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Question about OC's


abeautifulwoman
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I know that you send DV's to CA's but, can you send them to OC's as well? If not, is there a sample letter similar to the DV letter that you would send to the OC?

Also, I only have 1 collection account and I just(today) sent them a DV letter. After pulling my EQ CR the collection account isn't on there, however it is on my EX CR. With my EQ CR I disputed 4 OC accounts today online, that were paid and charged-off years ago. I want to send these OC's a letter stating that the account isn't mine.

Did I do this correctly? Should I be sending the OC's a letter or just let the EX do it for me?

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So far, you've done it right. Dispute with the CRA's as "not mine" and see what happens.

How are the OC's actually reporting? Charged off? Sold to another lender? What? If they still own the account and it was never sent to a JDB, then chances are they still have the records and will verify with the CRAs.

You can send a modified DV letter to an OC...something like "...gee, I found you on my credit report, don't remember every having an account with you guys, can you send me the details?..." They don't have to respond.

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How are the OC's actually reporting? Charged off? Sold to another lender? What? If they still own the account and it was never sent to a JDB, then chances are they still have the records and will verify with the CRAs.

They say both...charged off and sold or transferred account. I thought that if it was years ago and if they sold/transferred the account then they wouldn't have the records. I think I'm confused.

What is a JDB?

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JDB = Junk debt buyer...someone who's paid pennies on the dollar for the right to continue to hassle you after the OC has taken a "charge off against income" on their income taxes. If you settled with the JDB, then they got all the money and the OC was compensated by the US taxpayer.

And, OC's sometimes keep CO records for a long time. Some don't, but others think of it as "punishing" the debtor. All it takes is a single line in a computer file with the account number and the CO date.

On the other hand, if the JDB still has a mark on your CRs, then those you might be able to get rid of with the DV process...they almost certainly won't keep the records once they've got your money.

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JDB = Junk debt buyer...someone who's paid pennies on the dollar for the right to continue to hassle you after the OC has taken a "charge off against income" on their income taxes.

How would I know if a JDB got any of my accounts? I mean some of the CO's went to CA's and there are 3 CA's on my CR. Two of them are for Discover. So in all, I have all of my OC's that were CO on my CR and then I have 3 CA's from 2 of my OC's.

Does this mean that once I was CO the OC sold my ACC to a JDB?

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Unfortuneatly, CO is an accounting term that OCs use to deal with their profit and loss statement. Its possible for an OC to CO something, but still keep ownership. If you've got a CA calling or writing trying to collect, then you have to use the DV process to see who still owns the debt.

On the other hand, if the tradeline on your CR says "Charge off / sold to another lender" then you know for certain its in the hands of a JDB.

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Let me ask this in addition.

I have an OC reporting that still owns the account. However, they are reporting incorrectly (wrong Date of last payment, and a screwy payment history)

I sent them a letter stating that they are reporting incorrectly, and it has cost me approval. Demanding proof of what they are reporting. They have not responded.

I believed under FCRA, they do have to report accurately and completely. How can I make them fix these errors if they don't have to respond?

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I'm not sure what you mean by "cost me approval", but the only way to get an OC's attention is to send them an "intent to sue" letter under the FCRA for incorrect reporting. (There's a menu item at the top "Sue Creditor's and CA's" that has more info).

Of course, to do this you need to be certain of your facts, have proof, and be ready to follow through if they continue to stonewall...

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