Hi linalex61, you’ve made several comments about your experience with loan collectors. Do you think requiring collectors to tell people that their debt is too old to be collected on the validation notice will help consumers? Would it have helped in your situation?
This is a problem that needs to be corrected. In this case, the line of credit is negatively affecting your credit a multiple of times even though it is one line.
linalex61, that wouldn't be very efficient. The FCRA does not allow reporting of a debt that is no longer being serviced by a creditor/collector. For example, if your creditor is currently reporting the debt but sells it to a debt collector, your creditor can no longer report on that debt. The buyer can, if he subjects himself to the corresponding federal regulation.
Moderator
1
Hi linalex61, you’ve made several comments about your experience with loan collectors. Do you think requiring collectors to tell people that their debt is too old to be collected on the validation notice will help consumers? Would it have helped in your situation?
View this comment in the discussion thread
Aaron Racicot
2
This is a problem that needs to be corrected. In this case, the line of credit is negatively affecting your credit a multiple of times even though it is one line.
View this comment in the discussion thread
R N
3
You don't answer you'll get a call again. Rather than ignore you could answer and ask the company not to call you.
View this comment in the discussion thread
DLin
4
linalex61, that wouldn't be very efficient. The FCRA does not allow reporting of a debt that is no longer being serviced by a creditor/collector. For example, if your creditor is currently reporting the debt but sells it to a debt collector, your creditor can no longer report on that debt. The buyer can, if he subjects himself to the corresponding federal regulation.
View this comment in the discussion thread
Debt Neutrality Petition
5
Consumers should be able to request calls be limited to one contact per week if they desire. That is a fair and honorable compromise, no?
View this comment in the discussion thread