Can you DV an OC?

[Anonymous]

Can you DV an OC?  Thanks!!

[Junejer]

No. Send the OC letter.

Company
Address
Address

Date

Re: Acct #xxxxxxxxxxxxxx

To Whom It May Concern:

I recently pulled my credit report from Experian, Equifax and TransUnion and noticed this account was listed on each of my reports as a collection I immediately disputed this information with Experian, Equifax and TransUnion and the results of the investigation came back as "verified".

Since I have disputed the account with the credit bureaus, and you have verified them, I would like to see what sort of records you have for this alleged account. Under the new FACTA laws, you are required to conduct an investigation on this account, and I am now requesting it.

In order to clear up this matter, I would like to see:

Complete account history, including, all statements, records of all activity, payments, collection attempts, and any charges added for collection activity; In short, any and all documentation pertaining to this account

If you don't respond with the results of the investigation (as is required per the FCRA), I will assume you have no documentation and therefore you were negligent in providing the credit bureaus with accurate information. At this point, you would also be in violation of the FCRA merely for not responding within the 30-day period.

Please send all correspondence to:
Name
Address
Address
Sincerely,

DO NOT SIGN......JUST TYPE NAME

[Anonymous]

Yes. I put together a DV for my sisters Applied Bank CO. They sent everything she wanted and accepted pfd.

[Junejer]

Let me clarify that yes you can DV them, BUT they DON'T have to respond. Jaybee's sister was one of the fortunate ones.

[Anonymous]

I think i will dispute first then mail the letter, im assuming they need to respond to that and show me the doc's that verified the account with the CRA? Thanks for the help

[Anonymous]

Did you have any luck DVing the OC?  I have two mortgage companies on my CRs.  One foreclosed and other wrote off the bad debt.  The first bank went out of business and must have sold to another company that is now reporting on EX, EQ, but i should add has not noted sold/tranferred in the comment box. The second mortgage was in Litton Loans hand, but sold the Dyck Oneal (12/08).  To cut to the chase could i DV these companies or leave it alone? 

[llecs]

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missmoney-bags wrote:
Did you have any luck DVing the OC?  I have two mortgage companies on my CRs.  One foreclosed and other wrote off the bad debt.  The first bank went out of business and must have sold to another company that is now reporting on EX, EQ, but i should add has not noted sold/tranferred in the comment box. The second mortgage was in Litton Loans hand, but sold the Dyck Oneal (12/08).  To cut to the chase could i DV these companies or leave it alone? 

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I'd leave it alone. The sold/transferred comment, or lack of, has zero impact on your score. If you are legally on the hook for the debt, then contacting anyone will increase your chances for increased collection activity or being sued.

In the previous example, with Applied, was a fluke. Applied (a CC) does actually respond to DVs saying that you cannot DV an OC, but they will respond with a PFD response instead. They are one of the only OCs that respond favorably with a DV.

Question: are both sets of lenders reporting the same debt?...maybe I should have asked that first.

[Anonymous]

no the amounts are still the same.  I actually found out through the clerks website that the house was sold in April 2009, for 18 k.  I have never been through a foreclosure and I dont know what to do.  I dont want to put this behind me and move on to buy another place when my two years are up, then have some bank come into the picture and mess it up.  Im meeting with a bankruptcy/real estate attorney next week.

[llecs]

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missmoney-bags wrote:
no the amounts are still the same.  I actually found out through the clerks website that the house was sold in April 2009, for 18 k.  I have never been through a foreclosure and I dont know what to do.  I dont want to put this behind me and move on to buy another place when my two years are up, then have some bank come into the picture and mess it up.  Im meeting with a bankruptcy/real estate attorney next week.

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If both accounts report a balance, for the same debt, then one is misreporting. However, I would hold of in doing anything. I don't know the legal intricacies of foreclosures and balances due. The last thing you'd ever want to do is dispute a balance that's misreporting and have them sue you for the difference. Talk to that attorney before you do anything.

[Anonymous]

I do have an appt this monday with a real estate/bankruptcy attorney.  I found out that the house had sold in april of 09 for 18k, when i bought the house for 132k, and Im real concerned about the consequences that could happen.  I did some digging and found the Mortgage Forgiveness Debt Relief Act.

** The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.

This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion does not apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition.**

I think this may apply to me but the attorney may know more.  This last year I pulled my scorre from a 542 to a 600, and dont want to through it away with judgements.