Around 15 years ago, I purchased a cd player from Lowe%26#039;s. The cd player died with 3 days of warranty left on the unit, I tried to get them to fix it and they refused. So I refused to pay the remainder of the loan (around $450).
After over 10 years of hearing nothing from Lowes I received a call from Pioneer Credit Recovery/Arrow. I disputed owing the bill at the time because they couldn%26#039;t tell me what the loan was for. After a while of them calling me daily sometimes 2 or 3 times a day I did the Fair Debt Collections Act.
Now I find they have pulled my credit history and I never gave them permission to do so. So my question is how long does a company have the right to pull your credit? Shouldn%26#039;t this be illegal? Is there anything I can do about it?
Any help would be appreciated greatly thanks.
Dale
How long does a company have the right to pull your credit report after defaulting on a loan?
Alphage is correct. The creditor has a %26quot;permissible purpose%26quot; to access your credit report for the purpose of debt collections.
But....
You said you send them a letter demanding validation? Read the FDCA. They have 30 days to respond with that documentation...and in the meantime they must STOP all collection activity. Pulling your credit report constitutes collection activity, so they are in violation of the FDCA.
The debt is obviously out of time, the SOL has expired.
Note that this collection agency is notorious for aggressive collections.
My suggestion is look for your proof that you sent for validation. I hope you sent them a certified letter, and kept that green card. If not, you will have to start all over again. But this time send them a cease and desist letter, and inform them the debt is beyond the statute of limitations.
If you have your proof, and you want to gamble a bit, file a small claims suit against them for $1000 for FDCA violations. I don%26#039;t know what state you live in, but here in Michigan it would cost you around $100 in court fees and process service. If you win, collect $1000 plus your cost costs are paid for.
If you just want them to go away, just send them a cease and desist letter.
How long does a company have the right to pull your credit report after defaulting on a loan?
Any owner of a debt, even a junk debt buyer who purchased the debt from the original creditor, has permissable purpose to pull the debtor%26#039;s credit report for as long as they own the debt.
How long does a company have the right to pull your credit report after defaulting on a loan?
Dale,
If you are asking who has the right to look at your credit report, then the answer is anyone who is a provider of credit and subscribes to their service. Your rights are that you can view for free once a year to see who has looked at your report.
How long does a company have the right to pull your credit report after defaulting on a loan?
%26quot;Steveo%26quot; is right. In actuality, its the credit bureau%26#039;s data base. We don%26#039;t %26quot;own%26quot; our credit records, but we have a right to review them.
How long does a company have the right to pull your credit report after defaulting on a loan?
Unfortunately, they have the right to pull your report as they inherited that right when they purchased the debt from the original creditor.....The good news....This is ancient debt well outside the statue of limitations and the 7.5 year reporting cycle for reporting on credit files.
All you have to do is send them a Cease Communications letter, per your rights under the Fair Debt Collection Practices Act. See link below. This is all you have to do....They have no power over you because of the age of the debt. Do not speak with them on the phone...DO NOT acknowledge the debt and do not make any payments towards it.
How long does a company have the right to pull your credit report after defaulting on a loan?
You may try to google it,here has some direct resource that might be helpful.http://creditreport.online-helper.info/o...
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