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DV Time Limitations

blaksun333
Valued Member

DV Time Limitations

Hello,

 

If you CMRR DV a CA after the inital 30 day limit listed on the first CA letter, do they stop reporting and delete the account until it is verified?  Or is this only valid if you dispute the debt within the 30 days of receiving the first CA letter?

 

If they fail to respond within 30 days of receiving my CMRR Letter (counting mailing days), can I forward copies and statement to the CRAs for deletion?


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Message 1 of 21
20 REPLIES 20
MarineVietVet
Moderator Emeritus

Re: DV Time Limitations

 


@blaksun333 wrote:

Hello,

 

If you CMRR DV a CA after the inital 30 day limit listed on the first CA letter, do they stop reporting and delete the account until it is verified?  Or is this only valid if you dispute the debt within the 30 days of receiving the first CA letter? I'm not sure if you can still DV after the initial 30 days except in Texas where there is no time limit to DV and the CA must respond within 30 days or delete.

 

If they fail to respond within 30 days of receiving my CMRR Letter (counting mailing days), can I forward copies and statement to the CRAs for deletion? The CA never has to respond to a DV letter (except in Texas) but until they do respond or delete all collection efforts must cease.

 

 

 

 

From a BK years ago to:

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Message 2 of 21
blaksun333
Valued Member

Re: DV Time Limitations

Thank you for your response.  This is good since I am in Texas.

 

One more question...

 

If I disputed this account with the CRAs prior to the DVs and was verified, if the CA does not respond after the 30 day limit, will this still be deleted?


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Message 3 of 21
Mifune
Member

Re: DV Time Limitations

DV request can occur at any time.  The initial 30 day notice is generally the 30 days that pass before the CA starts reporting COLLACT (collection activity) to the credit bureaus.   If it takes longer than 30 days for the CA to collect the paperwork on your acct and you forward that to the credit bureaus, the credit bureaus will initiate their own investigation and send a dispute letter to the CA.  At that point, the CA is inclined to respond in a timely manner.  If they do not respond and you succeed in getting it off your credit, it still does not totally release you from liability to pay the debt.  If they later find that the debt is truly yours, they can still take various actions in order to collect it.

 

If you know the debt is yours, I'd strongly advise against taking frivolous DV actions.  It can shut the door on a collector being willing to work out payment or settlement arrangements with you, and in some cases, a collector may become more inclined to refer it to an attorney in order to seek judgement if it is a sizeable debt (generally $1.5k +)


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Message 4 of 21
MarineVietVet
Moderator Emeritus

Re: DV Time Limitations

 


@blaksun333 wrote:

Thank you for your response.  This is good since I am in Texas.

 

One more question...

 

If I disputed this account with the CRAs prior to the DVs and was verified, if the CA does not respond after the 30 day limit, will this still be deleted?


Disputing with the CRA's and DV'ing a CA are two different actions. Once you DV that CA they have 30 days to respond since you live in the great state of Texas. Here is the Texas Finance Code if you'd like to read it.

 

 

 

 

From a BK years ago to:

9/09 EX pulled by lender 802
3/10 EQ- 800
4/10 TU -772

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Credit Problems Which Is Worse?
Whats In Your FICO Score

Message 5 of 21
blaksun333
Valued Member

Re: DV Time Limitations

Thank you again for your replies.


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Current Score: 615
Goal Score: 720


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Message 6 of 21
MarineVietVet
Moderator Emeritus

Re: DV Time Limitations

 


@Mifune wrote:

DV request can occur at any time.  The initial 30 day notice is generally the 30 days that pass before the CA starts reporting COLLACT (collection activity) to the credit bureaus.   If it takes longer than 30 days for the CA to collect the paperwork on your acct and you forward that to the credit bureaus, the credit bureaus will initiate their own investigation and send a dispute letter to the CA.  At that point, the CA is inclined to respond in a timely manner.  If they do not respond and you succeed in getting it off your credit, it still does not totally release you from liability to pay the debt.  If they later find that the debt is truly yours, they can still take various actions in order to collect it.

 

If you know the debt is yours, I'd strongly advise against taking frivolous DV actions.  It can shut the door on a collector being willing to work out payment or settlement arrangements with you, and in some cases, a collector may become more inclined to refer it to an attorney in order to seek judgement if it is a sizeable debt (generally $1.5k +)


 

I'm not sure what you mean by frivolous. Even if you know a debt is yours there is absolutely nothing wrong with asking a CA to prove that they have the right to attempt to collect a debt because if they don't have the legal right that is all you need to be done with them. I think it's always a very wise move.

 

IMO

 

 

 

From a BK years ago to:

9/09 EX pulled by lender 802
3/10 EQ- 800
4/10 TU -772

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Credit Problems Which Is Worse?
Whats In Your FICO Score

Message 7 of 21
Mifune
Member

Re: DV Time Limitations

I'm speaking from being on the other side of the fence.  It is completely reasonable and justifiable for someone to request DV, but it can be a very time consuming process for the collectors.  I work as a collector myself, for a highly respectable CA (there are many awful/unlawful CAs out there that have given the business a bad name) that primarily serves credit unions (on consignment/assignment, not a debt buyer).  Some of our clients send us electronic assignments with minimal paperwork, and it can take a bit of time and follow up to complete a DV request, due to the sheer volume of deliquent accounts in this economy, on top of the efficiency of various internal filing protocols the credit union may/may not have. 

