Does the debt buyer own the debt that they credit report?
“Does the debt buyer own the debt that they credit report?”
Credit reporting by a debt buyer just means they may be in further trouble with you when you win your case
If you’ve been sued by a debt buyer, or collector, such as Asset Acceptance, Cascade Capital, Midland Funding, LVNV, Velocity, or any other company like this, you may have several questions that come to mind.
One question may be, “If the debt buyer is reporting this debt on my credit report, does that prove that they own it?”
Absolutely not.
It just proves that the debt buyer reported on you.
They need to be accurate in reporting on your credit report, because they’re violating the FDCPA (Fair Debt Collection Practices Act) if they’re wrong.
If they violate the law, you should sue them.
You sue them for money damages and attorney’s fees.
This has a wonderful way of motivating them to think, “Well, we should probably get this off of their report.”
So when do you sue?
If you have been sued in a collection case, then the first step is to file your answer in time. And then dispute the debt on your credit report . . . .
If you’ve been sued, you should dispute it.
This is one of the best ways to go about handling this.
When you dispute it with the credit bureaus, they take it to the debt buyer and say, “Do you want us to keep this?”
The debt buyer will say yes, because they believe (correctly) that it is very damaging to you to have this on your credit report. They (falsely) believe this will motivate you into paying them.
When you beat a debt buyer in trial, the collector has a real problem.
Because not only have they filed a bogus lawsuit and falsely reported on your credit report, but you have disputed owing the debt to the credit bureau through the Fair Credit Reporting Act (FCRA).
Your dispute is another charge you can bring against them for money damages in federal court.
Feel free to contact us.
Wherever you are in this line of events, whether you’ve just been sued, you are disputing this debt with the credit bureau, or you won your collection case, you are more than welcome to ask us any questions you may have.
You can reach us by phone at 1-205-879-2447.
Or, you can fill out a contact form and we will get in touch with you quickly.
I look forward to chatting with you.
Have a great day!