DaFish

BofA and CACH LLC on my CR's in Calif.

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First,

thanks to all for any help here. I am trying to buy a house. The following are a stumbling block for me on my CR's:

A report from CACH LLC re; a Wells Fargo debt they purchased (amount $8,000). I sent a DV letter over 2 years ago with no response. Last payment made on account 07/2011.      Also a BofA CC acc't shown to be charged off. (amount $25,000) last payment made 08/2009, beyond the SOL for the state of California. Any suggestions? Should CACH have reported this debt to the CR when they haven't proved ownership of the debt? Should BofA remove this because of the SOL? Thanks again!

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@DaFish

 

The SOL for collection and the SOL for reporting are 2 different SOLs.   The SOL for reporting to the CRAs is 7 to 7.5 years.  Just because a creditor or JDB can't sue you because your state's SOL has passed doesn't mean they can't report as long as what they report is accurate.

 

A JDB does not have to prove ownership of an account in order to report.

 

When you sent the DV, was it in response to the initial (first) communication from the debt collector, and was it sent within 30 days of the communication?

 

Or did you send the DV because you found their entry on your CR?

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Thanks BV80! DV was sent to CACH on the initial contact (and within 30 days). I figured that because I requested JAMS arbitration on the DV (per this website), they gave up. Can I ask BofA to remove their report (on a whim that they might do it??) The BofA thing is tripping me up more then the CACH thing.....

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@DaFish

 

You could ask BofA.   Considering the debt has been sold, BofA is no longer updating, so I have no idea how they'd handle that.

 

You could dispute their entry, and see what happens.  But another poster said that when they applied for a mortgage, the mortgage company didn't wanted any disputed items on the CR.  I don't know if all mortgage companies have the same requirement or not.

 

In your DV to CACH, did you dispute the debt?  Does their entry show that it's disputed?

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@DaFish

 

The Underwrtier doesn't seem concerned about CACH as much as B of A.

 

 

Okey dokey.  All that I know of that you can do is dispute with the CRAs and see what happens.  BofA might not verify, and it would have to be removed. 

 

If you need action right now, you might want to both dispute and send a good will letter to BofA.  Unfortunately, as long as they're reporting correctly, they don't have to remove it if they verify it.  There's just no guarantees.

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