Debt Validation

Christie_81 · 05-28-2008, 10:37 PM

I am attempting to repair my credit on my own without spending money on one of those credit repair sites! At first, I thought it to be pretty simple but now I'm not so sure. I'm happy to find this forum and hoping to get some good advice!

I have a collection/charge off on my credit report from an auto loan a couple of years back.

My first step is to send a debt validation request to the collection agency. I've found a couple of samples online to guide me.

Should the second step be to wait a couple of days (how long would you suggest?) and send the dispute to the CRA?

Let's say the debt validation request comes back with a copy of the original signed contract, but there is an error on the contract. (I've done some digging) Lets say the error actually makes the contract breached (i.e. I was a minor at the time according to state laws). What would my next step be?

What if the CA does not respond to my request of debt validation?

Christie_81 · 05-28-2008, 10:38 PM

I should also mention I'm currently out of the SOL for this debt

Enigma · 05-28-2008, 10:51 PM

What state are you in? How old is the debt?

Christie_81 · 05-28-2008, 11:12 PM

I am currently in Maryland, but the debt originated in Mississippi. The debt was originally opened in 2001, but has been in collection for about 4 years.

Enigma · 05-29-2008, 08:12 AM

If the date of first delinquency was in 2001, the reporting period has or is almost past.

I'd leave it alone. By DV'ing a CA or disputing with the CRA, you will wake up some undesirable critters.

Let it sleep until Oct or Nov then write the CRA's as obsolete.

hannah · 05-29-2008, 11:10 AM

An auto loan deficiency falls under the UCC across most states and the SOL is 4 years. See the numerous cases on this I posted in the resources section.

robseattle · 06-01-2008, 06:26 PM

I am in the same boat. I bought a car and gave it back. This was in 2001, it is showing on my credit report as "scheduled to remain until Nov. 2008" should I dispute it as obsolete? The SOL is 4 years in Texas.

Hedwig · 06-01-2008, 07:35 PM

I'd try disputing it as obsolete. It may come off. If not, you haven't lost anything and it will come off in November anyway.

Lucy · 06-01-2008, 07:38 PM

Am I right in saying that a debt may be out of the sol BUT CAN remain on a cr for 7 years regardless? Is this still true for an auto loan?

Pale Rider · 06-01-2008, 07:50 PM

Quote:

Originally Posted by Lucy

Am I right in saying that a debt may be out of the sol BUT CAN remain on a cr for 7 years regardless? Is this still true for an auto loan?

Yes, as long as it is reporting correctly, and no state laws require its removal before the 7 year period.