credit report dispute

[Anonymous]

i have recently pulled my trans union report through my fico . i have filed a dispute through them for a verification of a ca. i know it could take up to 45 days. my question is if scorewatch would still be able to post any changes in my reports while this dispute is taking place. i have paid some collections and all has been quiet. i thought maybe this could be why. anybody know? thanks so much!!

[britishbooklady]

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@Anonymous wrote:

i have recently pulled my trans union report through my fico . i have filed a dispute through them for a verification of a ca. i know it could take up to 45 days. my question is if scorewatch would still be able to post any changes in my reports while this dispute is taking place. i have paid some collections and all has been quiet. i thought maybe this could be why. anybody know? thanks so much!!

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Hi crh,

Scorewatch is strictly for Equifax...so, I don't think a dispute to TU would affect it at all. As for changes being reported, if you set your "target score" to the current score being reported, then any change in it (up or down) will trigger an alert.

From what I've learned, I think a paid collection has the same affect on your score as an unpaid collection. In other words, just the fact that it's listed on your report is "bad" - it's best to try and get them deleted via a PFD letter. If they're already paid, then start sending GW letters to the company reporting the TL.

Hope this helps.

[RobertEG]

crh, you dont send debt veriffication / validation letters to a CRA.  They are simly NOT a part of that statutory process.

You will not get anything of substance back from your letter  to them.  They will NOT consider it as a dispute.

There are two different and somethimes interraled, but for the most part, unrelated, statutes that you must first have a basic understanding of.

One is the "Fair and Accurate Credit Reporting Act," commonly referred to as the FCRA. 

The FCRA deals with periods and issues of fair, accurate, and complete credit reporting to the credit reporting agencies, commonly referred to as the CRAs.

This is the statute under which consumers can dispute information reported to their credit reports. For the most part, the FCRA holds both creditors and the CRAs accountable for information reported to your credit file, and specify detailed procedures should you disput.

The other is the "Fair Debt Collection Practices Act," commonly referred to as the FDCPA.

The FDCPA. as its name implies, is directed to controlling the practices of third-party debt collectors in their efforts to collect consumer debt.  It is not a credit reporing statute and not, for the most part,  a statute that provides for dispute.

Your post relates to a request for validation of a debt for which you have received notification of  collection activities from a third party debt collector/collection agency.  I wont get into all of the statutory citations.  Just a summary.  Your debt validation (DV) letter is under the FDCPA, and not the FCRA.  So it deals wth debt collection practices,and not credit report disputes.  It is primarily a request that the debt collector do three primary things. First telll you the name and address of the credtitor to whom you owed the original debt to, second, to tell you the amount of the asserted debt, and third, to cease all furthr active collection contacts and actibies with you until such time as they choose to respond.

If they do not choose to do either one or two, that is their option. 

But they cant do one or two until they have complied wth three.

It could take a whole lot more than 45-days awaiting a response to a debt validation letter.  There is no statutory period for response.

[Anonymous]

Thanks so much for your reply. Even after reading so many posts I still have a long way to go in understanding all the legalities of  FCRA and the FDCPA. 

[MarineVietVet]

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@Anonymous wrote:

Thanks so much for your reply. Even after reading so many posts I still have a long way to go in understanding all the legalities of  FCRA and the FDCPA. 

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Good luck with that.    There are many people here much smarter than I am who struggle with the unnecessary legalese involved in these and most other laws.

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work