I have an unpaid $2000 charge off on my report that is four years old. The collection agency has never made an attempt to collect, so I have just chosen to ignore it. Now I am applying for a mortgage, and it may cause a problem. I disputed it with the CRA and it came back verified. I sent a validation to the collection agency six weeks ago and I still have no response. Since they aren't very interested in collecting, I don't seem to have much leverage. I do not want to pay on a debt I don't owe, but if I can't get this off my report, I may be forced by my mortgage lender to pay before I can close on my loan. (Fortunately we're building, so I have a few months) Please tell me where to go from here! Thanks! braindead
Keep working on the validation/dispute process, but be prepared to pay it to close gurantee your closing in case you cannot get it off by then.
Shouldn't he send a "Prove It or Remove It" letter to the CA? He stated he sent a Validation request 6 Weeks ago, that is over the 30 days.
Ok, so my next step in the validation/dispute process is...?? I was thinking maybe the Estoppel (sp?) letter since we are nearing 60 days, but I am really nervous about this. I am afraid if they call me on it and we really do go to court that this could really screw up my mortgage. If they win, would that automatically put a judgement on my credit report? That would not help me get a mortgage! Given that my top priority is obtaining my mortgage, would it be wisest to just try to settle in exchange for deletion? And, the 'Prove it or Remove it' should be the next step with the CRA? Thanks for your input! I really have read the FAQ's, but most of the info seems to pertain to paid charge-offs. Thanks again for the help, braindead
If you think that they will try to get a judgment before you close on your mortgate, then by all means pay it. When you catch them in FCRA and FDCPA violations, you can always sue for your money back :O)
