Questions About Validation Process

Credit Agency MRS Assoc has taken over collection of a Bank One Car Loan I had with them that got repo'd and they claim I still owe an outragous amount after auction sale.

So before I found the boards I had been paying on said debt, then found out MRS is charging me 24% interest and that my principle balance was only down 700 dollars even though I have paid them about 1600.

So per advice of good board folks I sent a validation request to MRS, and crrr'd it.

Just went to upus.com and verified it was signed for on 05/22/03.

I went and pulled two credit reports today and NOTHING has been changed.

The debt is being reported by Bank One as a charge-off with $1800-2500 being owed (depending on the CRA).

Isn't that suppose to be listed as "being disputed" or something to that effect? Or is it not going to change because I sent validation request to MRS who isn't even reporting it on credit?

Thanks,
Vixie

 

*self serving bump*

Pulled 3in1 report again today, and all three reports are still showing Bank One debt, and nothing noted about being in "dispute".

Is that right?

Vixie

 

Because MRS is collecting the Bank One debt, which IS reporting. If they have the power to collect the debt, don't they also have the power to determine how it is being reported?

Current situation with it:

Sent validation request crr on 05/15/03
Received green card back with sig of 05/19/03
Checked report as 05/28/03 - no changes

Just wondered if there is anything else I should be looking for?

(Oh and I have read the 100s of pages about validation, I did not find my question addressed in it)

Thanks,
Vixie