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is this legal?


Eliana
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Got credit pulled and there is an old debt from First premier for $459 as of 11/2003. now the debt has been bought by a different company Arrow Financial Services, and are reporting the debt as new. Opened 2/2005. This is being reported as new debt. Is this legal? Now they are charging $689 and placing a past due on the account as of dec 2005

Is this legal? What can I do about it?

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An information furnisher has a little wiggle room as far as reporting inaccurate information goes. Federal law gives them a chance to correct wrong information by the consumer-initiated dispute process. The violations start to occur when they don't follow the law during the dispute process. By what you've described, I only see the POTENTIAL for a violation.

Have you sent DV? If not, do so following the step-by-step process. Then dispute the tradeline. Odds are the CA will trip up and break the law somewhere during this process.

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How would you go about disputing that and proving that they changed that information?

First by requesting DV. The information the CA is legally required to get from the OC should have the DOLA.

Second, by writing to the CRAs. Ask to have the reported DOLA date sent to you in writing. This is one good reason to initiate disputes in writing as opposed to online. You have more freedom to ask for and dispute what you want.

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