First of all i would like to thank this forum for providing such valuable information to confused people like me. I had a 'Associates Visa' card that that has been charged off as 'bad debt'. It was charged off as bad debt in October 2004. Balance amount: $2,932 Amount past due : $1,929 Charge off Amount: $2,932 So far i have not recieved any collection calls. I did send out a letter to the credit reporting agencies disputing the account....but they all sent a letter back saying that the account has been verified as mine. My dilemma is whether to ask for validation from the original creditor or just send them a letter asking them to delete all the delinquint/derogatory items pertaining to the account from my credit report for payment in full.(Am i supposed to pay $2932 or $2932+$1929 from the above given information from revised CRA credit report) Since the CRA have already verified the account as mine(and it is), is there a point to ask for validation from the creditor. I wish to pay off the amount and get it over with, but i do not want to make a decision that could come back to haunt me later. Any advise is appreciated. thank you
Original Creditors are not required to follow the rules in the FDCPA. Sometimes, however, state law is more favorable to the consumer, and they would be required to validate. It depends on which state your are in You need to negotiate with the OC and be sure to get everything in writing
Thanks for the responses ...but i have one more question...The original company that gave me the credit card was 'Associates' but on my credit report it says that it is a 'Citibank' card. Does this mean i can fire off validation letter to the Citibank as the 'original creditor' (considering that citibank is now the creditor) or do i have to include both names, i.e. Associates and Citibank? Will try to get this letter off by tommorow. Thanks again Oh...one more thing....as you have seen in my earlier post where i list the balances.....can some one tell me what exactly i owe....$2932(high balance) or $2932(high balance) + $1929(past due)
Re: Re: Charged off Associates VISA card Original Creditors are not covered by the FDCPA (unless your state law differs), therefore they are not required to respond to your validation request
Re: Re: Charged off Associates VISA card where do i go to find if the original creditor has to provide validation for New Jersey as per FDCPA? If there is no such requirement for OC to validate, then you think its better to write them asking for PFD? Since my account was charged off in Oct 2004 (about 4-5 months ago) what do you think my chances are for PFD?
Re: Re: Charged off Associates VISA card Citibank bought the accounts for Associates years ago that's why Citi is on your report. Send letters to the people that are asking you for money. When an acount charges off lots of times it gets sold to a CA. However, some banks do their own collection instead for a while. Eventually, they sell the account just to get back a little money. Looking at your info I would say you owe the high balance. The late fees are included. This is part of validation where they have to prove what you owe and how they came to that amount. If the OC doesn't repond to validation because of your state, I dont' see the point of paying. If they want the money they will ask for it.
Re: Re: Re: Charged off Associates VISA card No one has asked me to pay back the money yet. I want to get this cleared up as soon as possible. The question of the day is ...mmong the list of letters for validation(in this forum database), which one is for me. Is it the 'Original Creditor Validation' or the 'Debt Validation'. The original creditor validation letter just states that the account is not mine and damands to take the derogatory remarks removed from the credit report. On the other hand the ' Debt Validation letter' does not completely deny that the debt is mine, but say that i dispute it but don't deny paying to the creditor. It also specifically asks for validation while the other letter does not. What should i do.....which one do i pick? Do i combine the two letters? and if so what parts should i keep?
Re: Re: Re: Charged off Associates VISA card You would need to check the NJ Statutes on Consumer Law to see if they have anything for OC validation Anything is possible you won't know until you ask. I would personally not admit owing anything until that what is claimed to be owed can be proved
Re: Re: Re: Charged off Associates VISA card Use the validation letter, but not just as it's shown. Use it as a guideline and write in your own words. You don't want to admit to owing the debt, at least not yet. If you've just seen it on your report and no one has contacted you, just say that you were checking your reports and you found an entry from Citibank. You don't recall an account with them, so you would like them to send proof that it's yours. Ask them to send an itemization of the balance if it is yours. Actually, you're not lying. You recall having an Associates account, not Citi. See how they respond and we'll determine your next step. Also, how long has it been since you made your last payment? What is the Statute of Limitations (SOL) for your state? If the SOL is close, you may want to wait until it runs out before you make any contact. Do you realize that paying an account is not necessarily going to help your credit, and in some cases can hurt it? That's why we want to know if it's in SOL and if they can validate before we would even think of payment.
Re: Re: Re: Re: Charged off Associates VISA card Last Payment made was on 2/2003 and the SOL for New Jersey is 6 yrs. So in short i have 4 more yrs to go for the 6 yrs to be completed. I understand...... Step 1) Validate with Citibank Step 2) If validated then offer to PFD OR Step 2) If cannot be validated then ask them to clean up my credit report (within 15 days is it?)
