My head is spinning.... I'm starting to doubt everything I think I've learned... I keep reading different things.... ahhhhhhhh... does the headache ever go away? My question is, on my DH's CR, he has the CA and the OC reporting the same account, albeit different amounts. What is the course of action here? Validate with OC first? Thank you in advance for your help!
Also... Does the validation letter/Creditor Disclosure combo work for the OC's as well? Or do you skip the disclosure enclosure?
<BUMP> Please help! I'm sending these out in the morning! Am I doing the right thing??? Disclosures to OC's?
#1: If the debt is assigned then both listings may be valid, yes they are duplicates, however the OC still is 'owed' the money on the account, and the CA is still attempting to collect the money that is 'owed' to the OC on that account. #2: If the debt is purchased, then the OC can still report the tradeline, they must however update the balance on their tradeline to ZERO since they are no longer owed any money on the account. The difference is that with an assigned account the ORIGINAL CREDITOR still has the account, its just being handled through a third party. if the account is purchased, then the OC's account is no longer a part of the process, except for validation purposes. Unless you live in the handfull of states which require OC's to 'validate' as a CA has to the OC doesn't have to respond to a validation request. However, i'ld still send a validation to both the OC and the CA, and dispute with the CRAs on the date that they both sign the green cards. The USPS web site will e-mail you a notice when the green cards are signed (if everything goes well). Just pull up the tracking report the day after you mailed them, and click on the link to get the reports mailed to you.
Re: Re: CA and OC reporting same debt Thank you Jam237 for responding. Okay, I have some questions and answers.... *I see that the OC last reported 6/03 and the CA first reported 6/03. The OC made a notation the account was sold to another lender. The balance on OC's tradeline does not say zero, but N/A. Can the OC still have their tradeline on this account? *Which handful of states require the OC to validate? Can't I still force them to validate (or not) by sending my disputes to the CRA's upon receiving my greed cards back? (Or have I just fouled the whole thing up?) *That is an AWSOME tip about the USPS and the green cards. Our mailbox is 45 minutes away (we live rural) and we only check it once a week, so I was worried about the timing of everything. *One more thing. Also on DH's CRs is a loan that I would think was duplicate...it's listed there twice, both by OC, however, the OC has two different addresses, two different acct numbers, and two different original and current balances. The only thing that matches on the two are the stated monthly payments. None of either of these listings matches any of the info we have. Ever heard of this? Thank you again!
Re: Re: CA and OC reporting same debt There is a major verbiage difference... When you request that the CRA to dispute a tradeline its not VALIDATION, its VERIFICATION. For validation all they have to do is type what the CRA tells them about the account, bring up the account, rubber stamp that it looks the same with the information that they have, or make any changes to the information that they previously were reporting, and its verified. Validation is 100% different, validation is where they have to provide 100% conclusive proof that the debt is valid, yours, for the correct amount, etc... I don't know the handfull of states, I just was 'repremanded' because I didn't include that exception in a previous post where there was no way of telling the state that the poster was in. Basically, its better to presume that the OC doesn't have to validate unless you know otherwise; most will still validate. Not neccessarily under the FDCPA, but the FCBA could apply for open accounts. But when you request validation from a CA they are supposed to obtain the information from the OC anyhow -- its the part of the wollman opinion where the ca asked the question "who is responsible for mailing the documentation, us or the oc" and the FTC's answer was that the law requires that the CA obtain the information from the OC since the purpose of validation is to verify that they got the right person, and the right amounts, so technically you are validating it through the OC when you validate through the CA, but the OC can still report. I've been told by a few people that my reading is a little bit anal retentive on that, even though they did like the train of thought... I would say though that N/A as a current balance (although not 100% accurate on its own) is a zero balance, they're technically saying that the current balance is not applicable (or zero). If I were really wanting to be anal retentive I'ld challenge it, but it could just be a matter of depending on what "your definition of "is" is..."
