 1998 which I helped him with, but he cannot recall who he settled with and for what amount.  The earliest CR I can find for myself has no mention of CHASE or any judgements or collections or anything derogatory at all (NOV 2007).  My son confirms he would get calls from debt collectors and he hung up on them routinely but has not been contacted since early 2000.  He also believes he quit paying everyone in 1999.  

I guess what I am getting to is, how do I NOT screw this up?  I want to make sure I do things in he proper order and not make matters worse.  MyFico scores for me are 797-805 and I would like to keep them that way.  I was looking for SOL, but cannot figure out which state to use as I moved frequently with the military.  I was in FL 1988 until mid 2002 then WA until 2006 and VA until 2008, currently in HI living the well deserved retired life.  

Do I request validation from the CRA or from this debt collector?  I have gathered not to call them at all, and this is the first communication I have ever had from them.  How do I determine the DOFD if it isn't on any of my credit reports?   How do I ensure that if I pay this amount it doesn't appear on my CR due to new action on this account?  How do I find out if there is a judgement against me on this matter?    

I have read a lot of posts on this forum and think I have a general idea what to do, but the consequences for screwing it up look painful.

Thanks in advance for your help. 

[IOBA]

If it were me,

1.  NEVER talk to the CA.

2.  DV the CA (Pinnacle), CMRR.

3.  Keep looking back through your records and start copying everything (like your early credit report) to a file that pertains to anything you co-signed, etc.  Make hand written/computer typed notes about what you remember helping your son with, such as co-signing a loan.  Have your son look through his files and find anything and everything he can about HIS debt that you might be associated with.

4.  Wait for a response from the CA.

5.  No response after 30 days, do a second DV. 

[LIGHTNIN]

If you pull your free CR's from annualcreditreport.com or directly from the CRA's they will have more detailed info on them,more then 3rd party CR pulls. TU and EX will Include the date to be removed from your CR's and the DOFD. EQ you can go by 1st 30day late,with no other payments made after that.

As far as a judgment goes.......only a court can issue a judgment.

This will also be listed on your CR's.

Were you served?         If you were served and didn't show up for court, they can win by default.

If you get served even if passed SOL, show up in court and use the SOL as a defense.

Yes send a DV to the CA. Check out the SOL for the state you live in now, and the state you originally took out the loan in.

Others will chime in soon. I'm just starting to learn, but there are others here that are very wise about  credit repairing.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          

Message Edited by LIGHTNIN on 10-07-2009 06:39 PM

[Eager2Learn]

Thanks for the input so far.  I pulled my EX from annualcreditreport.com (it wants me to fax/mail additional identification for TU and EQ).  I see a CHASE listed as opened in 94 and last reported 06/2000.  Status is "Paid. Closed/Never late".  The account number is not even close to the account number coming from Pinnacle.  I printed all 13 pages of this report and there are no judgements/ no derogatory items whatsoever.  This letter from Pinnacle is the first I have ever heard from any kind of debt collector, creditor, or anything like that.  Prior to that, my son said he was in a bind and I gave him $6K to pay off all of his debt which he claims he did.  I will send out a DV to Pinnacle in the morning and see what they respond with.  I can see an inquiry from Pinnacle on this credit report but it says it is "only shared with you".  How can they check my credit without my permission?

I will jump through the flaming hoops to get copies from TU and EQ as well and verify that there is nothing fishy on those either.  Thank you for the help!

Mahalo 

[LIGHTNIN]

I think Pinnacle is trying to find someone, maybe with a simalar name as yours. I would suggest to opt-out with the CRA's

DS has not paid since 1999, thats 10yrs.....passed 7yr reporting bad debt on CR's and Passed SOL were they cant sue and win.

You say that you co-signed in 1996, but the CHASE listed on EX opened in 1994.....thats 2yrs before co-signing.Dont think has anything to do with DS auto.

Do you remember opening a chase account in 1994? Does it says what type of account? like cc or auto or something else

The chase on your EX --paid/closed/never late--doesnt sound like a bad debt.also different account #'s......Not the same chase that Pinnacle is talking about.

Pinnacle did a soft pull on your CR, there is something you can do i think its called a non pp letter, Not sure tho.

Wait for others to chime in to help. I'm still learning here 

[IGUESSO]

Hello All,

I received a similar letter. With the same CA but I sent a DV to Vision Financial Corp. No reponse after 30 days, so I sent a follow-up DV to VFC. Am I doing the right thing, if not what should I do? Is it okay that I sent the letter to VFC. I am worried about that. The letter doesn't have Pinnacle's address on the letter no where. It only has Vision Financial Corp address to remit my payment, with VFC letterhead. Please help and advise me on my next step.

[RobertEG]

My advice is simple.  Just send a Cease and Desist letter to the debt collector under FDCPA 605(c), and then ignore them.

My legal and FCRA basis:

The ONLY date, from a credit reporting basis, that is relevant to ANY debt collector reporting is the the date of first delinquency (DOFD) on the original creditor (OC) account.  If the date of first delinquency on the original creditor account was back in 1998, that is the one, single, date-certain under FCRA 605(c) upon which any further reprotng by a debt collectiolr can remain in either yours, or his, credit report.  It is, most specifically, only 180-days from that DOFD, plus 7 years.

A DOFD from back in even the last month, being 12/1998, would bar any inclusion of any reporting they have done from appearing in any credit report that any CRA may issue, based on that DOFD of, for example, 12/1998, then 7 years plus 180-days from that date mandates CR deletion after 6/2006.

My suggestion is not to engage in any communicatin with them, other than to  just to send the C%D   letter.  No DV letters. No letters to the CRA,

"This is written notice under FDCPA 805(c) that I refuse to pay this alleged debt, and that you are to immediately cease all communications with me regarding this alleged debt,  including any written, tellecommunicatilons, email, internet, or any form of communicatilon."