I recently ran a credit report and found a debt of $130 to Synovus Bank that I don't believe is mine. I want to get this debt off of my credit report and I don't feel that I should owe the money. I know that the first step is to contact the collection agency that currently has the account and demand that they provide proof of the debt, but what to do after that?
I remember seeing a site sometime back that gave a list of steps you can take with collections agencies, and if they fail to meet any of the requirements laid out in these steps they are legally required to remove the debt from your credit report.
2007-11-30 05:20:14 · 6 answers · asked by Crazyjester9 6 in Business & Finance ➔ Credit
Edit: I should add that I have NOT had any contact with the collection agency. I have moved since this ordeal originally happened so they may not even have my new address.
2007-11-30 05:30:57 · update #1
Here is the link to a free site to help you with this problem
http://www.fair-debt-collection.com/index.html
If this debt is not yours then it might be a case of identity theft. Here is a link for identity theft solutions:
http://www.consumer.gov/sentinel/
CONSUMER FRAUD AND IDENTITY THEFTS.
You should write a letter requesting verification of the debt. This will show you who the original creditor was and what the status of the account is. If it is for a debt that is time barred (out of limitations) then they cannot sue you in court, but they can try to collect it.
If you dispute this in any matter, DO NOT make any payments as this will re-start the clock.
If this is not your debt, you can notify the reporting agencies you suspect identity theft.
Hope this helps.
I invite you to join the following Yahoo group "DontGetRippedOff" dedicated to helping those in financial trouble, Here you will find information to help you with debt collection agencies.
http://finance.groups.yahoo.com/group/dontgetrippedoff/
2007-11-30 07:30:13 · answer #1 · answered by Sgt Big Red 7 · 0⤊ 0⤋
Also, it's important to look at your own state laws and find out if there is a "Statute of Limitations" on debts. Suzie Ormon talks about this all the time.
Under a statute of limitations of debt, if the debt is older than a certain time limit, that debt is no longer valid and cannot be collected anyways. It probably would stay on your report unless you prove the debt isn't yours, but it can save you the money.
2007-11-30 13:29:41 · answer #2 · answered by Sithlord78 5 · 0⤊ 0⤋
WRONG!
The first step is to contact the BANK and find-out what's what. After all, if it turns-out to be a legitimate debt, you can take steps to clear it up, or, if it's not your debt, to have THEM contact the credit bureaus and remove it as wrong. If it does turn-out to be your debt, it will be there for 7 years after you clear it. If it isn't your debt, and they DON'T clear it... Lawsuits can be so annoying for a small bank. ;)
Deal with the collection agency ONLY if the bank refuses to deal with you.
Good luck!
Edit: Statute of Limitation - if the bank and/or credit company continues to re-file it, they can keep it alive almost indefinately. After all, a contract is a contract.
2007-11-30 13:57:29 · answer #3 · answered by jcurrieii 7 · 0⤊ 3⤋
You have to immediately write Equifax, or another large credit verifier. Make copies, and protest these charges on your credit report. It will disappear and your rating will increase!
2007-11-30 13:24:49 · answer #4 · answered by janjaley 2 · 1⤊ 1⤋
i used to work in a collections agency.. all i know is.. there is no reason to be a rude stupid idiot.. lol its not the girl on the phone, or reading your letters fault.. if you would like to dispute it simply just say.. i do not believe this is my bill and i would like to see some proof.. talk it over with the lady and BE NICE! hahaha
2007-11-30 13:28:40 · answer #5 · answered by Anonymous · 0⤊ 2⤋
send me a private message. I have a list of form letters that a friend sent me a while back.
2007-11-30 13:23:09 · answer #6 · answered by sahel578 5 · 0⤊ 0⤋