 

In the vast majority of the cases where I have provided DV to the person requesting, they stop communicating once I send it to them, as they never had any intention to take responsibility or make arrangements regarding their financial obligations. I'm left with the sentiment that many of the people who request DV are just pinging the CA to see if they can get out of the debt/negative mark on their credit.  As a result of this, I always always request "suit authorization" from the clients whenever someone requests a DV on a larger balance, as the documents necessary to refer a file to our attorney for a lawful suit are quintessentially the DV docs. 

 

The clients I serve are a bit of a special case as credit unions are non profit organizations that typically exist to provide reasonable lending options to their members.  If every defaulted account requested DV, the credit unions and their agents (the CAs) would not be able to effectively recover lost assets in a timely fashion, which could result in many CU's shutting their doors.  In my personal opinion, credit unions are pro-consumer lending institutions compared with big for-profit banks that have the overhead to write off huge losses. It'd be a shame if credit unions had to shutter their doors or change their policies/rates towards potential borrowers due the overhead costs of deliquent accounts fighting their lawful debts tooth and nail.

 

Now I'm not trying to point fingers, just trying to enlighten the original poster with what is potentially is going on in the heads of the people on the other side once you request DV, as I don't think the behaviour I've experienced is necessarily unique to my demographic (State of Kommiefornia).   When it comes to debt buyers/resellers, yes, I would always recommend requesting DV.  I have a few opinions about those kinds of businesses, but that's not within the scope of op's question.

 

While I am a collector, I do breathe through my nose, not my mouth, I'm educated, and I did not eat any babies this morning; I'm a human too.


Starting Score 5/6/10:Transunion: 740 Equifax: 732 Experian PLUS: 761
Current Score (6/15/10):
Transunion: 756 Equifax: 767 Experian PLUS: 771
Goal Score:
Transunion: 770 Equifax: 770 Experian PLUS: 785
Take the FICO Fitness Challenge
Message 8 of 21
O6
Senior Contributor

Re: DV Time Limitations


@Mifune wrote:

I'm speaking from being on the other side of the fence.  It is completely reasonable and justifiable for someone to request DV, but it can be a very time consuming process for the collectors.  I work as a collector myself, for a highly respectable CA (there are many awful/unlawful CAs out there that have given the business a bad name) that primarily serves credit unions (on consignment/assignment, not a debt buyer).  Some of our clients send us electronic assignments with minimal paperwork, and it can take a bit of time and follow up to complete a DV request, due to the sheer volume of deliquent accounts in this economy, on top of the efficiency of various internal filing protocols the credit union may/may not have. 

 

In the vast majority of the cases where I have provided DV to the person requesting, they stop communicating once I send it to them, as they never had any intention to take responsibility or make arrangements regarding their financial obligations. I'm left with the sentiment that many of the people who request DV are just pinging the CA to see if they can get out of the debt/negative mark on their credit.  As a result of this, I always always request "suit authorization" from the clients whenever someone requests a DV on a larger balance, as the documents necessary to refer a file to our attorney for a lawful suit are quintessentially the DV docs. 

 

The clients I serve are a bit of a special case as credit unions are non profit organizations that typically exist to provide reasonable lending options to their members.  If every defaulted account requested DV, the credit unions and their agents (the CAs) would not be able to effectively recover lost assets in a timely fashion, which could result in many CU's shutting their doors.  In my personal opinion, credit unions are pro-consumer lending institutions compared with big for-profit banks that have the overhead to write off huge losses. It'd be a shame if credit unions had to shutter their doors or change their policies/rates towards potential borrowers due the overhead costs of deliquent accounts fighting their lawful debts tooth and nail.

 

Now I'm not trying to point fingers, just trying to enlighten the original poster with what is potentially is going on in the heads of the people on the other side once you request DV, as I don't think the behaviour I've experienced is necessarily unique to my demographic (State of Kommiefornia).   When it comes to debt buyers/resellers, yes, I would always recommend requesting DV.  I have a few opinions about those kinds of businesses, but that's not within the scope of op's question.

 

While I am a collector, I do breathe through my nose, not my mouth, I'm educated, and I did not eat any babies this morning; I'm a human too.


A couple of observations ...

 

1.  You cannot sue until you have DV'd per the consumer's timely request; and

 

2.  Documentation required for a proper DV is not at all the same as what you'd need to win a properly defended lawsuit. 

IAALBNYL
Message 9 of 21
O6
Senior Contributor

Re: DV Time Limitations


@blaksun333 wrote:

Hello,

 

If you CMRR DV a CA after the inital 30 day limit listed on the first CA letter, do they stop reporting and delete the account until it is verified?  Or is this only valid if you dispute the debt within the 30 days of receiving the first CA letter?

 

If they fail to respond within 30 days of receiving my CMRR Letter (counting mailing days), can I forward copies and statement to the CRAs for deletion?


It varies from state to state, but in most federal cases pertaining to DV the consensus is that the DV must be timely made.

IAALBNYL
Message 10 of 21
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