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Cygnet Financial Services -- Anyone know them?


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I have a charge off on my account from DEC 1998 and would like to send a letter of validation to the OC, which is Cygnet Financial Services. There address is shown as UNKNOWN on my credit reports.

Also, they have sold the debt to a CA, so will it be more difficult for the OC (Cygnet) to validate, and if they can't, will this get the charge off off of my credit reports?

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The difference between the letters is this:

Collection agencies and debt collectors are covered under the Fair Debt Collection Practice Act.

OC's would not in most cases have to follow the FDCPA at all. I know for sure California is one state that does require oc's to follow the FDCPA, and I am most certain that Texas is also covered under this.

OC's are covered under the Fair Creidit Billing Act, and for those of us in states that don't cover the oc under FDCPA we have to use sections from FCBA to send our letters to the oc.

According to this, TEXAS Debt Collection Act would cover you to send a debt validation letter.

The Debt Collection Act covers any conduct by a person trying to collect a consumer debt. The Act prohibits practices that are false, deceptive, harassing or abusive. It supplements the federal debt collection act that applies to only third party debt collectors who are collecting debts for someone else.

Here are some texas links, you may want to read through:


Here is a basic dv letter you can find more letters here http://www.creditinfocenter.com/forms/

You may want to take out the id theft part, and make sure to fix it to fit your needs.

send the letter registered mail.

Your Name

123 Your Street Address

Your City, ST 01234

ABC Collections

123 NotOnYourLife Ave

Chicago, IL



To Whom It May Concern:

I have been the victim of identity fraud, and I believe this debt is one of the debts which resulted from my identity theft and was falsely taken out in my name. This letter is being sent to you in response to your attached letter. This is not a refusal to pay, but a notice that your claim is disputed.

Under the Fair Debt Collections Practices Act (FDCPA), I have the right to request validation of the debt you say I owe you. I am requesting proof that I am indeed the party you are asking to pay this debt, and there is some contractual obligation which is binding on me to pay this debt. Below are a few questions to answer which may help you to resolve these mistakes.

You should also be aware that reporting such invalidated information to major credit bureaus might constitute defamation of character, as the negative marks on my credit report harm my credit and prevent me from enjoying all the benefits of good credit. I'm sure your legal staff will agree that non-compliance with this request could put your company in serious legal trouble with the FTC and other state or federal agencies.

In addition to the questionnaire below, please attach copies of:

Agreement with your client that grants you the authority to collect on this alleged debt

Agreement that bears the signature of the alleged debtor wherein he agreed to pay the creditor.

Any insurance claims been made by any creditor regarding this account

Any judgments been obtained by any creditor regarding this account

Best regards,

Your Signature

Your Name

Debt Validation Form

Questionnaire to be returned to me for Account #<insert account number here>

Original Creditor's Name: ____________________________

Name of Debtor: ______________________________________

Address of Debtor: ___________________________________

Balance of Account: __________________________________

Date you acquired this debt: _________________________

This Debt was: assigned __________ purchased__________

Please indicated any credit bureaus to which you have reported negative marks:

Experian ______

Equifax ______

TransUnion ______

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