Best way to dispute different accounts with same creditor?

[elephant]

Hi everybody,

I just got my husband's credit report yesterday and I'm super motivated to finally improve his credit. Upon investigating the report, I discoved 4 negative accounts with First Premier Bank. Two of the 4 accounts show as paid off and closed, but two show charge offs. Just to give you an idea, the two charge offs are both around $400. They are scheduled to continue until 2022 and 2023 so I definitely want to get that taken care of before. So my question to you is what is the best way to proceed with disputing? My ideas so far:

1) Option 1, starting with a classic debt validation letter for all 4 accounts. To my knowledge the accounts are true but who knows if they can prove it. Also hesitating, if debt validation would work different for paid accounts and charged off accounts. Does having them all with 1 creditor make disputing more difficult? And finally, in your experience when it comes to same creditor, is individual account disputing more succesful or disputing them all at once in the same letter?

2) Option 2, which seems more reasonable to me, is trying to settle with Bank on charged off acounts. I could call and offer 40-80% of whatever the balance in turn for agreeing in writing that the accounts would be marked 'paid as agreed'. Would that mean after the settlement I still need to remove them from the report? Does any of you has advice on settling a balance in turn for removal from credit report? Is it possible that First Premier may only want to negotiate removing 2 charged off accounts upon settlement, leaving the other 2 paid off accounts still in file? 

So which option would you choose? I would be very grateful for any advice. So far this forum has been a lifesaver and I am motivated more than ever to sort my husband's credit and move forward with our goals. 

*Edited to add that this is First Premier Bank. Reading other people's stories with them they are not easy to settle for pay for delete. Seems like a tough nut to crack. Anybody got experience with First Premier I would appreciate any tips. 

 

[Clydesmom]

1 hour ago, elephant said:

1) Option 1, starting with a classic debt validation letter for all 4 accounts. To my knowledge the accounts are true but who knows if they can prove it.

They most certainly can "prove it."  DV does not require proof at all. The only thing they are required to provide is the name and address of the original creditor and amount you owe.  The second problem is DV does not apply to an original creditor under the FDCPA.  California does give its residents some additional rights under state law though.

1 hour ago, elephant said:

Does having them all with 1 creditor make disputing more difficult? And finally, in your experience when it comes to same creditor, is individual account disputing more succesful or disputing them all at once in the same letter?

What is the basis for your dispute?  Other than you want them gone?

1 hour ago, elephant said:

2) Option 2, which seems more reasonable to me, is trying to settle with Bank on charged off acounts. I could call and offer 40-80% of whatever the balance in turn for agreeing in writing that the accounts would be marked 'paid as agreed'.

If they will agree to it this would be best but before you do ANYTHING when did he default?  If the SOL for lawsuit is still alive you need to proceed with caution because you could merely end up waking the sleeping bear and getting him sued by sending in frivolous disputes.

1 hour ago, elephant said:

Would that mean after the settlement I still need to remove them from the report? Does any of you has advice on settling a balance in turn for removal from credit report?

You would need to negotiate removal prior to paying.  Simply paying is not a basis for then disputing and getting accurate information removed.  The problem you may have is many creditors now have a hard line stance against deleting accounts.

 

[elephant]

So the 2 charge offs are both from July 2016. The 2 paid off accounts are June 2014 and November 2017. I see what you mean, do you advise staying quiet until the SOL passes in July 2020? My basis for my dispute is only to remove them from the report, doesn't seem like there any other discrepencies with these items.

[Harry Seaward]

11 minutes ago, elephant said:

My basis for my dispute is only to remove them from the report, doesn't seem like there any other discrepencies with these items.

You have to have a reason to dispute. Something that's inaccurate. 

[BV80]

1 hour ago, elephant said:

Option 1, starting with a classic debt validation letter for all 4 accounts. To my knowledge the accounts are true but who knows if they can prove it.

As has been pointed out, the FDCPA does not apply to original creditors.

In addition, an entry on a credit report does not trigger a consumer’s right to request validation because the entry is not considered an initial communication from a debt collector as required by 1692g(a) of the FDCPA.  

[elephant]

Thank you for answering. So as I understand I have no basis to ask for debt validation in the first place. What about pay for delete then? Do I have any real chances? 

[Harry Seaward]

25 minutes ago, elephant said:

So as I understand I have no basis to ask for debt validation in the first place.

Not validation, no, but you can dispute the debts with the CRA. Do the dates match up? Are the balances correct? 

25 minutes ago, elephant said:

What about pay for delete then?

Give it a shot. Most debt collectors and creditors won't do this anymore, and if they do, they want payment of the full balance in a lump sum. 

The pickle you're in is the fact that they can just sue you to get a judgment against you for the full amount, plus court/ legal costs. They have all the leverage and you have none. 

[HarryGotHurt]

You can try to find some errors in the reporting, dates not matching from bureau to bureau, credit limit not showing or incorrect, balances not showing or incorrect, open date not showing or incorrect, close date not showing or incorrect, etc. You can dispute those in writing with the CRA, they’ll most likely verify it and you can send dispute directly with the OC so they can provide you with verification of the reporting using the 623 Method. You can also follow up with the CRA with a MOV letter and see if that works. 

The debts are yours and i’d try to pay them and settle them to avoid having a possible lawsuit over your shoulders. 

[BV80]

20 hours ago, HarryGotHurt said:

You can dispute those in writing with the CRA, they’ll most likely verify it and you can send dispute directly with the OC so they can provide you with verification of the reporting using the 623 Method. You can also follow up with the CRA with a MOV letter and see if that works. 

It should be added that the reporting party is not required to provide documentation to the consumer in order to verify the accuracy of the information included in the TL.  It is merely required to respond with the result of its investigation.