so I had a voluntary repo in nov of 03. nco financial recently contacted me and offered me a settlement but I couldn't do the terms they were offering so I ended the conversation. now I get back my dispute results from experian today and they are showing voluntary repo of nov 2006 and chargeoff date of dec 2006. isn't this illegal for them to do? what are my next steps? thanks
ok, i went ahead and did some research and appears they have been busted for this several times resulting in huge fines. sorry to ask a question I was able to find myself
In addition, because they were "busted" for this by FTC, they are under an agreement to both comply with the law, and to document and properly handle all consumer complaints, not just for re-aging.
Welcome to the $1.5 MILLION CLUB... Too bad each member doesn't get that size of a check. Make sure you put the nice little dispute into the mail to their corporate offices, and a nice little CC: to the FTC, just in case they try to sit on the complaint.
1.5 millon club. 1.5 million does seem like a nice figure but the real truth is that for a company the size of NCO it is nothing more than an inconsequential slap on the wrist. What is 1.5 million to a company making more than 120 million a year? Not much since such fines simply decrease their yearly net profit so they pay out less to their stockholders in terms of dividends. While that amount of money is sort of eye popping to the average person, it is nothing to a company the size of NCO. It really won't affect them much.
No, it won't affect them on this round, but if they were to keep it up, already having settled and reached an agreement, they know they can be fined many times that for violating a court approved settlement. CAMCO was initially fined only $300K. Apparently that was not enough to get their attention. Shutting them down finally did.
Actually, that fine made it a virtually lock to get their tradelines deleted from consumer reports. The mere implication of possible litigation in a consumer request for validation leads to deletion. I'll take it and spare their stockholders.
So what do you suggest I do? I immediately disputed it and brought it to the attention of experian who is sending them another dispute on the issue. what else should I do to force the issue?
Send NCO a request for validation directly. Include therein that they failed to notate their tradeline as "being in dispute" on your reports AFTER you disputed it and that you will institute a civil action for the above FDCPA violation if they fail to remove said tradeline within thirty days from receipt of your communication. Send it Certified Article w/ Return Receipt Requested. They will remove it before your deadline.
how does this sound? nco financial address account number xxxx dear sir/madame, I recently disputed the debt held by you thru experian in which you claim I owe xxx amount. After receiving the dispute results, I noticed that not only did you not provide me with valid information verifying this debt, you also failed to mark the debt as "in dispute" status and also re-aged the debt by 3 years. This is in violation of the fdcpa and unless the tradeline is removed immediately, I will be pursuing civil action against you if the matter is not resolved within 30 days of receipt of this letter. sincerely, my name
update: well as I mentioned I had called experian the minute i noticed they had reaged this account and they submitted another dispute to nco. just got the results of that dispute and they have marked the account "was chargeoff, now paying as agreed" I have not paid these people one cent. my letter above is going out to them monday.
I can't understand why you would dispute that at this time. they have marked the account "was chargeoff, now paying as agreed" I'd say leave it until they change it again then dispute as "inaccurate information " You would be much better off filing a federal case against them for the reaging of the debt. You should win it easily then negotiate for removal in the settlement agreement. If you can get it to the settlement stage they will want you to accept a non-disclosure clause as a part of the settlement. Personally, I would not want to agree to non-disclosure.
i am disputing it because they have added 3 years to the debt so instead of falling off in 2010 it's now set to fall off in 2013.
I understand that but I tend to think that since it is being reported "paid as agreed" now and you wait a bit it will be changed to something else. If it changes to something else a bit later then you would have a much stronger reason to dispute it as "incorrect information" Either way I think you can sue in federal court for the reaging of the debt now. I see no reason not to do that now.
well i pulled my daily report thru truecredit and notcied there was an added negative on transunion only...they are reporting this tradeline under two seperate names since the old company no longer exists..I have an appointment with an attorney on friday.
Give them a week or so after their receipt of your letter as I prescribed and it will be removed. Don't worry about it. For future reference, follow the same steps for any tradeline they insert and the same results will occur. Just give it a little more time . . .
