I wish there was a sticky on this

[topflyte7777]

I have read and reread and I am more confused. I have quite a few double TL's for a single account. One is the OC with a 0 balance, charged off and purchased by another lender. The other is the CA. All of them are 6 yrs old or so and well past the SOL of 4 yrs in Tx.

Is the OC charge off damaging my score? More or less than the CA.

Can I still dispute w the OC even they dont own the debt any longer?

There is some discussion of time limits w the CA. Can I no longer dispute the debt w the CA. I can only DV which means to question their right to collect as opposed to the particulars of my case. Is there a time limit on this as well? Some mention of 30 days?

If I remove one of the two, does that help w the other?

Do I work on both at the same time?

Sorry to be so dense. There is so much info here and seems hard to pull it all together and I am new at this. Thanks for the help.

[chilton1]

I have read and reread and I am more confused. I have quite a few double TL's for a single account. One is the OC with a 0 balance, charged off and purchased by another lender. The other is the CA. All of them are 6 yrs old or so and well past the SOL of 4 yrs in Tx.

Is the OC charge off damaging my score?

yes More or less than the CA. I dont know to what degree but your score is affected by both the CA may be costing you some more points because they will report with the CRA as a newer account..i.e whenever they bought the account.

Can I still dispute w the OC even they don't own the debt any longer?/QUOTE] yes. You can dispute the OC account with the CRA and

if the OC verifies the debt then you may ask the OC to verify the debt.

QUOTE]There is some discussion of time limits w the CA. Can I no longer dispute the debt w the CA.

You can still dispute the CAs debt with the CRA.

I can only DV which means to question their right to collect as opposed to the particulars of my case. Is there a time limit on this as well? Some mention of 30 days?

Once the CA sends you a letter (a dunning letter) you have 30 days in which to respond to the letter. If you despond within the 30 days and tell them you dispute the debt, they must stop all collection activites until they the CA validates the debt. If you send the DV letter after the 30 days then they do not have to respond and they can continue their attempts at collection. They must however mark the account as in dispute.

If I remove one of the two, does that help w the other?

IF the account was sold one has nothing to do with the other. The OC and the JDB are independent of each other.

Do I work on both at the same time?

Your call.

if the OC is pass SOL by all means, then the JDB should be SOL as well.

Sorry to be so dense. There is so much info here and seems hard to pull it all together and I am new at this. Thanks for the help.

Hope this helped.

[willingtocope]

Here's my theory. Note that you would need someone who actually works for FICO to verify this...but...

A "charge off / sold to another lender" with a $0 balance, probably doesn't hurt much. In fact, it could even be a positive (because of the $0 balance) as long as it doesn't also include "lates". Lates hurt.

Any CA's collecting for the OC can be disputed off your reports as "obsolete". If the OC doesn't own the account any more, then the associated CA has no reason for being there.

Any JDB who owned the account can report. However, if they sell it to another JDB, the first JDB should say "sold to another lender" with a $0 balance. Again, that might actually be a positive, although I wouldn't be surprised to find that some TL furnishers that are know to be JDB's may hurt through their mere listing.

Any JDB who CURRENTLY owns the account can report. There may also be a CA collecting on their behalf who can also report.

[chilton1]

A "charge off / sold to another lender" with a $0 balance, probably doesn't hurt much. In fact, it could even be a positive (because of the $0 balance) as long as it doesn't also include "lates". Lates hurt.

I gain about 30 points when the OC with charge off/transfered or sold $0 balance no lates was removed. It will only be positive if they change to "paying as agreed. "

[topflyte7777]

Let me see if I understand the replies. i can still dispute the particulars of the debt (investigation) with the OC though they no longer own. They are still required to respond or avoid violation?. If they do not respond, I then use this in conjuction with the verification from the CRA and threaten suit on the OC for their refusal or try to MOV the CRA? Which is correct?

As far as the CA that owns the account now, My only recourse if the CRA verifies, is to DV the CA but since the debts are 6 yrs old and the letters have long since stopped, they have no duty to respond at all and prob wont and there is nothing further I can do? It sounds hopeless.

[chilton1]

Let me see if I understand the replies. i can still dispute the particulars of the debt (investigation) with the OC though they no longer own. They are still required to respond or avoid violation?. If they do not respond, I then use this in conjuction with the verification from the CRA and threaten suit on the OC for their refusal or try to MOV the CRA? Which is correct?

As far as the CA that owns the account now, My only recourse if the CRA verifies, is to DV the CA but since the debts are 6 yrs old and the letters have long since stopped, they have no duty to respond at all and prob wont and there is nothing further I can do? It sounds hopeless.

OC Account

I think the answer to your question is both is correct. However, I have never requested MOV from the CRA. I moved directly to the OC and send verification letter. You may see which works for you. Anyway, You can dispute with the CRA and then request verification from the OC. There is a letter to send to the OC (please remove all the legal stuff and make it your own for your situation and send to the OC.)

http://creditinfocenter.com/forms/sampleletter17.shtml

CA account

Follow this flow chart. This is the 1 2 punch.

http://www.creditinfocenter.com/rebuild/debt_validation_workflow.shtml

PS It is only hopeless when you give up. keep at it.