Well this is an interesting situation. I have a charged off acount from American General Finance showing on my Experian credit report. They list the charge off date as 3/1998, and it is supposed to remain on record until 10/2004. A little while back I called American General and inquired on the account. I wanted to request documentary evidence that this account belonged to me. The lady told me on the phone that American General sold this account to a company called "Debt One, L.L.C.". I did some checking and this company is a collection agency in Metaire, LA and is also named "Credit Solutions, L.L.C., and Credit One, L.L.C.". Am. General said that all documents would have to come through this company since they now own the debt. The CA is not showing on the report, but Am. Gen is! I have sent Debt One two validation letters and have not heard back from them. They even inquired on my Equifax credit report without my consent at the end of April. I have no fax number or email address for this company, and they don't respond to my validation demands. So basically Am. General is listing the account, but I have to get documentation from some other company who isn't listing. How do I get this removed??
The same thing happened to me. Once I found out from the OC that the account was sold, but they were continuing reporting, I just disputed, sold or transferred. The only thing the OC can verify is that is was sold expecially if this information is in there system.
Thanks for the responses. Actually, this account is listed rather strangely. It's status is listed as "Paid/Account charged off." Under the "Recent balance/Recent payment" column, it simply lists "N/A". So the provider of the information is not currently the owner of the account. Is this grounds for disputing it? American General won't provide me any information on the account, yet they continue to verify it when I dispute it. The CA they sold it to looks pretty shady since they operate under at least three different names and addresses.
Sorry to reply to my own post here, but if an account has been sold/transferred to another lender, is that grounds for disputing the account? Can you dispute on the basis that the original creditor no longer owns the account and therefore can't verify it?
You can dispute it but you probably won't win it. The original creditor can report it as long as it is noted as sold with no balance due.
If you do dispute it, I would suggest you dispute as "duplicate listing - delete". Doesn't always work, but it has worked for me in the past.
The only problem with that is that the CA they sold it to doesn't appear on the credit report. It is just that account. It stinks because I am down to two negatives, and this one doesn't come off until 2004. The other drops off next year. Thing is, I can't get the creditor to validate, and they are reporting. I can't get the CA to validate either, they have ignored my requests. How do I get the OC listing off the report?? Suing the CA wouldn't do anything since they aren't reporting it. Suing the OC would be necessary I think, if they don't give me any supporting documentation. They keep referring me to the CA for that. It might take legal action to get this off, and I don't know who to take action against.
My suggestion then, would be to make copies of all the green cards and letters you have sent to the oc, and send them to the cra with this letter http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&pgnum=1&postid=117173#post117173 They may not take it right off, but if not, they will do an investigation and will require the oc to provide valid proof of the debt.
Legal action won't help you. It is legal for them to report in the manner they are. They are not required to validate - only CAs (not original creditors) are bound by the validation requirements.
Yes, but how can they continue to verify this account but tell me that they can't give me any information about it when I dispute its accuracy? The CA owns the account now, but they are ignoring my validation requests.
I would steer clear of the CA if they aren't reporting it. You are just gonna annoy them and eventually you will see it show up. They can't help you anyway with an entry the OC placed on your report - they didn't put it there so they can't remove it. You can try to dispute with the CRA as LKH suggested but again, the OC isn't required to provide validation so it's a crapshoot.
Well, they are under validation right now anyway. If they report it, they get sued for violating the FDCPA. Other than that, I will leave them out of this.
tmitchell | 905 posts Legal action won't help you. It is legal for them to report in the manner they are. They are not required to validate - only CAs (not original creditors) are bound by the validation requirements. ========================== They still have to prove a it.LBrown59
Subj: tmitchell | 905 Date: 5/19/02 4:27:24 AM Pacific Daylight Time From: LBrown59 Re: Collection Agency bought account tmitchell | 905 I would steer clear of the CA if they aren't reporting it. You are just gonna annoy them and eventually you will see it show up. They can't help you anyway with an entry the OC placed on your report - they didn't put it there so they can't remove it. You can try to dispute with the CRA as LKH suggested but again, the OC isn't required to provide validation so it's a crapshoot. =================================== ---------------------------------------- Re: Collection Agency bought account jdog0411 | 67 Well, they are under validation right now anyway. If they report it, they get sued for violating the FDCPA. Other than that, I will leave them out of this. ============================ If it shows up now that is a 1000 violation. lb59
I've elected to bring this thread out of the archive, since I have a very similar situation. The charge-off from American Gen Fin keeps getting verified by the CRAs. Am Gen tells me the account's been sold to DebtOne (a CA). Only Am Gen appears on the reports. Is there a consensus on how to approach this?
Re: Re: Collection Agency bought account I have a question: The original creditor can only report this until the 7 year + 180 day time period since default has lapsed? Is that the correct way of looking at this?
Re: Re: Collection Agency bought account When we (Re CA) make the purchase or servicing transaction, we receive a power of attorney that gives us the inherit rights under the original cardholder agreement. We have the ability to "bind" the original creditor in certain situations. This gives us the right to settle an account and REQUIRE that the original creditor, such as Citibank, MBNA, Household etc. remove the original trade line and OURS. WestCap =========================== Some one was asiking a while back about getting the oc to delete in addition to The CA. Don't know who the poster was or on what thread they posted but here is your answer!! This gives us the right to settle an account and REQUIRE that the original creditor, such as Citibank, MBNA, Household etc. remove the original trade line and OURS. The END ************************* LB 59 The END ************************* LB 59
Re: Re: Collection Agency bought account Is there a consensus on how to approach this? Nightlifer =============== When we (Re CA) make the purchase or servicing transaction, we receive a power of attorney that gives us the inherit rights under the original cardholder agreement. We have the ability to "bind" the original creditor in certain situations This gives us the right to settle an account and REQUIRE that the original creditor, remove the original trade line and OURS. WestCap ===========================
