All Kinds of Confused About DV

[CaitRoss]

So I read several repair tops on the website and forum on here and thought sending DV would be a good route to go with accounts that are tiny balances and paid off like $58.00. I figured that they probably would not try to validate them since I owed nothing. I however have found people saying that 1) the CA does not need to validate within 30 days and 2) the template on here is incorrect and asks for things they aren't required to give me. I also read I should send one to the reporting agencies at the same time? So... What are they required to give me and what is their time frame to reply back? I am new to all of this so if someone could lay it all out with everything helpful that would be great! 

 

Also any good DV letters used in the past would be awesome!

[BV80]

@CaitRoss

 

A "DV" means debt validation.  That's a term referenced in the FDCPA and applies when a CA or JDB has sent you their first collection letter.  It must contain the 30-day validation notice.  Within 30 days after receiving the first letter that contains that notice, you can dispute the debt and request validation.   That's all you do.  You don't make a request for specific documents.  Once they receive your letter, they can't continue to try to collect until they validate.  They can take as long as they want to validate.  The 30-day limit only applies to you.

 

In fact, they don't have to validate at all as long as they don't try to collect from you again.  They could also send you a letter telling you that they're closing their files on the account or that they're going to sue you.

 

Validation is nothing more than verifying that you owe what they say you owe.  For instance, it can be in the form of a credit card statement that shows the same balance that they requested in their letter.

 

You're referring to entries on your credit report.  Your first action would be to dispute the entries with the credit reporting agencies.  You might start by disputing as "not mine".  If an entry is verified by the furnisher, you might try disputing the balance, and see what happens.  If the furnisher doesn't verify with the CRAs, the entry will be deleted.   If they do verify, you can send the furnisher a letter disputing the debt.   Note that such a dispute would not be the same as a dispute after receiving a collection letter.   When you dispute because you've found an entry on your CR, the validation requirement in the FDCPA does not apply.

 

However, if furnishers are reporting accurately, there's not much else you can do.

 

Here's the link to the FDCPA:

 

http://www.law.cornell.edu/uscode/text/15/chapter-41/subchapter-V

 

 

Fair Credit Reporting Act:

 

http://www.law.cornell.edu/uscode/text/15/chapter-41/subchapter-III

[CaitRoss]

@BV80 Ok I see. Is there a term for when you dispute with the furnisher after it has been placed on your credit? Now I have a few more questions 1) how many items should you send to the agency to dispute at a time? 2) if the entry is removed from a credit report could the CA still try to collect on the debt? 3) if the debt say is sold from one CA to another can the new CA place the entry on the report after the first was removed by the reporting agency? 

[Clydesmom]

Is there a term for when you dispute with the furnisher after it has been placed on your credit? 

 

No.

 

Now I have a few more questions 1) how many items should you send to the agency to dispute at a time? 2) if the entry is removed from a credit report could the CA still try to collect on the debt? 3) if the debt say is sold from one CA to another can the new CA place the entry on the report after the first was removed by the reporting agency? 

 

1.  There is no set number but I would limit it to 3 because they really are going to ignore anything after that number.  It also depends on what you are disputing as to how many you should include in one letter.

 

2.  Yes.  Reporting and collecting are two separate and entirely different issues.  Even if they can no longer legally report the debt that does not stop them from trying to collect on it if you still owe it.

 

3.  Collection agencies do not sell debt.  They collect on behalf of a creditor.  A creditor may sell the debt to another creditor usually a junk debt buyer.  Each creditor may report their own trade line even if previous ones are not reporting the account.  All they are required to do is report accurately.