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CRA's don't have to research to validate a debt?


earnestbunbury11
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The last post in this topic was posted 3622 days ago. 

 

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Hi,

 

A junk debt buyer bought an old account of mine from 2008. They bought it from a pile of old uncollectable credit cards. I sent a letter to the three credit bureaus (Experian, Equifax, Transunion) asking them to validate the debts, as all I got from the JDB was a one page printout with my name, address account number and amount. In my letter to the credit bureaus I mention specifically that validating this was a good debt. I received a form letter from them today saying that "The FCRA does not require that the consumer credit reporting company obtain documentation such as actual signed sales slips, signature cards, contracts, etc., nor does it require that consumer credit reporting agencies act as mediators or negotiators in account disputes."

 

This means that all someone has to have a 'proof' of a debt is a printout sheet from a junk debt buyer?

 

Does anyone know if this is true? Or are they cherry picking one thing from the FCRA and ignoring something else from the FDCRA?

 

The whole idea of companies finding out personal information from me and my bills and selling it to other companies is repugnant to me and I don't see how this even became so acceptable. Does this mean I can collect other personal private information on people and sell it to anyone that wants to see it- on anyone?

 

What I'm asking is if anyone knows if this info is correct, and can perhaps site chapter and verse from what law says they don't have to research this other than asking the company involved, 'Is this a good debt?' and them answering, 'Yes.' 'Well, OK then, we'll report it as such.' It seems my request for validation was them calling and asking the company involved.

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You'll want to do more reading, especially the newbies thread, PsychDoc's Beginner's thread.

 

The words " Vaildiate " and " Verify " have very specific meanings in the credit repair world, and CRA's do not validate, they either verify or delete. CA's and JDB's verify, if they can.

Federal Law allows you, and therefore requires each CRA, to " reinvestigate " each item, but you have to use that word in your next dispute letter to each CRA. Prior to sending that letter, however, I heartily recommend you do the basics:

 

Remove all old addresses and other personal information from each of your three reports. While you are doing that, read about the Jack Attack and other basic dispute methods.


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Outside of PRs where the CRAs are primarily responsible for the reporting accuracy, CRAs don't independently investigate debt account accuracy. They are obligated to provide creditors information that you give them and report the results from the creditor. Even that is new since the CFPB mandated that CRAs forward documents you provide. In the past they just entered vague codes. After verifying through CRAs you then have the right to go after creditors directly.

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Hi,

 

A junk debt buyer bought an old account of mine from 2008. They bought it from a pile of old uncollectable credit cards. I sent a letter to the three credit bureaus (Experian, Equifax, Transunion) asking them to validate the debts, as all I got from the JDB was a one page printout with my name, address account number and amount. In my letter to the credit bureaus I mention specifically that validating this was a good debt. I received a form letter from them today saying that "The FCRA does not require that the consumer credit reporting company obtain documentation such as actual signed sales slips, signature cards, contracts, etc., nor does it require that consumer credit reporting agencies act as mediators or negotiators in account disputes."

 

This means that all someone has to have a 'proof' of a debt is a printout sheet from a junk debt buyer?

 

Does anyone know if this is true? Or are they cherry picking one thing from the FCRA and ignoring something else from the FDCRA?

 

The whole idea of companies finding out personal information from me and my bills and selling it to other companies is repugnant to me and I don't see how this even became so acceptable. Does this mean I can collect other personal private information on people and sell it to anyone that wants to see it- on anyone?

 

What I'm asking is if anyone knows if this info is correct, and can perhaps site chapter and verse from what law says they don't have to research this other than asking the company involved, 'Is this a good debt?' and them answering, 'Yes.' 'Well, OK then, we'll report it as such.' It seems my request for validation was them calling and asking the company involved.

 

 

if the OC's are on your reports, it should show transferred/ or sold, so it's very easy for the CRA's to determine whether the JDB's account matches the OC's.

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The last post in this topic was posted 3622 days ago. 

 

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