I have a credit card collection account this account is out of statutes of limitation, I want to apply for a car loan but first I wanted to fix my credit. I sent a request for validation letter to the CA but I wasnâ??t aware that a validation letter after the 30 day of validation period from the CA is worthless. The CA updated my credit and now the account says â??disputed by consumerâ? (itâ??s almost the 30 days and the CA havenâ??t respond yet I know that by law they donâ??t have to respond). I donâ??t know what to do now. Is it a Pay for Delete letter a good option? How long does â??dispute by consumerâ? will be in my report? If I apply for the loan, will they ask for resolve the dispute before the loan is close?. Thank you!! PD. I live in Texas
Hope you have all proof and tracking info otherwise is worthless to fight it. Open up a case with the cfpb against the credit bureau not the ca. The collector might try to still collect, but at least you won't have it on your report. The credit bureau might respond with a 'repetitive' respond such as 'were investigating and discovered that it's your debt' to contact the ca for further obligations. You are disputing the FCRA and the fact that it went past 30 days and no validation. Make sure you have the original tracking and letter. The credit bureaus are notorious for beating around the bush and delaying the process of correcting or following the FCRA. Best
This is incorrect. No where does the original poster state that he disputed the account through the CRAs. Again, this is not correct. A complaint through the CFPB against an entity that the consumer has yet to even contact will get him no where. What exactly is he disputing with the FCRA?
This was the time to dispute with the CRA's. We'll need more information on the debt. First, it's good that it is past your states SOL. This allows more bargaining on your end. It doesn't matter how far past the "30 day" window a consumer is. Validation can be sought after at any point in time. If a CA is already reporting a debt at the same time you ask for validation, you will need to dispute the account with the CRAs as well. Sending your correspondence through a provable trackable method is required. Once you know the CA has received your DV letter, dispute the account with the CRAs. THIS will lock the CA down to 30 days to respond. The notation "disputed by consumer" remains indefinitely. It really does not matter though. It will not have any affect on your report/FICOs. Opening an auto loan will not have any effect on the CA account.
