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“Debt collector on your credit report — dispute with the collector or with credit bureau?”

Debt collector on your credit report -- dispute with collector or with credit bureau?This is a question we received through a comment on our channel, which is a place where we will be answering more questions from. We appreciate the questions that you guys write, and we look forward to answering more of your questions in the future!


I just got out of a debt collection trial in Alabama, and I thought I’d take a minute to remind you how important it is to know the difference between owing the debt collector, and the debt collector owning the debt.

In this case, the debt collection lawyer told us that they were suing our client because they owed the debt collector money.


“How easy is it to beat Velocity Investments LLC in Alabama?”

"How easy is it to beat Velocity Investments LLC in Alabama?"
Velocity Investmenst LLC is a debt buyer/debt collector out of New Jersey.  They claim to buy debt and then they sue in Alabama on about 10% of the debts they collect.  The other 90% are collected without a lawsuit.


The complaint is the document that starts the lawsuit, and it states who is suing you, what county they’re suing you in, and how much they’re suing you for.

Without the complaint, there is no lawsuit.  So the complaint starts the collection lawsuit.


“Global Collection Agency is trying to collect a Velocity Investments, LLC debt that was last paid on in 2007. Can they do this?”

Can Global Collection Agency collect on a Velocity Investments debt that was last paid in 2007?Ultimately, this boils down to a statute of limitation issue, and the FDCPA, or Fair Debt Collection Practices Act.

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