Validating a debt...

Question

I recently mailed a letter to NCO Financial Systems asking them to validate a debt that shows up on my credit report from an old Directv account from 2003 in which it says I owe $501. I just received a response from someone at NCO and it says they are unable to locate the account and now they want me to provide them with my ss# and the name of the original creditor. My question is shouldn't they already have all the information needed since they show up on my credit report? I did use my sister's address when I opened the Directv account years ago so I never received any letters from the creditors to where I currently live. If they do validate the debt, what are the chances I don't end up paying the entire dept and just coming to an agreement to paying half off?

Answer 1

Do not expect the item to be removed just because it passes the SOL.  I believe it will stay on your credit report for six years.  Check with the credit reporting agency to be sure.

Answer 2

You should have the debt validation letter to Experian, Trans Union and Equifax and not the collection agency. If the collection agency could not validate the debt it would have been deleted from your credit file. Don't provide any info to collection agencies. The bad account remaind on the file for 7 years so it would be removed in 2010 if you don't do anything about it.

Answer 3

They must provide proof of debt, in order to collect.  Do not give them any info.  This could be a bogus collection scheme.  In addition, they may be beyond the time that they can even proceed with a debt collection.  The statute of limitations prohibits initiation debt collection after a certain period of time. Check with the office of consumer affairs, in your state attorney general's office.