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montoyaei
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Hello everyone! I am so happy to have found this forum. This is FANTASTIC. :)

Ok, so I am gong through the stickys, trying to find my way around, so please bare with my ignorance.

I am trying to find out if it is better to correspond directly with the original company that I owe money to (chanrged of and sold accounts) or to just write to the collection agencies that own the account now (I cant find the sticky for this, but would be happy if someone would point one out).

Also, if I do have to deal directly with the CA, how can I get the orig company off my credit report. I did see in one of he stickys that I can try to negotiate with the CA to have them get both off, but this seems unlikely (of course, I don't know very much about this).

I just don't know how they work together once it's sold (Do the companies care anymore once they sold it, as far as they are concerned (IMHO) it can stay on my CR forever, you know?!)

I will keep reading. Once again, you all are a godsend and I am so greatful!

Thanks a bunch

Oh, btw, I have moved around a lot. I just moved to NJ (but I lived here about 6 years ago), work in NY, have a CA DL, and use to live in NM. I am not sure what state is "my state, if you will".

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I am trying to find out if it is better to correspond directly with the original company that I owe money to (chanrged of and sold accounts) or to just write to the collection agencies that own the account now (I cant find the sticky for this, but would be happy if someone would point one out).

If you can, it's usually better to deal with the OC (original Creditor, the one who your debt ORIGINATED with). If a debt has already been sold to a CA (Collection Agency), some original creditors may tell you to take it up with the CA. Some may not, and may let you deal with them again.

Also, if I do have to deal directly with the CA, how can I get the orig company off my credit report. I did see in one of he stickys that I can try to negotiate with the CA to have them get both off, but this seems unlikely (of course, I don't know very much about this).

You can't - at least not easily. If they are reporting innaccurate information, or are doing anything illegal as defined by the FCRA (Fair Credit Reporting Act) and FDCPA (Fair Debt Collection Practices Act) then you have some leverage for the original company coming off your report. BUT - the original comany WILL "fall off" your report, once it is too old to be reported (around 7 years form the DOFD (Date Of First Delinquency).

I just don't know how they work together once it's sold (Do the companies care anymore once they sold it, as far as they are concerned (IMHO) it can stay on my CR forever, you know?!)

No it can't. No maatter HOW MANY CA's buy and sell a debt, it is ILLEGAL for it to stay on the report past the reporting period of the original account. For example: I default in january of 2000. from that time, until June 2007, the debt has traveled to 4 different collection agencies. Once the original listing falls off, ALL THE OTHERS THAT ARE BASED OFF THE ORIGINAL LISTING MUST FALL OFF AS WELL. (I'm not meaning to seem like I'm yelling, just "strong emphasis" of a point :p )

A CA may try and collect forever, unless you live in MS or WI I believe...but after the 7 years is up (7 years + 180- days, technically), any listing that is related to the original debt is "time barred" from being reported on your credit.

Oh, I almost forgot:

WELCOME!!!

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Thanks for the welcome and the info. Now I am even more scared. lol

So doing a DV is the way to go, right? After reading the DV letter sample, I got nervous. It's so...so.... technical. :shock:

Gosh, I feel overwhelmed. So, I guess I put the address of the state I just moved to, even though I have a PO Box in my other state (it just hasnt expired yet and I have family sending me my mail).

I am guessing I should concentrate on one debt at a time to see how it goes.

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Thanks for the welcome and the info. Now I am even more scared. lol

So doing a DV is the way to go, right? After reading the DV letter sample, I got nervous. It's so...so.... technical. :shock:

Gosh, I feel overwhelmed. So, I guess I put the address of the state I just moved to, even though I have a PO Box in my other state (it just hasnt expired yet and I have family sending me my mail).

I am guessing I should concentrate on one debt at a time to see how it goes.

LOL Don't worry. Take things one (or two) at a time...whatever you're comfortable with. Pretty soon you'll get the hang of it all.

How about this DV sample lettter:

Dear Collector -

In accordance with my rights under various State and Federal Laws, I am disputing this alleged debt and requesting validation of same.

Sincerely -

Informed Consumer

That isn't technical, but is just as good :p

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I am feeling kind of brave. I am hoping to scare my credit score up a bit here and there. hehe

Do you know what I should search under to see how low I should negotiate? I tried "negotiate" but I think it is too broad.

I remember reading that they pay so little for the debt, and that asking for something like 25 cents on the dollar is reasonable. I am not sure, though. I will do some more searching.

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