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Please walk me through a 623 letter

Please walk me through a 623 letter

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Posted in credit on Feb 11, 11 at 6:26PM
i have a derog on my report from a collection agency - Asset Acceptance, i keep disputing it, and it keeps coming back as verified. I sent asset acceptance a dv, and they sent me a letter saying it is being reported as a paid collection. i dont know what else to do to fight them. i was reading through the forums and said sending a 623 letter can help. is this right? what can i do to get asset deleted? i cant even find a 623 sample letter. can somebody please walk me thru it please. thanks for all the help in advance
A 623 dispute is based upon the FCRA section 623(a)(8) ABILITY OF CONSUMER TO DISPUTE INFORMATION DIRECTLY WITH FURNISHER. You must first dispute the tradeline with each of the CRAs in order to have recourse with the OC if they fail to comply due to 623. (subsection c) LIMITATION ON LIABILITY. The new thing here is that effective July 1, 2010, a new FTC rules and regulations requires the OC to answer per the Fair and Accurate Credit Transactions Act of 2003 (FACT Act). In your dispute letter to the OC, you should say you disputed with the CRA and it came back verified (assuming it did) and that you want them to conduct 'an investigation' (important phrasing here, your are not asking for verification, but investigation, per the law). They have 30 days to respond, send your request by CMRRR. If they fail to respond, you have a $1,000 violation of the FCRA (assuming you disputed with CRA first), send ITS letter offering to settle for deletion. If they respond and say verified, write again and ask for proof, if they have verified something you know is inaccurate, send ITS with proof that it is inaccurate, include CRA copy and your proof that it can't be true.
 
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i am disputing this tradeline with a collector. the OC is not on my credit report, just the collection agency. does this law still apply? and i did dispute with the cra, and they all verified it. so i should send the collector another letter asking for proof? what is ITS?
 
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ITS is Intent To Sue.
 
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i am disputing this tradeline with a collector. the OC is not on my credit report, just the collection agency. does this law still apply? and i did dispute with the cra, and they all verified it. so i should send the collector another letter asking for proof? what is ITS? Start building up your paper trail because some of these collection agencies are tenatious and don't even respond to letters after the dunning period. It used to make me angry, but now I am having fun with it. I don't think 623 will work for collection agencies though, but I may be wrong, I have never tried it. I think some folks have had the debt recalled by the original creditor, but I have not myself.
 
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If you have disputed it and have your letters stting that it has been verifed. And you have the letter from Asset NOT validating the account. Write your Attorney General a quick letter and they will dissapear QUICK!
 
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The 623 method only applies to the Original Creditor (OC). For a debt collector, you should go the Debt Validation (DV) path. Be sure to use CMRRR on all your correspondence to the Collection Agency (CA).
 
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If it is a CA I would try to DV them first, but that said, I'm pretty sure section 623 applies to any furnisher of data.
 
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Subscribing. Good luck, and please update your progress as I have the same issue with the same CA. If I have any luck, I will let you know.
 
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do i contact my AG? im from illinois, but asset acceptance is located in michigan.
 
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The 623 method only applies to the Original Creditor (OC). For a debt collector, you should go the Debt Validation (DV) path. Be sure to use CMRRR on all your correspondence to the Collection Agency (CA). The 623 dispute is for ANY entity reporting to your report as a DATA FURNISHER.
 
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I can tell you from experience (and you need to research this on the board) that if you have disputed properly and specifically and AA is not responding and/or correcting that Lisa Madigan's office has a keen interest in this company (google it). a link to get you started on CB posts about the IL AG:
 
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read this: then:
 
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The 623 method only applies to the Original Creditor (OC). For a debt collector, you should go the Debt Validation (DV) path. Be sure to use CMRRR on all your correspondence to the Collection Agency (CA). The 623 dispute is for ANY entity reporting to your report as a DATA FURNISHER. What is the difference as far as effect, or end result, between a validation letter and a 623 letter to a CA if they do not respond and continue reporting? Isn't the next step to take them to small claims in both cases? Is writing your state's AG effective? Thx Catalina
 
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A 623 and a DV are two completely separate approaches. The end result? That is way to vague to answer. I'm not sure what you're looking for. Sometimes a CA goes away with a DV, sometimes with a 623, sometimes with well-written letters to regulatory agencies, and sometimes with a suit. Each situation is different. Somewhere in this thread is a link to several disucssions on what letter to send : If they don't respond, then they are in violation of the FCRA, if you have written a proper 623, see links above. Writing your state's AG can be effective if done properly, see links above.
 
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The 623 dispute is for ANY entity reporting to your report as a DATA FURNISHER. Okay, sorry, I retract my statement. Thinking more, it does make sense that you can 623 the CA, but be sure to dispute the CA entry with the CRA first.
 
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A 623 and a DV are two completely separate approaches. The end result? That is way to vague to answer. I'm not sure what you're looking for. Sometimes a CA goes away with a DV, sometimes with a 623, sometimes with well-written letters to regulatory agencies, and sometimes with a suit. Each situation is different. Somewhere in this thread is a link to several disucssions on what letter to send : If they don't respond, then they are in violation of the FCRA, if you have written a proper 623, see links above. Writing your state's AG can be effective if done properly, see links above. Thanks Jen. That is helpful. I will do more research. Cat
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