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Debt Validation


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My credit card was stolen in 1997 and I refused to pay for the thief's purchases. The worldwide known credit card company was advised but did not do anything about it, and continued charging me for purchases I did not make. I paid the credit card in full for my legitimate purchases but stopped payments on all the rest of the items. In their efforts to collect from me, in late 1999, the credit card company made up checks that posted on my bank account and two of them cleared in their favor. I reported it to my bank as fraud and I was returned only the amount of one of the checks. Because of my disatisfaction, I closed the bank account and opened a new one at a different bank. At that time, March 2000, the credit grantor intended to do the same thing, but was not successful, as the check that they made up bounced (I don't know where they got the account number). Currently, they are indicating on my credit report March of 2000 as the last activity on the account, thus expanding their statue of limitations!!.

Two years have passed, and now a collection agency is trying to collect the money that by now is three times as much.

I'm now in the process of writing a letter to the collection agency requesting them to validate the debt, as Creditinfocenter.com indicates that if a collection agency cannot verify a debt, I may request them to remove the collection listing from the credit report. In my case, the name of the original credit grantor appears on the credit report, and it is reported as: "bad debt, coll/charged off, and account closed by credit grantor". However, a collection agency is the one making the efforts to get paid. If the collection agency cannot verify the debt and the derrogatory entry has been reported by the original credit grantor can I still ask the collection agency to remove it?. If not, what can I do after the collection agency cannot verify the debt?

Also, is there a difference between verifying a debt and validating a debt?

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So you are saying you notified the credit card company within 60 days of noticing that the card was stolen? And they did nothing? Hmmmmm....that sounds fishy on their part.

This same company made checks on your account to get the money without your permission and without a court order (judgement)??? I would contact your nearest lawyer if this is true and take them to court on all kinds of charges, report them to the FTC, etc. THAT IS SO ILLEGAL!

In the meantime, while you let the legal wheels turn, yes, you need to just go the debt validation route. You are too nice!! If the debt cannot be validated, you don't REQUEST, you DEMAND to have it removed from your credit report or it is a violation of the FDCPA and $1000 in your pocket.

Typically, verified a debt is done by the credit reporting agencies. Validation is done by the collection agencies when you request it. However, you could say that a collection who has verified your debt has also validated it. ;)

Good luck and let us know what's going on!

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