Re: My Collect America story (LONG!)

Posted by The Phantom (152.163.252.134) on November 18, 2003 at 18:06:50:

In Reply to: My Collect America story (LONG!) posted by glitter_girl on November 18, 2003 at 02:04:56:

The 30 day window for validation can leave some confusion. Many think that the VOD can be provided within that time frame. In fact, often it cannot.

Many large purchasers of charged off debt must submit requests to the original creditor for applications, statements, and other verifcation and validation in batches and sometimes can only send a request once a month. As such, it often takes a long time to get the paperwork.

I know that Collect America can take as little as 30 days (if really lucky) and as long as six months to get the validation from the original creditor. To make matters worse, if the application is older than 5 years (and in a handful of cases, 4 years) they no longer exist. It seems that the industry policy by banks is to get rid of all documents older than 5 years.

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