What If Creditor Can't Verify Ownership

[Anonymous]

So I recently read an old post from 2012 on these forums where a guy experienced the same issue I'm having with the same OR and CA.

Citibank NA's EO says she couldn't locate my acct with them and was sending my info off to another person to have them locate my acct. I defaulted on a student loan that went to Capital Management Services. I made all of my payments through them and those payments showed on my credit report under my Citibank acct, not CMS.

the previous post I read said Citibank told that OP that they didn't own the debt but CMS did and CMS said that Citibank owned it even though Citibank was the only thing reporting to the CRA's. I'm getting the feeling that's what I'm going with me too since CMS already told me that Citibank owns the debt and Citi is currently trying to find my acct.

I disputed this acct months ago but it came back saying it meets FCRA and would not be removed. But my question is, if Citibank and CMS are each saying they don't own the acct, can't I use that to have this removed from my CR?

[RobertEG]

Speaking with and getting statements from reps on the phone is not evidence.

It is often only lack of knowledge on their part, laziness, or incorrect information.

The account information may have been sent to longer term storage, which the rep did not take the time and effort to pursue, etc.

Once you file a formal dispute, that will lkely compel a more thorough investigation that will then locate the account info.

Currrent ownership or prior sale of the debt would be something that their financial records would almost assuredly show.

What information did or are you going to dispute as inaccurate?

A dispute, for example, of the current balance would not mandate any deletion of the account itself, it would mandate correction or deletion of that info.

If they were unable to verify the currently reported amount, then update to what is asserted to be the correct balance in your dispute would meet the outcome requirments of the dispute without any issue of deletion of the entire account.

If you admit to default on the student loan, what is the inaccuracy that would form the basis for a dispute?

[Anonymous]

I disputed the payment history for accuracy because transunion and equifax are showing different late payment months. I can't remember but I think it was only one month but I used that to argue that the information was incorrect. They removed the payment history from transunion but it still shows on Equifax.

The reason I want to determine ownership is because I've been trying to get my goodwill letter in the correct hands. I've sent it off to Citibank begging them to remove the report entirely but no one has returned an update. When I called the EO she sounded happy to help and I was cautiously optimistic when she said that she would certainly look up my acct and check the details in order to see if she could grant that request. She asked if I minded waiting an hour for her to call me back and I of course said that would be perfectly fine. When I did get the call back I was told she couldn't find the acct and so my information was passed along to another person who would be better equipped to locating the file.

What you replied with makes sense. I guess phone reps and actually written statements to the affect are different. Is there a way I can get my account information sent to me in writing? Maybe I can use that document coupled with my GW letter to expedite the process... Connect the dots for whomever I get a hold of in the future.

It seems rediculus to go through all of this for one account but my credit file is super thin and a negative like this, even though it's completely paid off, is killing my credit score.

[RobertEG]

The current ownership of the debt would be indirectly provided in your credit report by the current balance that is being shown by the OC.

Since you are unsure of ownership, then I am assuming that the debt remains unpaid.

If the OC has sold the debt, then they were required to have promptly reported an updated current balance to the CRA of $0.  FCRA 623(a)(2).

That would be their formal reporting that they no longer own the debt, and thus $0 is currently owed to them.

If the OC is still reporting a balance and you have reason to believe that they no longer own the debt, such as the statement from their rep, then you could file a legitimate dispute of the accuracy of the reported current balance, which would then compel a formal investigation on their part and either a formal verification that they stil own the debt, or a corrrection to $0 if their investigation determines that they have sold the debt.

[Anonymous]

Over the last two and a half years I have been paying CMS but their name does not show anywhere on the Citibank labeled student loan. That said, my payments have all been reflected in the payment history of the Citibank labeled student loan. I paid them off, 8k total in May. The balance was updated with two CRA's and left open on one until I disputed that after which time they updated the account to closed with $0 balance. I am only now trying to determine ownership so I know who has the authority to grant a GW gesture. I've emailed a dozen Citibank people and called their EO but no reply from emails and the EO was unable to locate my acct but had passed my info to someone else who might be able to find it.

I was just hoping if they couldn't find anything then maybe I could dispute that somehow to have the entire acct removed. I have about two dozen lates going back to 2011 through 2013 and this is the last negative acct once I finish rehabbing my other loan. I'm desperate to have this removed either with GW or dispute if something is out of place that would legally allow me to argue for it.

[Anonymous]

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@Anonymous wrote:
Over the last two and a half years I have been paying CMS but their name does not show anywhere on the Citibank labeled student loan. That said, my payments have all been reflected in the payment history of the Citibank labeled student loan. I paid them off, 8k total in May. The balance was updated with two CRA's and left open on one until I disputed that after which time they updated the account to closed with $0 balance. I am only now trying to determine ownership so I know who has the authority to grant a GW gesture. I've emailed a dozen Citibank people and called their EO but no reply from emails and the EO was unable to locate my acct but had passed my info to someone else who might be able to find it.

I was just hoping if they couldn't find anything then maybe I could dispute that somehow to have the entire acct removed. I have about two dozen lates going back to 2011 through 2013 and this is the last negative acct once I finish rehabbing my other loan. I'm desperate to have this removed either with GW or dispute if something is out of place that would legally allow me to argue for it.

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Ownership has nothing to do with it. Whoever is reporting it is entirely responsible for the reporting. In this instance Citi is reporting, so they would be the only ones to ask for GW.

[Anonymous]

Thank you! Solves that mystery for me. Now it's just the trouble of waiting out a reply before calling the EO back to say I never recieved a return call from the man who my info was passed onto

[Anonymous]

Is there anything I can do to have them provide me with a written statement or documents about my record with them? I know I'm years past a DV letter.

[Anonymous]

Well, just to close the thread I figured I should give an update.

The presidents office at Citibank called back today regarding my recent requests from them with my goodwill letter.  I was informed in a pretty stern and not so nice way that my defaulted student loan contained factual data, data which she detailed in great length, and that disputing it would get me no where.

As for the GW gesture that I requested, she attempted to tell me that it's against the law for her or anyone at Citibank to remove my account from the CRA's, which I know is a false twisting of the facts.  I stayed polite and did not argue with her, an arguement wasn't going to make her more sympathetic to my GW request.  Basically, they do not want to remove anything and told me to just wait it out until Feb 2020 when it falls off.

Tempted to get annoying with weekly certified GW letters but also thinking it's just better to throw in the towel.  It's the only negative and as this paid acct gains age I'm sure it'll have less of an impact.  I have no future plans to buy a home, I already have a brand new car financed and until recently I lived a perfectly happy life without credit cards.  Clearing this up and building my credit is currently just a hobby and the score isn't something that I believe will hold me back. 

Thank you everyone who read and contributed to this thread!  Cheers!