14 year old collection account?

Anonymous · ‎06-15-2007

I noticed an inquiry from yesterday on my wife's credit report only with transunion. I called the company and it was an account that my wife had from 14 years ago, do they have the right to report it as a collection on her credit report now?

sl · ‎06-15-2007

Depends on the SOL on the state you live in. In most states, the SOL does not go to 14 yrs.

Anonymous · ‎06-15-2007

How would I find this information out for Ohio?

Thank you for your replay!

Message Edited by cinoeye on 06-15-2007 02:38 PM

sl · ‎06-15-2007

OHIO

INTEREST RATE

Legal: 10%

Judgment: 10%

STATUTE OF LIMITATIONS (IN YEARS)

Open Acct.: 4

Installment Sales Contract (UCC2-725) 6

Written Contract: 15

Domestic Judgment: 21 renew every 5

Foreign Judgment: 21 renew every 5

BAD CHECK LAWS (CIVIL PENALTY)

The greater of $200 or three times the amount of check and attorney fees (no maximum)

GENERAL GARNISHMENT EXEMPTIONS See federal law. Garnishment limited to once a month per employee.

COLLECTION AGENCY BOND & LICENSE

Bond: No License: No Fee: No

Anonymous · ‎06-15-2007

cinoeye wrote:
How would I find this information out for Ohio?

And halt! First, a 14 year old collection CANNOT be reported to the CRAs. 7.5 years past DOFD, and it's gone for good. Dispute with the CRAs as too old to report. See Tuscani's Frequently Requested Threads.

Now, as for SOL, that has to do with whether or not they can sue you. In Ohio, SOL is 6 years for Oral and Open-Ended Accounts (which should include CCs) and 15 years for Written Accounts and Promissory Notes.

http://codes.ohio.gov/orc/2305.07

For everything SOL in Ohio:

http://codes.ohio.gov/orc/2305

DV them.

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=4328

Message Edited by Noah_Bodie on 06-15-2007 02:45 PM

Anonymous · ‎06-15-2007

cinoeye wrote:
I noticed an inquiry from yesterday on my wife's credit report only with transunion. I called the company and it was an account that my wife had from 14 years ago, do they have the right to report it as a collection on her credit report now?

And don't call 'em. Nothing good comes of it, and you cannot prove what was or was not said. Everything in writing, CMRRR.

Anonymous · ‎06-15-2007

Thank you all.

Lady we called said it will be reported in 45 days!!

We are just about tho purchase a home, so we do not need this now.

So there is a chance for them to report this, but it can be easy disputed.

That was in 1993, give me a brake!

I know you guys recomend not to pay it off, right?

When wife talked to them, she did not admit it's hers and she does not recall this accaunt.

sl · ‎06-15-2007

Thanks for correcting me.

Anonymous · ‎06-15-2007

cinoeye wrote:
Lady we called said it will be reported in 45 days!!
We are just about tho purchase a home, so we do not need this now.
So there is a chance for them to report this, but it can be easy disputed.
That was in 1993, give me a brake!
I know you guys recomend not to pay it off, right?
When wife talked to them, she did not admit it's hers and she does not recall this accaunt.

Read my DV link. Send a DV letter right away, and send it CMRRR. Don't get fancy or cutsy. Simple and direct. I have simple examples to use. Keep it simple.

By law, once they receive your DV letter, they must either validate the debt or cease all collection efforts. This means they cannot call you, write you, report to the CRAs, sue you, etc. There is caselaw in at least one Circuit Court that says the CA violated the law when they sent a letter to the consumer stating, "We are still attempting to provide you with validation." Either they validate, or FOAD. If they persist, they are in violation, and you can sue. Don't be intimidated by that. There are consumer lawyers who salivate over such things.

Don't pay. DV.

Anonymous · ‎06-15-2007

sl wrote:
Thanks for correcting me.

NP. One darned near needs a law degree to stay on top of these things.