creditraptor Posted September 28, 2003 Report Share Posted September 28, 2003 Any ideas on what letter to use with these folks - when i called them they told me that the Westmoreland agency handles this account, but it appears on my report as CAPITAL ONE(must be a sneaky tactic of theirs)....Any ideas on which letter to use with these deadbeats - the DOLA on this account will expire in 2004 - but I do not want to wait....!!!!!!!! Link to comment Share on other sites More sharing options...
Randysbarb Posted September 28, 2003 Report Share Posted September 28, 2003 Bump...I'd like to see the answer to this one also. Link to comment Share on other sites More sharing options...
sisflomi Posted September 28, 2003 Report Share Posted September 28, 2003 Westmore would be the ca collecting on this. Send a dv letter to westmore and a verification letter to crap1. Did you dispute the cap 1 with the cra yet as not mine? If so, what happened? Link to comment Share on other sites More sharing options...
creditraptor Posted September 28, 2003 Author Report Share Posted September 28, 2003 CRAP one keeps saying verified.....actually I found out today from someone else on the boards - that a creditor pursuing a California resident is bound to the same laws as a CA - thus CRAP one and Westmoreland are all the same bunch of LOSERS...meaning I can send DV letter to CRAP one.thanks Link to comment Share on other sites More sharing options...
sisflomi Posted September 28, 2003 Report Share Posted September 28, 2003 Send a strong one to them!!!! Link to comment Share on other sites More sharing options...
gnosis Posted September 29, 2003 Report Share Posted September 29, 2003 You have to be as stubborn with Cap One as they are with you. You've got to initiate a letter writing campaign. Keep writing & Keep records. Write the bureaus, AG's etc. Cycle your letters. If you get classified as frivolous - change. As you may read on this board Cap One is the real deal, but if you are incredibly persistent you can get the desired results. Peace. Link to comment Share on other sites More sharing options...
kjunior Posted September 29, 2003 Report Share Posted September 29, 2003 I had the sme probelm with capitol one. What they did was buy 2 of my old acccounts and turned them into credit cards. One of the them was a citi bank visa card i had back in 95, capitol one bought it 2001, but how could they verify it was my account being that long ago. THey also did the same thing with a car that i had financed with CAC credit back in 95. The car went back as a repo and capitol one started calling me about paying this with them and turned it into a credit. i did not agree to anything, b/c the old creditor cac sent me the orgional application back stamped paid in full as of may 16, 2001. How can capitol one validate that. I have since then filed chapter 7 june 3 and included both accounts, but what cani do to get them off my reports or can i even though it's been discharged. Will it just stay on there until the sol run out on it since filing chapter 7 or can i still get these deleted of. Link to comment Share on other sites More sharing options...
sisflomi Posted September 29, 2003 Report Share Posted September 29, 2003 You have to dispute them just like the rest. Not mine, and see what happens. I had a lot of my bf's bad accounts deleted before during and after the bk. Link to comment Share on other sites More sharing options...
kjunior Posted September 29, 2003 Report Share Posted September 29, 2003 I have disputed several times with capitol and the bueraus, but it keeps coming back verifed. What i'm saying is they bought out accounts from other creditors and turned into their accounts. Their is no way to get a validation especially if i have the origional contract back stamped paid in full with the date. How is it possible for them to validate? Link to comment Share on other sites More sharing options...
Randysbarb Posted October 1, 2003 Report Share Posted October 1, 2003 SisWhat's the difference in the verification and DV letter? Are both of these on your site? Link to comment Share on other sites More sharing options...
sisflomi Posted October 1, 2003 Report Share Posted October 1, 2003 Yes, they are both on my site. Validation lists the FDCPA and the acts that you are allowed to request dv under.Verification letter has the FCRA and it basically for furnishers to CR's, which is what the OC's are bound to follow. Link to comment Share on other sites More sharing options...
insider Posted October 23, 2003 Report Share Posted October 23, 2003 When a credit card company acquires accts from other creditors they have all the same information the previous owners had on their systems. All that happens is all information is put on tape and shipped to new creditor. The new creditor runs tape onto their systems. All validation is done through this information. Paymnt history, late pays, charges and memoes are all there. Link to comment Share on other sites More sharing options...
sisflomi Posted October 23, 2003 Report Share Posted October 23, 2003 When a credit card company acquires accts from other creditors they have all the same information the previous owners had on their systems. All that happens is all information is put on tape and shipped to new creditor. The new creditor runs tape onto their systems. All validation is done through this information. Paymnt history, late pays, charges and memoes are all there.Are you sure about this? Where did you get this info? I think if it were true, more folks would have validation dont asap without all the problems from them. And, if you request validation, the second person has to actually get that info from the Original Creditor or it is not valid under FDCPA. Link to comment Share on other sites More sharing options...
insider Posted October 23, 2003 Report Share Posted October 23, 2003 I work as a supervisor for a major credit card company. They have acquired many, many acquistions in the 5 years I have worked there. I see it everyday. If the account was sold, the creditor it was sold to is the original creditor, providing it is not a collection agency. What you are referring to in the FDCPA, only applies to Collection accounts. The information is all there. Link to comment Share on other sites More sharing options...
sisflomi Posted October 24, 2003 Report Share Posted October 24, 2003 Actually if the account was already bad when it gets to the next creditor, they are then the "collection agency" on that account. There are FTC opinion letters on that. Link to comment Share on other sites More sharing options...
insider Posted October 24, 2003 Report Share Posted October 24, 2003 I have read the opinion letters. As best as my legal dept can determine, the next creditor is not a collection agency. If the account was bad but not sold to collection by previous creditor all is legit. Usually those accounts are not sold in the acquistion Link to comment Share on other sites More sharing options...
sisflomi Posted October 24, 2003 Report Share Posted October 24, 2003 They are also still lible under FCRA if they furnish info to cra. So even if the accounts were not bad when they were purchased, the 2nd creditor has to follow FCRA laws. Link to comment Share on other sites More sharing options...
nativechild48 Posted October 24, 2003 Report Share Posted October 24, 2003 Insider wrote: work as a supervisor for a major credit card company. They have acquired many, many acquistions in the 5 years I have worked there. I see it everyday. If the account was sold, the creditor it was sold to is the original creditor, providing it is not a collection agency.I thought that acqusition companies buy old debts Some companies are assigned to service delinquent debts but when a debt is aquired they are according to Ct. TILA laws collection agencies. The original owner is the original owner. If a company charges off the debt, he sells it to a buyer of bad debts and cannot sell it to someone else to become the original owner unless a bank is purchasing a portfolio and that debtor agrees to the purchasers conditions. Link to comment Share on other sites More sharing options...
insider Posted October 28, 2003 Report Share Posted October 28, 2003 I believe both of you are referring to collection accounts. Credit Card Companies buy portfolios from other credit card companies every day. It is not bad accounts they buy. For example, MBNA just bought some of the AAA accounts from Bank One just because Bank One was taking a loss servicing these accounts. The accounts were not bad accounts or charge off accounts or anything of the sort. Bank One felt they would make more of a profit by selling those accounts to another credit card company.Again, I have to say that I am not speaking of collection accts or bad debt accounts. The FCRA states that all information is reported accurately. It would be no different than you reporting a card lost/stolen. A new account number is set up therefore a new entry. The old entry showing the l/s status or in the case of an acquisition, it would show 2 accounts with different begin dates. Link to comment Share on other sites More sharing options...
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