Hi, I have been reading up on debt verification with a ca. Does it work with a PAID collection? I have already disputed with theCRAs with no luck, so I'm on to the next steps. Please help. Thank you.
Is the paid collection reported correctly? Response to a request for debt verification is primarily required under FDCPA, during the period a CA is trying to collect. If the account is paid, they would no longer be trying to collect. If the account has been paid, they still have an obligation under FCRA to report accurately, and under FACTA to respond to disputes of the accuracy of their reporting.
You might, but they might just mark it closed, which would be accurate. Data furnishers under FCRA are required to report accounts closed. Keep your records of payment, particularly to be able to show the complete account has been paid. Accounts paid in collection seem to have a way of showing up at new CAs with additional balances "due". Realize who you are dealing with. For that reason alone, it is probably worth pushing the issue.
Thank you, that is helpful. I am looking for a way to have this deleted from my report. Any ideas on approach?
How old is the paid collection, i.e. when was it paid, and when did it originally go delinquent? About how much was the amount paid? Do you have other negative information showing on your CRs? What are your credit scores on CRs showing this TL?
It was paid January 2003. I never received anything in the mail from the ca. They called me at work. I paid it within 2 days of them contacting me. The date of the charge off is showing on my report as 10/02. It was for $575. Yes, I am working on clearing up my credit, my current score is around 606. Thanks.
You could dispute it with the CRA: "I don't have an open account with this company". If they fail to verify, the CRA should remove. They might also verify as is, or correct it to closed.
Wanted to keep an eye on this subject, too, as I'm in the same situation. Mine was for medical (ambulance) bills, 3 different dates, and shows up as 3 different collections from the same CA. Been "softly" disputing, and keeps coming back as verified. I want to start getting serious about this!
Validation is generally requested under FDCPA from a debt collector on debts they are currently collecting, including reporting. Normally if it is paid, they would not still be collecting, but if they, or their agents or another CA working for them, are dunning you, or the account is not showing as paid, you could claim they are "collecting" a debt whether paid or not, and therefore still covered under FDCPA. You can still dispute any erroneously reported information on your credit reports from any party that puts it there (a Data Furnisher), whether they are collecting it or not, under FACTA.
