prudentone wrote:
Yes, Devry is reporting this as a charge off. I just want to get this removed and would hate PFD when i knw it should not be listed in the first place. So, I thought the DV may be an option. But I don't know anything about it really.
Found something for you. You can DV an OC, but it carries no weight under the FDCPA (Fair Debt Collection Practices Act) .
Applicability of the FDCPA - It matters if the listing is from the original creditor or collection agency
The FDCA does not cover collection tactics employed by original creditors (like credit card companies who issue credit cards). It only governs the actions of a debt collector (collection agency). Let's look at the definition of these two groups as defined by the FDCPA.
TITLE VIII - DEBT COLLECTION PRACTICES [Fair Debt Collection Practices Act]
§ 803. Definitions [15 USC 1692a]
As used in this title --
(4) The term "creditor" means any person who offers or extends credit creating a debt or to whom a debt is owed, but such term does not include any person to the extent that he receives an assignment or transfer of a debt in default solely for the purpose of facilitating collection of such debt for another.
What does that mean? It means that, as far as the FDCPA is concerned, a creditor is the original entity which loaned money to a consumer. It is not a collection agency. The definition of a debt collector is as follows:
TITLE VIII - DEBT COLLECTION PRACTICES [Fair Debt Collection Practices Act]
§ 803. Definitions [15 USC 1692a]
As used in this title --
(6) The term "debt collector" means any person who uses any instrumentality of interstate commerce or the mails in any business the principal purpose of which is the collection of any debts, or who regularly collects or attempts to collect, directly or indirectly, debts owed or due or asserted to be owed or due another.
The threat of a DV might scare them away if they know they have no standing to collect a debt that isn't yours. No guarantee though.
