Hi, I've sent out a validation/dispute letter to a collector, Asset Acceptance, and I actually received a response that they are contacting the creditor for the validation information. What are the chances that Discover will follow through with this even though the debt is charged off and Asset Acceptance has already bought the debt from them? The amount in question is about $7,500. Thanks
The facts that it is charged off, and sold don't come into the equation of whether or not the OC will be able to provide validation. The real question is how long ago the account was charged off. The longer it was, the harder it will be for them to find the information. The key part of the sales contracts is that if the OC can't provide the proof when the CA needs it, the account actually becomes worthless to them (since they can't collect from you), so they can call on a provision to sell it BACK to the OC. Since the OC already has the $, they don't want to have to pay even a penny of that $ back to the CA; so if at all possible the OC will provide everything that it can to the CA. Since the sale can be un-done, if they can't...
