DV Letter Question

[Juss11]

Should I also send one to the OC aswell?Or just the CA?Also I diputed somthing online with the CRAs & was wondering if it would hurt to also dispute it by mail aswell?

Thanks
Justin

[Juss11]

Also I have a capital one card that I had stoped paying in 2004.Experian is showing no payments since late 2004 and then shows an ok for April 2008,Looks like a payment was made?I know for a fact I never paid this.Its now says charge off sold.It show with Equifax that it was sold to NCO,but does not show that on Trans or Exsperian.Should I dispute it with both ca & oc or will oc not have to respond?

[Lian]

DV letters deal with debt collection practices under the FDCPA, and have nothing to do with credit reporting under the FCRA. DV letters are only sent to a debt collector, and not the OC.

While a DV letter is a form of "dispute" in the technical sense, it is a dispute, in whole or in part, of the amount of debt owed, and is sent to obtain validation of debt through the debt collector, and to verify the name of the original creditor. DV letters, when timely sent, act to bar the conduct of further collection on the debt by the debt collector until such time as the requested debt validation is provided.

"Disputes" under the FCRA dispute processes are directed at the accuracy of information reported to your credit file. You dispute under the FCRA with the party who reported the inaccurate information. They can be directed to either an OC or a debt collector, depending upon the item of information in your CR that you consider to be inaccurate.

Apparently, the OC reported a charge-off, and has now updated their reporting to show a $0 balance due? If that is the case, that does not indicate that the OC was "paid" anything. If the OC sold the debt to a debt collector, rather than just assigning them collection referral, then the OC must update their reporting to reflect a $0 debt now owed to them. The debt is still out there, and unpaid. If a debt collector reports, then the balance can be reported by them, and would indicate both their collection of that amount, and their ownership of the debt. So, if I understand your post correctly, the OC has apparently not updated their debt balance to $0 with all three CRAs. If that is the case, then the inaccuracy would be the balance due reported by the OC to the other two CRAs. You would dispute with the OC, and not the debt collector, in such a situation, as the OC and not the debt collector is the party whose reporting is inaccurate.

Personally, I would not even bother disputing this with the OC. It has no impact on your credit scoring. While getting your CRs consistent might be to your advantage, it has no FICO impact, as FICO does not score payment of debt.

[Juss11]

Originally Posted by Lian

DV letters deal with debt collection practices under the FDCPA, and have nothing to do with credit reporting under the FCRA. DV letters are only sent to a debt collector, and not the OC.

While a DV letter is a form of "dispute" in the technical sense, it is a dispute, in whole or in part, of the amount of debt owed, and is sent to obtain validation of debt through the debt collector, and to verify the name of the original creditor. DV letters, when timely sent, act to bar the conduct of further collection on the debt by the debt collector until such time as the requested debt validation is provided.

"Disputes" under the FCRA dispute processes are directed at the accuracy of information reported to your credit file. You dispute under the FCRA with the party who reported the inaccurate information. They can be directed to either an OC or a debt collector, depending upon the item of information in your CR that you consider to be inaccurate.

Apparently, the OC reported a charge-off, and has now updated their reporting to show a $0 balance due? If that is the case, that does not indicate that the OC was "paid" anything. If the OC sold the debt to a debt collector, rather than just assigning them collection referral, then the OC must update their reporting to reflect a $0 debt now owed to them. The debt is still out there, and unpaid. If a debt collector reports, then the balance can be reported by them, and would indicate both their collection of that amount, and their ownership of the debt. So, if I understand your post correctly, the OC has apparently not updated their debt balance to $0 with all three CRAs. If that is the case, then the inaccuracy would be the balance due reported by the OC to the other two CRAs. You would dispute with the OC, and not the debt collector, in such a situation, as the OC and not the debt collector is the party whose reporting is inaccurate.

Personally, I would not even bother disputing this with the OC. It has no impact on your credit scoring. While getting your CRs consistent might be to your advantage, it has no FICO impact, as FICO does not score payment of debt.

Could it be that when the ca bought the account,it made it look like a payment to the oc?Its shows no payments from Jan of 2005,does not go back further than that.Then a payment in April 2008,and that's when NCO bought the account.So maybe its going to fall off soon.Its showing $636 so maybe I can do a PFD for about half?

[J.A.]

Sounds like the 2008 you keep mentioning, is the date the original creditor charged the item off of their records for tax purposes. If the date of first delinquency was 2005 the it will drop off this year and you should probably try for a settlement or just let it fall of your report.