A Wachovia account is showing up on my credit reports but the account shows "purchased by another creditor"(FirstUSA). So I have sent a val. letters to FirstUSA but they have not responded to the 2 letters I have sent. Are they bound by the FCRA?
No, it is a credit card account with Wachovia but First USA has bought it. I just want to know if I can get First USA on FCRA violations since they are the ones I sent val. letters to and they haven't responded and they are still reporting the info.
Ok well... If the debt was in default at the time of purchase they are a 3rd party collector and therefore governed by the FCRA AND the FDCPA. Yes you have violations.
I agree with butch, but why would the debt have to be in default at the time it was bought,for first USA to be considered a 3rd party collector. Since the account was initially with wachovia. fusa would automatically be a 3rd party.
A company might purchase an active account, such as in a merger, and the purchaser would still be considered an OC because the debt is not in default and in need of "collection" efforts.
okay, so first I must find out when the debt was purchased by First USA and if it was purchased after the debt was in default, then they must validate, right? Any ideas on how to find out when debt was purchased?
