questions & answers

Question: Hi, I was wondering what my rights were and what my responsibility is. I purchased a truck in 2008 and traded in my truck I had to a dealer. the dealer was responsible for paying off the trade, they sent a check to my finance company and the finance company immediately issued a receipt pay in full and that the loan was satisfied. but the check had bounced from the dealer and the dealer went out of business. im not currently being contacted but it is showing up on my credit report.can I have this removed off my credit or can they make me try to pay this?

Answer: Within 5 days of the collector's first communication with you, they must send you a written notice containing:
The amount of the debt.
The name of the creditor to whom you owe the debt.
A statement that within 30 days after you have received the notice you can dispute the validity of the debt or any portion thereof.
A statement that if you notify them in writing within 30 days that you dispute the debt or any part of it, they will provide you with the verification of the debt. They must send you verification of the debt.
A statement that if you request it in writing within 30 days of receiving the notice, the collector will provide you with the name and address of the original creditor if it is different from the present creditor.
If you dispute the debt, send the collectors a letter stating that you don't owe the money and why. You should also send copies of receipts, canceled checks or other documentation. Keep your original documents in a safe place for future use. Send your letter within 30 days of the date you received the notice. It is best to send the letter by registered mail, return receipt requested.
Debt collectors must stop contacting you until they mail you the verification of the debt. If they are unable to verify the debt, they must stop collection procedures.