Oc cant verify debt

[Nickt892003]

Im trying to repay and rebuild my credit. I havent paid on this acct in about 2yrs and I'd like to pay it off, so i called the OC and ask about my acct. They told me my line of credit was through HSBC. So i call HSBC and asked about it an they have no record of me at all. So i called the OC an they also have no record because of how long my acct has been inactive. The acct was previously bought by a CA which went out of buisness. So with no history of my debt but they are still reporting to the CRA...what can i do??

[Lian]

To obtain debt verification, you can only DV a debt collector, not the original creditor.

If you DV the debt collector, unless you live in Texas, they have no obligation to provide verification as long as they don't conduct collection activities prior to providing verification. Being that the debt collector is out of business, they wont be conducting any collection activities, so your DV would just sit. Thus, DV does not appear to be a process that will yield any results.

The better path would be to file a dispute, if you have grounds for asserting any inaccuracy in their reporting. If filed through the CRA, they must forward a copy of your dispute to the furnisher of the information. They may have difficulty in doing that if a new owner has not reported a collection to them. Lacking verification from the furnisher of the information, they would most likely not exercise their own "reinvestigation" authority, and would delete the collection.
In my opinion, that would be the best route.