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I have received several notices from various CAs (sadly all accurate charges) but when I pulled my CR, only one item appears as a collection. There are several negative reports, but I know of other debt that is not even listed. Should I go through the DV & PFD process even though these items have not yet been posted to my CR? Why wouldn't the CA report it? I understand SOL, but does a CA have until that time to report the debt to the CRAs?
Thanks for the help!
Hi Renee,
If it was up to me I wouldn't do anything. It is up to them to report it if they don't I wouldn't worry about it until they do.It's not like the date will change on the last payment you maid if they ever get around to reporting it. But if it does then you can depute it.
Renee, You should not go through the debt validation process. This process is usually used for a item that is already listed on your report. Now if they are sending you collection letters and have not yet reported to your credit report then it is a different story. This is when I would send debt validation and try to resolve the matter before it appears on your report,but only if they sent you a collection letter. Be prepared to ask for a debt settlement if this is a collector. Most will settle out a debt for as low as 50% of the amount actually owed. Also make sure you get in writing something that says by paying the amount your are released from further obligation to pay.
Hi Renne.a,
The SOL does not apply for reporting, it applies for taking a legal step against the debtor. First, only take step against the debt that is listed on your credit report. For that debt listing, you can send a debt validation letter, followed by a pay for delete letter. But before sending a pay for delete letter, settle the debt with the collection agency.
For the rest of the debts that do not appear on your credit report, I don't think you have to do anything for those now. Sometimes, the CA forgets to report it, other times the bureau takes a little more time to update it. However, wait for those debts to appear on your report. If they do, then repeat the process of validation and pfd with them. Otherwise, you do not need to bother.