7 / 10 Year Rule, re: Credit Bureaus

[Doublecredit]

Why go BK? It's not "your debt"

I don't want to file BK, but is there another way to try to prove this is not my debt, besides certified letters, proof of arbitration in my favor, etc... etc...?? Aside from sueing them (which would cost high attorney fees) - what other options do I have??

I know you're being a wiseass is saying that "it's not my debt" - but until someone proves otherwise, why would I pay???

Again - my business plan may actually be an option! Anyone else in??

So, does anyone actually have real feedback on how to clear this non-validated debt?

 

[Zigner]

You don't get it. They are required to provide very little information in response to a DV request. You will have the opportunity to review their evidence once suit has been filed.

 

[Doublecredit]

Ok...

then why don't they sue me then? I'd like that to clear this. They tried arbitration - which ended in my favor. I just don't get it. Based on the timeline of this debt, it's way past SOL for NH anyways. Wouldn't they just give up as the cost on their return becomes to high? Why would another CA buy this in the future, knowing it can't be validated + would never win as it's past SOL?? Are they just hopefull they'll get a sucker to pay a random amount without proof??

 

[TigerD]

Best advice anyone can give is to get over the "validation" thing. It is not relevant and only confuses the issue.

then why don't they sue me then?

Ask them. No, seriously, call and ask.

I'd like that to clear this. They tried arbitration - which ended in my favor. I just don't get it.

I don't get that either. Arbitration is stacked in the company's favor. An arbitration forum may not issue an award or simply dismiss, but I've never heard of one coming down with a ruling solely for the debtor.

Based on the timeline of this debt, it's way past SOL for NH anyways. Wouldn't they just give up as the cost on their return becomes to high?

No. They'll sell it to another agency. There are more than 5,000 CAs in the US. Buckle your seatbelt - it's going to be a long ride.

Why would another CA buy this in the future, knowing it can't be validated + would never win as it's past SOL??

Many reasons. One reason is we don't care about individual accounts. Collections is a statistics driven business. You and your account are meaningless. The performance of the portfolio is all that matters. There are always debtors that will never pay.

Are they just hopefull they'll get a sucker to pay a random amount without proof??

Proof is an affidavit from someone you never met saying, yup he owes us money. And you won't see that proof unless and until you are sued. You are dealing with many actual legal issues and not understanding the basics. If you are being so wronged - hire an attorney. You are too close to the issue to handle it yourself anyway.

DC
PS But I still think you fibbed -- you know exactly what this is and where it came from.

 

[Zigner]

PS But I still think you fibbed -- you know exactly what this is and where it came from.

I agree - for example, Citibank bought out CalFed - prior to that, CalFed had bought out Glendale Federal. So, if Citibank attempts to collect on the Glendale Federal account - it's still the same debt.

 

[Grandma's house]

First, thank you all for the info...

I have send multiple letters, certified, to the bureaus with account specifics, why the debt isn't valid, plus on one account - additional proof of arbitration in my favor.

You know what they did? The sent me back a new credit report in less than 30 days and said, we checked with the creditor (CA) and verified this debt. We have updated your account noting your dispute. HOW CAN THAT BE POSSIBLE?

In less than 30 days the bureaus confirm and verify a debt? National Arbitration couldn't get the CA to validate the debt, but the bureau does in less than 30 days? It sounds like someone picks up a phone or maybe not, and just say - yup, we have something in this guys name, it's good. No creditor can proove to me, with my signature, that any of these accounts are valid.

How are the legally able to keep this crap on my account? The can't validate the debt, there is not proof of my signature, but they just keep it on my account... I don't get it?

What else can I write or say to get this off my account? Credit companies claim they can get this removed forever, but I have my doubts... there has to be something to make this go away 100%... paying is not an option, as they can't prove to me the debt is mine!

they did put a "dispute" on your bureau for this. Write them AGAIN! Don't stop there. Address any and all tradelines you need to and ask them to re-score your bureau. Go to freecreditreports.com and get the reports and then write write write.
Remember that your soc. sec. # IS your acct. number for the bureaus.

 

[Doublecredit]

What's the best wording?

they did put a "dispute" on your bureau for this. Write them AGAIN! Don't stop there. Address any and all tradelines you need to and ask them to re-score your bureau. Go to freecreditreports.com and get the reports and then write write write.
Remember that your soc. sec. # IS your acct. number for the bureaus.

Is the best wording, re-score my credit score? It seems like I'm using the wrong words, as there are these credit "fix" companies that say they can remove these transactions forever! If that's true, they're doing something I'm not.

I have written 6 times to the bureaus (all 3), certified too. Plus have disputed accounts online as well. They are now just sending me a generic - this debt has been validated and that I can update my file with 120 words or something like that. Basically a, too bad, so sad, deal with it attitude.

