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Under the FCRA (fair Credit Reporting Act) If a Creditor or collection agency cannot verify a debt they are not allowed to collect, contact you or report it. Violation of this act is a $1000 fine. There's no way for a collection agency to prove that you owe them money because there is only an assignment of debt and not a contract between you and the creditor. One loophole, if you signed an agreement wording "debtor agrees to be responsible for payment of this debt to creditor or it's assigns" then you will be responsible for paying it. A computer generated printout of debt is not enough for Proof of Debt Owed.

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โˆ™ 2006-03-24 00:37:24
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Q: What should you do about a debt that was charged off over 10 years ago and removed from your credit report but has now reappeared because it was bought by a new collection agency?
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If a debt has been paid to the original creditor and they recall it from their collection agency will a dispute succeed in having it removed from the credit report?

Hard to say. Disputing the collection after you pay off the creditor could still come back as 'verified' from the credit bureaus simply because the collection did happen. If the collection agency does not respond to the credit bureau's query, then the entry will be removed.

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No, the original crditor was removed because the account was sold to a third party collector. The entry will remain on the report for the required 7 years from the DLA. You can dispute the collection agency entries as well. Often times if you have paid the debt, the collection agency will no longer keep records, thus be unable to prove the debt when you dispute it. They more than likely won't even respond, as they got their money and don't care anymore.

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