Got a letter from Camco today attempting to collect on an old credit card debt that they purchased from another collection agency. The debt in question was charged off by the OC at least eight years ago so 1) they have no right to report it on my credit report and 2) the SOL has long expired in my State. As far as I know, this is their first action in attempting to collect this debt. This is CAMCO's MO. The FTC just fined them 300K for FDCP violations: http://www.ftc.gov/opa/2004/03/camco.htm So any thoughts on how I should deal with these bozos? I have a very strong Validation Letter that has never failed. Should I use it and attach a copy of the FTC findings to the letter? All advice is appreciated.
Actually I did, but it was about three months ago. Do CRA's report this information to them? My credit report is 100% clean. I have no idea how they would know? I think it's just a coincidence.
Re: Re: Got a letter from CAMCO. The CRAs and the CAs have an agreement between them that the CRAs will notify the CAs whenever someone applies for a mortgage. Doesn't matter about that they will still swoop down trying to collect debts whither it's yours or not.No telling how many times they collect on the same debt this way.
Re: Re: Got a letter from CAMCO. So what should I do? Just send the validation? I know that there is now way for them to verify. Thanks.
Yes, they buy lists, and try to match them up with names in their file. You can send validation, or Why Chat has a good letter on his site for this. It's a real mean letter.
Will do! Thanks. It's interesting because, now that you mention it, a women I work with bought a new home a few months ago and immediately after she received a letter from Arrow Financial attempting to collect for a 12 year old Bally's Fitness account (that she had previous settled in full). Very predatory business practices and it's obvious that the CRA's, by selling mortgage credit pull lists, are in collusion with the CA's. tisk.. tisk...
Hi...I'd like a copy of that validation letter...or at least the sight where the other letter is located
http://community-2.webtv.net/YCHANGE/STORAGE/page13.html this one refers to being sued, just take that part out - you should always re-wrod the letters so they don't always sound alike. To avoid being put on those lists, call 1-888-5OPT-OUT
Very predatory business practices and it's obvious that the CRA's, by selling mortgage credit pull lists, are in collusion with the CA's. tisk.. tisk... ryder *********************** Both the CRAs and the CAs know folks will pay this to get the home loan whither or not they owe it or wither or not it's theirs. This makes it more like blackmail and extortion than a predatory business practice. ><- <>- ><- <> ~~~ ><- <>- ><- <> ><- <>- ><- <> ~~~ ><- <>- ><- <>
It would make an interesting class action/RICO case. If the CA is covered with enough documentable slime, including large settlements for Fed violations that the CRA could not reasonably deny any knowledge of since they had to correct numerous consumer report errors from that source, could some of it rub off on a CRA that provides them targetted acount change information, and "leverage" thru posting TLs? Accounting firms, and banks, have been held liable for fraudulent actions of their clients that they "missed" disclosing?
In other words, are CRAs totally protected by a user's blanket PP certification, and may they accept TLs posted even when other information shows that user is unreliable, or systematically acting illegally? The CRAs have the power to seek FCRA damages from users who violate FCRA, and their own contractual rules. Do they have liability if they never do so?
Selling of mortgage credit pull lists would appear to be without PP under FCRA. The user of the lists is not involved in any transactions initiated by most of the consumers, whether or not a later comparision with their own database finds matches, and it is not a promotional inquiry under 604(c)(1)(B) since there is no connection with any "firm offer of credit or insurance".
