Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Cards
Profile Image

Question By
phillips650

0 Contributions
0 People Helped
Collection agency makes hard inquires each month lowering my score - was not ever my credit card
Not my credit card but turned over to collections agency and they check each month lowering my score. Credit company went out of business in 2009. How can I stop these monthly hard inquires ?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
51 Contributions
64 People Helped

Don't panic! Write a letter to the collection agency and ask for debt validation. Make sure you send the letter via certified mail. If they purchased the debt, this does not make them the original creditor. They are a debt collector and covered by the FDCPA. 

So, if they  can't validate the debt:

1. They are not allowed to collect the debt,

2. They are not allowed to contact you about the debt, and 

3. They are also not allowed to report it under the Fair Credit Reporting Act (FCRA). Doing so is a violation of the FCRA, and the FCRA states that you can sue for $1,000 in damages for any violation of the Act.

Read more from this link http://www.creditinfocenter.com/rebuild/debt_validation.shtml

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.