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I'm still confused about how to handle my situation. My OC has sent 2 different collection agencies after me. Neither CA has reported anything on my credit but the bank is reporting an unpaid Charge-Off. I mailed debt validation letters to both the collection agencies on time with no response from either.
If I send a dispute to the CRAs and if bank verifies it are they in violation of FDCPA or FCRA because it's a continued collection activity without responding to my DV to the CAs? Or are they immune because they are the OC?
debt validation and dispute
Hi Adella,
You can ask the collection agencies to update your account. You can also request the bank to pull back the account from the collection agencies. If the bank agrees to pull back the account you can then deal with the bank. Before starting to make the payments, you can request the bank to agree to a "Pay for delete" agreement.
Thanks,
Aaron
This is a very confusing area of credit repair. A lot of people talk about Pay For Delete, but no one explains what it is or how to do it. Pay for Delete is mediated settlement on debt. Basically, the creditor agrees to change the way a debt is reported in exchange for payment.
Your credit report is actually paid publication. The credit reporting agencies are well paid to compile a database of your financial accounts and how you pay your bills. Every time you apply for credit, you agree to let your credit check this database. The federal and state laws that govern how your credit is reported are regulations to prevent companies from reporting debt without proper foundation or proof.
reply
Hi cinnamngrl,
Thanks for sharing the knowledge on Pay for delete agreement :)
Regards,
Aaron