a couple of months ago, I found a charge off on my credit report from Cap 1. I disputed with CRA and came back verified etc. I called Cap1 and asked for validation. Cap 1 finally sent me those affidavit forms to fill out. On their letter, they state "Once we receive this information, please allow 60 days for us to resolve your dispute". It's been over 60 days since they recieved it, I haven't heard any thing so I called again and they tell me that they didn't finish the investigation. They claim that they have 30-90 days to finish fraud investigations. So far, they have not sent me any correspondents regarding this dispute while they stated that they will resolve this by 60 days. My question is, are they legally required to answer within 60 days, hence they violated the law and I can sue them or not? In fact, I asked for validation, and they are talking about fraud. I filled out the affidavit since I believe that if they can't show me any validation, then this must be fraudulent. I don't recall having such account with them, so I have no problem signing so. Any help would be greatly appreciated.. The charge off states $456 due with $373 charged off. They told me that this original (principal) debt, is for $89 and the rest are interest and penalties. The representative also told me out right that "This is how we make our money"... I'm not intresed to sue, I just need this off my CR and I don't know what to do now. If my only choice is to sue, then I will do just that. Can anybody give me some more info on how to go about it?
Don't play with them!!!! Get out of my sandbox and do what you are required to do Cap One, shame on them!!!! This is the newest, latest and greatest way for both the CRA's and furnishers of information (OC's, CA's and whoever else) to get around their investigating responsibilities. They've decided to dispute something (as is YOUR absolute right) must equate to fraud. Say NO, please!!!!!!!!! Don't let them get away with it. It has such huge implications. Read this too, instead of investigating as required, the "initiative" by the CRA's to empower themselves with credit cop authority that they don't have. http://www.cdiaonline.org/mediaroomdocs/VictimDataExchangePressRelease.pdf And this thread from another site too, please, it's HUGELY important to understand the implications of what is now such a common response. It is our RIGHT to dispute. Disputing does not equate to a fraud alert or declaration of a crime. http://www.creditboards.com/phpBB2/viewtopic.php?t=4330&postdays=0&postorder=asc&start=0
