I've been a lurker here for a long time and there are some very knowledgeable people here. Thanks all. I do have a problem I haven't seen covered, though. I need to bump up my FICO (at least for a short while) (for a loan). I am defending against a suit from an OC (credit card). If I mail a dispute letter to the OC and then dispute with the CRA, the OC must indicate it is in dispute while it is being validated, correct? Therefore, the CRA must hold the reporting of the TL until it is validated, correct? This would boost my FICO until the OC verifies with the CRA, right? Since the account is already in suit, there would be no other benefits to requesting validation, (like the opportunity for OC to screw up on the FCRA, etc.), right? TIA, Jeff
oc dont have to validate oh but they do need to verify there is a difference. send a letter to the OC and ask for VERIFICATION of an alledged debt that you are disputing they must supply the required proof such as a copy of the signed contract , agreement, or app along with your billing statements or something that cleraly shows proof of the debt. not sure what type of debt your referring to here, but an OC is required to respond ! under the FCRA they can not report any info to the CRA unless a consumer can verify it and agree that is infact accurate. otherwise it must be deleted. getting the CRA to do there job is a whole different story sometimes.
do u have a pending court date? is it small claims or superior court? make sure its the proper venue if not you can get the whole case dismissed. also they will have to produce proof at the hearing so dont miss your opportunity to challenge what they claim is due them or the court will award them a judgment against you for the amount they are seeking. .
if your wondering if they will remove the TL while in dispute, no they won't but the CRA will list it as being in dispute (usually). the OC must list it as being in dispute if they respond, but again, this will not be taken off your report.
you got them backwards. validation is proving the debt. a consumer does not have to agree to any information being reported. if that was the case, most people would deny everything and disputing wouldn't ever take place.
there is verification and theres validation. 2 different terms 2 different meanings. in regards to OC you request Verification ( affirming the debt exists, & is correct by producing verifable evidence. CA you ask for validation.( proof that the debt is legally collectable & affirming the balance is correct and due. as far as the CRA you do not have to agree with what is being reported however a CRA can not under the FCRA report innacurate , unverifable information that is why disputes exist, not all info that is being reported is true as most peole here can testify.
you can dispute the tL on your report, the CRA will investigate the matter and contact the CA or OC of the dispute and request that they verify this information. but most of the time the CRA do not do this, they have too many consumers doing the same thing you will find most of the time in my opinion that they come back remains as accurate or they will not investigate it . anyhow they may not respond and the CRA will delete the TL. but under the FCRA the CA or OC reporting the information is required to flag your report as disputed if you send them a letter directly disputing the acct. if they dont its a violation. there are ways to remove the tl I have done this.
The case is in superior court. Given the size of the debt, I'm sure the credit card company will spare no effort in producing required supporting documentation. I expect that to happen. My defense is based upon other counterclaims against the bank. My concern is, if the OC has to report the debt to the CRA as being in dispute until they have finished providing verification to the debtor, A) the OC will be liable for some FDCPA violation; B) if the OC reports it as in dispute but the CRA does not list it as such, the CRA is in violation; C) and the big quetion - while the TL is reported in dispute, is it included in calculating FICO scores?
Re: Re: Dispute w/OC after OC files suit? a) yes b) yes c) who knows how the hell they calculate fico? but i believe it is still included until proven otherwise.
