Hi There... I am in the process of trying to buy a house and when a credit report was pulled there was an outstanding debt. It is from back in 2004, but it is holding my score down and hurting my chances at qualifying for a loan. I sent in a dispute to the bureaus and a debt validation to the collector. The collector sent me back a letter stating they dont need to validate since it is way beyond the 30 day limit. They stated that they bought my account in Nov 2004, that my original account was opened March 2003 and that my current balance is $1361.14. I have not heard back from the bureaus yet. Is this all they have to tell me? I am not even sure what this is for. The collectors RE: says Crescent jewelers, so I am assuming some type of jewelry. What can I do now? Any help would be greatly appreciated.
Yes, they don't have to provide anything outside of the 30 day window. However, how one construes the 30 day window; precisely, when it began is another question. Did they notify you in writing at one point, call you or did you just recently see it on your report? If the latter, you could present the argument that you're within the 30 day window and by extension, they must provide validation if they wish to continue collection activity (including verifying your CRA dispute). I'd wait and see if the CRA's allow verification. If they do, dispute it again per the account type, date of status/last activity, and anything that is missing as incomplete. This is most certainly a debt purchaser and we at Apex Credit Services handle these folks in just the fashion I described. If they verify it after you pinpoint the disputes, you'd have both FDCPA and FCRA claims which would be actionable.
Hi, Myself Jimmy from Canada. Thanks for useful information about debt validation. I would like to know more about it. Jimmy Find out how and what determines interest rates and what information lenders use to get to the actual interest rate
Actually while Apex is correct about FDCPA regulations, he is not correct as per state laws. Depending on what state you live in, you may still have validation and/or verification rights under state law in addition to any provided by your state Attorney General's office. Since they refused to validate the debt, chances are they cannot provide any. What state do you live in?