There has to be special wording or threats or something to help clear this and raise my score... any suggestions?

 

[Grandma's house]

Forget those credit fixing cos. lol
They are only writing the same letters. You must address each "trade line" and use the words "adjust my score accordingly" after each trade line you address. It SOUNDS silly but if you don't reference EACH trade line to do so then they won't.

 

[Texas Pooh]

time for a lawyer

Apparently, OP doesn't like the rules of the game, which are (a) the credit bureaus only have to do one thing: go to the creditor and get confirmation that the debt exists; and (b) if the credit bureau then continues to report an account that you dispute, you must get a lawyer and sue both the creditor and the credit bureau. There are statutory penalities if the debt is not valid; most lawyers I know will take the case if you can establish to them that the debt is not valid simply to get the statutory fines.

What the credit bureau does not have to do is ensure/prove/confirm (notice that I don't use the "v" word) that the debt is valid and yours: only that the creditor who is reporting it says that it exists. Thus, if you owe bank a, and bank a sells the debt to bank b, and bank b sells to bank c, bank c can report the debt to the credit bureaus. The credit bureaus do not have to confirm that you owe bank c.

Thus, if the debt is really not yours, get a lawyer and sue. Simple - unless, as has been suggested, OP knows that the debt was, at least at one point, valid, and is concerned about a counter-suit on the debt.

If, in fact, OP has an arbitration award in his favor, the lawsuit against the creditor and the bureau is realitively easy: the arbitration award is "res judicata" (a fancy legal term meaning that the validity of the debt can not be relitigated, because it has already been litigated). Thus, bringing suit against the creditor is very simple and should not be expensive in terms of legal fees.

 

[Debt Guy]

So, does anyone actually have real feedback on how to clear this non-validated debt?

I said it before. I'll say it again.

Either sue the data furnisher or quit whining.

 

[Zigner]

So, does anyone actually have real feedback on how to clear this non-validated debt?

I said it before. I'll say it again.

Either sue the data furnisher or quit whining.

I agree - but I'd like to add that I don't see ANYWHERE that the OP has actually tried to even contact the CA's...

 

[Doublecredit]

Followed up with CA's...

Yes, I originally followed up with the CA's - via certified mail, many times. I requested validation, verification (proof) that this debt was mine. They NEVER sent me anything. Instead, they tried arbitration (without my concent). After going through that process, the arbitrator dismissed the case as the CA could not or would not validate the debt... so I was back at square one...

They don't call me, send me letters, etc... I don't call them, send them letters, etc. at this point... This debt will age off my report as of Aug 08 - so why even bring this quesiton up?

There are 2 duplicate items on my report. My concern is that this will age off and then be picked up by another CA (without any proof it's mine) - and be slapped back on my credit report. That doesn't sound legal, as BK would clear my name after 7/10 years 100%...

As I said, I don't have the money for the legal fees to proactively fight this - but I'm being shafted. Despite popular smartass remarks - this is NOT my debt or account...

At this point, BK seems to be the only true way to clear it 100%...

 

[Zigner]

You post reeks of...well, I don't believe what your posting - but let's assume it's correct.
If an agency picks up and re-ages your accounts, then you can sue that agency.

 

[Doublecredit]

Why don't you believe me?

You post reeks of...well, I don't believe what your posting - but let's assume it's correct.
If an agency picks up and re-ages your accounts, then you can sue that agency.

If you want, I can blank out the names on all of my docs and send them to you for proof! I have 2 duplicate accounts - 1 bank 1 CA. I contacted the CA many times via certified mail - no success. They then slap a National Arbitration Forum action against me. The arbitrator dismised the action, as the CA did not or could not prove the debt or provide the data, etc... either way, it was in my favor.

After that, I sent a copy of the arbitration to the bureaus and asked for the debits be removed. They claim that the CA calls this debt valid - which it's not, as they already failed arbitration. The bureaus updated my account of the dispute, etc... but nothing more. They said they can not accept any 3rd party docs from me (or something like that).

What I don't get is why there are a handful of people that don't believe what I'm saying? Does this read of something made up? Do you not read the frustration in my posts? What purpose would it serve me (in wanting good advise) in making up crap? If you want to see the docs, post your address or e-mail and I blank my personal information and send them to you for your review...

But I appreciate the update - as I think if this debt comes back after Aug 08 - I have legal means of suing the bureaus or the CA that posts it. That's a key bit of info I was trying to confirm. I want this crap off my report forever!

 

[TigerD]

Does this read of something made up?

Yes. It does. It reads like somebody shading the facts to whatever alternate reality he wants to believe.


DC