Rebuilding Your Credit

[nursegal]

I sent a letter to a finance company who listed a debt as a charge off on my credit report.  This was a company I had a loan through in 2000, however, i paid the balance off.  They are listing a small balance as a charge off....!!!  Also, the company i took the loan out with in 2000 is no longer under the same ownership or name, yet the new company is listing the debt.

Today I recieved a letter in response to my rights under FACTA for  proof and verification of this debt.  It stated that they could not help me with that information unless i send them something with my signature.  Sounds sort of bogus to me!!  I know since they are not a CA its not the same laws....how should i proceed?? They have already verified the debt as VALID with TU and EQ.  Thanks!

[Justn]

NO!, Don't send them anything!!! If you sent your DV CMRRR, You should send a letter to the CRA's stating that the CA was unable to verify the debt and include a copy of your Green Card and the letter you sent the CA.

EDIT: I just noticed that you're not talking about a CA. Since it looks like they wont be able to verify, You should dispute it with the CRA's as "Paid, Never Late".

Message Edited by Justn on 08-11-2008 01:41 PM

[sidewinder]

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nursegal wrote:

I sent a letter to a finance company who listed a debt as a charge off on my credit report.  This was a company I had a loan through in 2000, however, i paid the balance off.  They are listing a small balance as a charge off....!!!  Also, the company i took the loan out with in 2000 is no longer under the same ownership or name, yet the new company is listing the debt.

Today I recieved a letter in response to my rights under FACTA for  proof and verification of this debt.  It stated that they could not help me with that information unless i send them something with my signature.  Sounds sort of bogus to me!!  I know since they are not a CA its not the same laws....how should i proceed?? They have already verified the debt as VALID with TU and EQ.  Thanks!

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Was this a CO? Or, did you pay as you should?

Even if you paid after they charged off the debt, they can still list it as a charge off, it should say paid after charge off or paid charge off.

If they have verified inaccurate informationwith the CRA, then send them the OC letter.

[nursegal]

I paid the debt in full.  I sent a letter with my rights under FACTA after they verified the debt as valid (the same OC letter you suggested) in July.  The letter i recieved today basically said i had to send a written signature for them to investigate. 

Message Edited by nursegal on 08-11-2008 04:12 PM

[Justn]

They have 30 days to investigate. You have already let them know that. You do not have to give them anything. Just wait out the 30 days.

[nursegal]

Do they truly have 30 days?  I have read that they actually dont have a set time limit since they are not a collection agency.