Re: Re: Re: Re: Charged off Associates VISA card Here is the validation letter that i am planning to send to Citibank. Please let me know if there is something inappropriate that i need to remove or something i should add to it Thank you for your input xxxxxxxxxxx xxx xxxxx Ave, Apt x xxxxxx, NJ xxxxx Citibank SD Na Credit Card Services PO Box 15687 Wilmington, DE 19886-0001 Date: March 3, 2005 RE: Account # xxxxxxxxxxxxxxxx Dear Citibank: I have recently received a copy of my credit report. The Equifax and Transunion credit reports had an account listed from your company as a credit card. I disputed the account with the credit bureau as â??not mineâ? but it recently came back as verified. I am writing this letter to you in an effort to get this removed. Please delete your information from my credit reports. I have never had this account with your company. If someone has opened an account in my name, please close it immediately before further harm is done. I would like to request a validation of this account in question by Citibank. Be advised that I am not requesting a "verification" that you have my mailing address, I am requesting a "validation;" that is, competent evidence that I have some contractual obligation to pay you. I am requesting that you notify all of credit bureaus that this account is â??disputedâ? or that you delete this account until this matter is resolved. This is required by the Fair Credit Reporting Act. If there is any paperwork that I need to sign to confirm that this account is not mine, please send me the required documents. This is a written dispute of the this account per the Fair Credit Reporting Act, the Fair Debt Collection Practices Act and the Fair Credit Billing Act. Please be aware that I am exercising all of my rights per these laws and all other applicable laws protecting me. Sincerely,
Re: Re: Re: Re: Charged off Associates VISA card Your letter looks good to me. Let us know what happens and we'll offer advice for the next step.
Re: Re: Re: Re: Re: Charged off Associates VISA card I would like to thank everyone who has taken the time to respond and offer suggestion. Wish me luck
Re: Re: Re: Re: Charged off Associates VISA card Your letter sounds good to me too. You covered all the main points, using not too much "legalese" , but enough so that they should take you seriously.
Re: Re: Re: Re: Charged off Associates VISA card I sent out a validation letter to the OC on March 3rd to the address that was mentioned on the credit report. On tracking the letter via USPS tracking number i got the message 'Letter forwarded to another address' but i did recieve the delivery confimation card (return receipt). Should i be concerned with the letter being forwarded to another address and send out another letter but this time calling up the credit card company and finding out the address? Also how long should i wait for their response before i send out another letter demanding validation. thanks
Re: Re: Re: Re: Charged off Associates VISA card You may want to send to OCs a letter under the FCBA (Fair Credit Billing Act). The FCBA mandates Banks and other Financial institutes to conduct investigations into complaints regarding open end credit accounts (credit card account) upon receiving a written notice from the consumer. In the Act there is also a provision that the credit card issuer is to provide you with documentary evidence if you request it in writing. (hint, hint, wink, wink, nug, nug). You are disputing the accuracy of the amount and the information they reporting. Request the credit card issuer to provide you with a copy of the original credit card agreement bearing your signature, sworn to and dated copies of all account statements and copies of any and all receipts of purchases, cash advances and/or check authorized and/or received by you and bearing your signature.
Re: Re: Re: Re: Charged off Associates VISA card Many OC's have different addresses for different things. The normal time frame to give them to answer is 30 days. However, the clock started when they signed for the letter. Forwarding it doesn't buy them extra time.
Re: Re: Re: Re: Re: Charged off Associates VISA card Hello again folks!!! It has been more than 30 days since i have sent out the first letter for validation. I have used the library resource for the 2nd validation request letter. Please let me know what you think. xxxx 156 xxxxxxx St, Apt 4X xxxxxx, NJ xxxxx Citibank SD Na Credit Card Services PO Box 15687 Wilmington, DE 19886-0001 Date: April 13, 2005 RE: Dispute Letter of March 03, 2005 Dear Sir/Madame: This letter is formal notice that you have failed to respond in a timely manner to my dispute letter of March 03, 2005, deposited by registered mail with the U.S. Postal Service on that date. Federal law requires you to respond within thirty (30) days, yet you have failed to respond. Failure to comply with these federal regulations by credit reporting agencies are investigated by the Federal Trade Commission (see 15 USC 41, et seq.). I am maintaining a careful record of my communications with you for the purpose of filing a complaint with the FTC should you continue in your non-compliance. I further remind you that, as in Wenger v. Trans Union Corp., No. 95-6445 (C.D.Cal. Nov. 14, 1995), you may be liable for your willful non-compliance. Be aware that I am making a final goodwill attempt to have you clear up this matter. You have 15 days to cure. For your benefit, and as a gesture of my goodwill, I will restate my dispute. The following information needs to be verified and, following failure to verify, deleted from the report as soon as possible: Citibank, Account # xxxxxxxxxxxxxxxxx The listed item is entirely inaccurate and incomplete, and represents a very serious error in your reporting. Please delete this misleading information and supply a corrected credit profile to all creditors who have received a copy within the last six months. Additionally, please provide the name, address, and telephone number of each credit grantor or other subscriber. Under federal law you had thirty (30) days to complete your re-investigation, yet you have failed to respond. Do not delay any further. Be advised that the description of the procedure used to determine the accuracy and completeness of the information is hereby requested as well, to be provided within fifteen (15) days of the completion of your re-investigation. Sincerely, xxxxxxx
