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Frequent Contributor
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Registered: ‎05-23-2007
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Be aware of a new tactic CA are using to get you to pay old debts

I had a debt that was going to fall off my credit report at the end of the calander year when I received a phone call from a collection attorney stating the CA whats to move forward and get a court judgement on the balance owed before the SOL for reporting runs out so its a new baddie on the report. Luckily it was only $600 and I settled it. However the Lawyer I spoke with told me that he is seeing an increase in this way of collecting on old debts and legally the judgement can stay on as a new entry. I point this out as I have seen some discussions that letting sleeping dogs lie is a good thing. Well it seems those sleeping dogs might be waking up just in time to try and bite you in the a$$.
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Re: Be aware of a new tactic CA are using to get you to pay old debts

Just out of curiosity - what does the lawyer say if something "old" and past the SOL and reporting period suddenly appears on your report.  I've reviewed old reports (like a year old) and do not see the account on there; now this past 6 months, it's been listed as "transferred/sold" but there is nothing to collect, SOL is 6 years in MN; DOFD was 3/99; so it was 2 years ago time ran out...are CAs getting around this one now too?

Thanks!
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Re: Be aware of a new tactic CA are using to get you to pay old debts

SOL are based on where you live. In Ohio its 7 years same as the reporting SOL. If the account was transferred/sold that that TL is done reporting and whoever acquired it will report on it.
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Registered: ‎06-06-2007
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Re: Be aware of a new tactic CA are using to get you to pay old debts

in AL it is 3yrs.... thanks god!
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Re: Be aware of a new tactic CA are using to get you to pay old debts


chartley3 wrote:
I had a debt that was going to fall off my credit report at the end of the calander year when I received a phone call from a collection attorney stating the CA whats to move forward and get a court judgement on the balance owed before the SOL for reporting runs out so its a new baddie on the report. Luckily it was only $600 and I settled it. However the Lawyer I spoke with told me that he is seeing an increase in this way of collecting on old debts and legally the judgement can stay on as a new entry. I point this out as I have seen some discussions that letting sleeping dogs lie is a good thing. Well it seems those sleeping dogs might be waking up just in time to try and bite you in the a$$.





If I understand correctly, and some of the experts on here please correct me, there could possibly be 2 dates involved here. One date is the SOL date for reporting debt on your CR, and the other is the SOL for any CA filing a judgement against you.

For example, in Texas the SOL for filing a court judgement is 4 years, but the debt can still be reported on your CR for 7 years.

Also, did the person calling you specifically state he was an "attorney" or did he say he represented a collection law firm? I think that is also another area of contention if they misrepresent themselves as an attorney and they are not.

Only reason I bring all this up is because I have a couple of baddies that are schedulded to come off either this year or the first of next year due to the SOL for FCRA. I am still not sure if since the CA bought the debt 2 years ago if the statue allows them to pursue legal action for 2 more years or if it is 4 years from the originial delinquency date. I am still researching that.

Regadless, thanks for the heads up! The more we know, the better we can protect ourselves.

Peace
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Re: Be aware of a new tactic CA are using to get you to pay old debts

What the collection agency was looking to do was to get a Judgement filed to get the debt paid before the TL fell off the credit report if I didnt pay the amount owed within 30 days. If they when to do it after the SOL then they couldnt by law list it on the credit bureau. Effectively what the CA's are doing it making **bleep** sure they get paid and are now willing to goto court over any amount because they know a Judgement will sit there a long time even as the original TL drops from the report and Judgements hurt your score alot more then a simple collection account. When the bloodsuckers called I asked to speak with an actual attorney who was going to process the court papers to submit for the judgement and I also spoke with my own attorney, there is nothing in the FCRA that stops a creditor from doing this. For me it was really a none issue I paid the $600 and the TL will still delete at the end of the year. My warning is to our readers who may have a large debt of some kind that has just been sitting there and close to falling off that you may end up being forced to pay it off or have a Public Record on your CR for at least the next 7 years.
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Registered: ‎05-02-2007
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Re: Be aware of a new tactic CA are using to get you to pay old debts

So because someone BOUGHT it the OC has the right to re-list the account after (2) years past SOL and reporting?  That makes no sense...nobody would ever get ahead - suggestions??
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Registered: ‎03-15-2007
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Re: Be aware of a new tactic CA are using to get you to pay old debts

No. Someone selling an account to another CA does NOT reset the clock on the DOFD (Date of First Delinquency). If they try, dispute it.
- - - -
in a credit-scoring postnuclear Stone Age...
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Registered: ‎05-23-2007
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Re: Be aware of a new tactic CA are using to get you to pay old debts

Beach in your situation they would have to do it before the end of the States SOL. But not every state has a SOL of 4 years. Most of us are in the 6-7 year model based on the state we live in Smiley Happy
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Re: Be aware of a new tactic CA are using to get you to pay old debts

This topic has nothing to do with a OC or a CA selling the account to another CA. I posted this to let people know that CA's are now hiring law firms to file judgements in court to get paid and reported before the SOL runs out on both reporting and paying the debt. If you dont pay the debt and its still within the SOL your will get a new public record on your file with a new 7 year reporting on the judgement itself.
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