disputing collection accts

[Anonymous]

I was able to get EXP to remove my old addy that's linked to all my collection accts - can someone advise me as to how I should go about disputing. Do I send DV letters to the CA's or do I send a dispute letter to Experian?

The only address now reporting on all my credit reports is my current address in which my secured cc, cap 1 and rac acceptance report too.

I need help.....thanks in advace

[apandabear]

I'm not sure that -- around here -- this is a widely accepted method of improving your credit profile. 

You're basically trying to remove accurate information through the dispute process, and while that would be beneficial for you, it's not very ethical.

[llecs]

If you have a CA that is not yours, it's quite OK to dispute. You should get a police report filed for ID theft and it'll make the process go by much smoother.

If you have a CA collecting on a debt you know to be yours, but maybe something is wrong like the balance or DOFD, then it too is OK to dispute. However, mail in the dispute to the CRA with proof that they are wrong, like proof of payment, OC's statements, and so on. Without it, it'll get verified.

If you have a CA collecting on a debt you know is yours, and you want to dispute for the sake of disputing, then don't. As mentioned, it's unethical. And let's say you do get lucky and it disappears, there's nothing stopping them form selling the debt and re-reporting or even suing you (the CRA gives them your updated info in a dispute).

I recommend in any situation above, always send a DV letter first. Most CAs will respond fairly quickly and you can get more info from the CA by which to make a judgment call as to whether or not it is yours, or whether or not some aspect of the reporting is incorrect. If they verify and you agree with the debt, then the next step is to send a PFD letter.

[Anonymous]

Ok, I do understand. The things that are mine I will be sending settlement letters or PFD deletes. My only concern would be the collections that are reporting that aren't mine. 

I guess I was a bit confussed as ppl send DV letters to CA of debts they owe is that correct?

[Anonymous]

Ok, thanks everyone for the info.

[llecs]

DV letters are for any CA, whether you owe them or not. The purpose of the DV is to get info from the CA by which to make a judgment call as to whether or not it is yours. They have to at least give you the OC's name, contact info, and balance owed. Once they verify with the balance, and assuming you agree with the debt, then you can send a PFD or settlement letter based off that balance. IMO, press for a PFD. Settling a CA will not help your FICO. It'll only help if deleted.

[ficojoe]

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@llecs wrote:

DV letters are for any CA, whether you owe them or not. The purpose of the DV is to get info from the CA by which to make a judgment call as to whether or not it is yours. They have to at least give you the OC's name, contact info, and balance owed. Once they verify with the balance, and assuming you agree with the debt, then you can send a PFD or settlement letter based off that balance. IMO, press for a PFD. Settling a CA will not help your FICO. It'll only help if deleted.

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Why is it very few people try to settle-for-delete insead of PIF-for delete?

[llecs]

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@ficojoe wrote:

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@llecs wrote:

DV letters are for any CA, whether you owe them or not. The purpose of the DV is to get info from the CA by which to make a judgment call as to whether or not it is yours. They have to at least give you the OC's name, contact info, and balance owed. Once they verify with the balance, and assuming you agree with the debt, then you can send a PFD or settlement letter based off that balance. IMO, press for a PFD. Settling a CA will not help your FICO. It'll only help if deleted.

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Why is it very few people try to settle-for-delete insead of PIF-for delete?

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It's quite ok to offer a settlement within the PFD. I usually don't mention it because it's more to type. Also, IMO, your odds of a PFD approval are higher at 100% than, let's say, 50%. Getting off a baddie sooner is more important to me than saving $$$. But hey, if I owed $10k, I'd take a shot at a couple thousand less in the PFD.

[MaryJane197]

I always try to settle for a percentage of the debt instead of paying in full.  If they dont respond then I offer to PFD later.  I always try to go for the cheaest way out!

[RobertEG]

Filing a dispute of accuracy of information never, even if agreed by the furnisher to be inaccurate, requires deletion of the disputed information.

The furnisher always has the first option of simply correcting their reporting to clear up the inaccuracy.  FCRA 623(b)(1)(E)(i).

Additionally, filing a dispute of the accuracy of an item, even if it cannot be verified,  never requires the deletion of any other information other than the disputed information.

A dispute that does not relate to the accuracy of the collection itself  would not compel deletion of the collection, regardless of outcome.

Thus, I see no issue of ethics in any legitimate dispute.