Finally I am down to my last fight. The Infamous Original Creditors. By the way ALL CAs are dead, or get killed as they come. So now, I am drafting a letter to ask the original creditor to verify the account. I am using the "Not mine" defense to an extent. I was looking at the strategy Lizardking used, but I can't understand quite well the strategy he used. I found two ways of dispute: 1. Lizardking way: Deny via a dispute letter to OC...Get a violation when they do not answer and do not inform CRA that debt is diputed. Send ITS letter, and sue OC thereafter. Hear from their attorney for the first time, then negotiate a deletion of TL. 2. Sassy way: Send dispute letter to OC...get no answer...ask CRA after 30 days to delete for no answer. CRA will in 99.99% of cases verify the info, ask for a procedural request ...In the end, you end up suing the CRA. Which route is better? And if we go route 1, what should be done after sending the first dispute letter? Should I ask for a second verification from CRA? I sent for 1st verification back in Oct. Came back verified. Should I send for a procedural request instead? Thanks a lot.
Correct me if I'm wrong? I'm thinking about doing the following: 1. Send letter to OC requesting validation. (see below for sample) 2. According to FCRA they're not required to report it as disputed, nor are they required to answer me. 3. I verify with CRAs 4. If verified....This creates a violation of FCRA. 5. Send ITS letter to OC. Asking for deletion or lawsuit will be filed. 6. Depending on their answer...Sue and go from there. Is this correct? Sample of OC validation letter: Dear OC, You are inaccurately and incompletely furnishing information regarding the above-referenced account to Equifax, Experian and Trans Union (all credit reporting agencies) in violation of the reporting requirements of the FCRA, Section 623, Responsibilities of Furnishers of Information, and for which you are responsible. I dispute your information in its entirety and request evidentiary documentation that substantiates the information you have furnished and its reporting. Should you not be able or willing to provide me with the substantiating documentation as verification to cure this violation, within the 30 days, please have the information deleted from each of the Credit bureaus you initially furnished it. Sincerely Me
OC's don't have to validate. If you send an ITS letter you better be prepared to do so. What do you mean verify with credit reporting agencies? What are you trying to do here? Delete and OC's TL? IS the OC still owner of account? Woofer
Hell yeah... Especially that this is a $200 secured card that changed to a $1250 debt because of some magical fees. The regular way...sending a letter to them stating the TL is not mine once OC receives my dispute letter. Get the TL deleted completely...Like it never happened. Yes deletion. On my CR (from yesterday) it states Purchased by another lender. Everytime a CA buys it, I hit them hard, they run away. So what do you think woofer????
I dunno as I have never written an OC to validate. I have the JDB and have had success there. I never sued a credit reporting agency or an OC either,(well I have countered an OC and won) : ) so I can't help as I have no expereience in such. Now if you asked me what to do with a JDB or NAF then I could help. : ) Seriously I hope this goes well for you as I have a Chase account that I have tried to get off with a dispute here and there but it is sticking like glue. I guess I will just have to wait until the 7 year itch and get it scratched off then. Whose the OC you are trying to get off? Woofer
OC's don't have to validate. If you send an ITS letter you better be prepared to do so. What are you trying to do here? Delete and OC's TL? IS the OC still owner of account? Woofer
THX...more info from a research I've done: the OC doesn't have to validate but they do have to mark account "in dispute
Yup. Let us know how you do on this. LIke I said I have tried to get BoA and Chase off for quite some time... No go.. Woofer
They only have to mark it "in dispute" until the creditor verifies it. As has been previously stated, OCs don't have to validate. The card balance has gotten so high not because of "magical" fees, but because you have been late and/or over the credit limit (probably both). Both fees will continue to be added each month, not to mention the interest on the unpaid balance. Your best bet at this point is to contact BoA and see if you can work out a deal with them. But considering that it's a secured card to start with, I'd say you don't have a lot of negotiating power here.
Not getting the point that verify with credit reporting agencies. What do you want to ask here? Be more specific.
Thanks Hedwig...I just called this dispute method Lizardking to give it a name but it has been developed and used by many before and after him. Some of Lizard's suits may have been discredited because he pushed the limit of litigation too far, but when you see what CAs do to people and how they embezzel money out of weak people (one case I read on their forums, they had pushed a sick 85 y.o. old lady to pay them exorbitant fees for a debt she co-signed. the sicko CA agent was bragging about making her cry...When I hear this, I sharpen my sword) BTW, the dispute letter sent this morning...I am looking forward to filing a lawsuit...I'll keep you updated.
The problem with the LK method is that the dispute letter asks for inordinate amounts of information, most of which there is no obligation to provide.
WHat do I want to ask? The OP was doing most of the questions. I just did not understand a few of his techniques. The point that OC does not need to validate. The point that I feel that a lot of t he posters *sue mentality* is not really going to get him the upper hand. If there was a magic way that I could get BoA off my reports I want to know how to do it, so if he can get them to delete, I am all ears. Oh and WHAT do you want to ask? ; ) Woofer
I contacted them...They are arrogant SOBs. Their reply is basically, contact the CA because the account is sold out and deal with them. I DVed the CA like a year ago and they run away. I told them and they didn't care. They said nothing can be done, whether you like it or not, it will remain a CO. My deal is: 1. If it is NOT deleted, NO PAY. That's it. 2. I want this off and I want it off ASAP. I can't keep it on my record. Any advice.
If BoA has sold it, then they can't do anything--they aren't just being arrogant SOBs. If it had been assigned they could pull it back. But since they sold it, they have no legal basis to do anything. They don't care if you pay it or not. They have gotten their money when they sold it, and now it's up to the CA. You may get the CA to delete their tradeline, but the BoA one will stay. The CA can't do anything about that, since they can only control their account. BoA keeps good records. I think the chargeoff from BoA will stay.
NO CA TL on my report. On the other hand, to say BoA will stay is a defeatist stance. Don't you think?
Well, nothing ventured, nothing gained. But, you gotta know when to hold 'em and know when to fold 'em.
