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JDB still regulated to notify adverse action?


Donna47129
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Hey guys,

I am starting to get the hang of this and have searched and searched for this so sorry if it's been asked.

Short story:

Got last letter from Aspire in June 07 giving us last chance to pay. Due to them not living up to promises we quit paying, they charged off.

August 07-Midland Credit buys the debt and lists on as opened 8/07, reported 9/07.

August 07-J.A. Cambece sends dunning letter (yes, I have DV'd both)

Now here's my question.

Since Midland is now a new creditor, weren't they supposed to dunn us before sending to CA? Were'nt they supposed to give us a 5 day notice before they reported adversely on our CR?

We never heard squat from Midland, only Cambece (who called my MIL AFTER proof of delivery of my DV!! lol)

But, wasn't Midland supposed to notify us that they now owned the debt and give us time to dispute before reporting?

Sorry, JDBs are kinda muddy to me.

Thanks in advance!! I look forward to hearing from the gurus!!

Donna

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An adverse action notice is stipulated by the FCRA, which is mostly aimed at creditors and CRAs (although it applies to all data furnishers). The notice is required if some adverse action was taken against you because of information contained in your credit report.

-r

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TITLE VIII - DEBT COLLECTION PRACTICES [Fair Debt Collection Practices Act]

§ 803. Definitions [15 USC 1692a]

As used in this title --

(6) The term "debt collector" means any person who uses any instrumentality of interstate commerce or the mails in any business the principal purpose of which is the collection of any debts, or who regularly collects or attempts to collect, directly or indirectly, debts owed or due or asserted to be owed or due another.

So when a collection agency is assigned, or has purchased, your debt, they are NOT the creditor. They are the debt collector and the actions they take are all governed by the FDCPA.

Okay, I finally found it! They were SUPPOSED to dunn us BEFORE reporting!

I am pissed now! JAs!!

I'm just sitting back now waiting for them to verify the account while it's in dispute, then I'm going gunnin!!

Donna

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So the JDB1 should have notified me that I owed them the debt before they put in on our CRA, correct?

It is NOT an adverse action notice, that's when you are denied credit or an apartment etc., because of derogatory data on your CR.

You are thinking of an "early warning" notice stipulated by FACTA. FACTA says that a financial institution that extends credit must send you a notice before or within 30 days of negative data being furnished to a CRA(s).

Debt collectors are considered "financial institutions" under FACTA, however, they don't grant credit.

It's shakey legal ground, but don't let that stop you from compaining to them about it.

-r

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