I'm not sure what my next move should be....see my thread How to initiate contact. Old Navy reporting purchased by another lender. $0 balance, $0 past due, High Balance $951; credit limit $900; Date paid 04/2009. Date updated 06/2009. When I called the number, it sent me to Security Credit Services. They were reporting on my credit reports, but I sent a DV letter in October and disputed so it was removed. Security Credit Services has still never validated and has not placed it back on my credit reports. When I was transferred to them the guy told me the status was it was removed from the CR pending investigation and if I paid it would not be re-reported. (When I talked to him I did not realize it was the same company I had DV'd before...I checked that a few days later). Why have they not validated or done anything in 5 months? What should I do next? I don't want to pay it without seeing some kind of statements and accurate accounting proving that the balance he gave me is correct. But I'm afraid to sit on it because I don't want Security to put it back on my report.
CAs often don't respond, but at least they've removed the negative listing from your credit reports. The charge-off that's being reported by the OC will need to be dealt with separately as they may continue to report the same thing no matter what the outcome with the CA. Anyway, I would tell the CA again that I need validation of what it is I owe so we can negotiate a final payment arrangement and take care of this once and for all. Part of that agreement should be living up to their promise to continue not reporting the collection. Once that's done, then you can approach the OC to see if they will work with you as well.
A debt collector, or in this case, a debt purchaser does not have to validate a debt if they receive a timely request for the same. However, they cannot continue collection activity if they don't provide validation to a timely request. This is why they didn't verify the account with the credit reporting agencies. They probably don't have anything to validate with. Therefore, your options are to work out a settlement based upon what GE Money Bank listed the charge-off for or wait for them to re-sell the account to another debt purchaser. The latter portion of my previous is typical but, does not always happen.
