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CC and collections, how to handle?

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Anonymous
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CC and collections, how to handle?

Ok, I know these are going to fall off my report in 2008, but while I have the fico trial, I would like to take care of them.
 
I have one limited store account that shows last activity 12-01
And it was sold to NCO financial
 
It is reported again as a collection for NCO financial showing last date of activity May 2001, which I am guessing is when it was sold to them.
 
The NCO is showing late payments EVERY month since then and SO is the limitied, it was a amount of $269 originally through the limited. (very young out of high school days).
 
There is also a Eddie Baurer last date of activity june 2001..
 
 
I am planning on writting a dispute letter through equifax, is that a good route to go?
Message 1 of 4
3 REPLIES 3
Anonymous
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Re: CC and collections, how to handle?

Given that you said "(Very young out of high school days)  I assume that these are valid debts.  And since they are reporting every month they are definately looking to collect.  I am not sure where you are or what the SOL is where you are, but if it were me I would definately not dispute a valid debt, expecially when it's so close to falling off on it's own.  I would think it would be like yelling to the collection agency "Hey guys here I am and there's still time to get me!"
 
I'd let that sleeping dog have it's nap unless you know for sure that debt is past SOL.
 
Good luck!
 
Van
 
 
Message 2 of 4
Anonymous
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Re: CC and collections, how to handle?

Thanks for your helpful reply. I am new here, so I really just throw things out and see what my options are.
 
I live in MN, so the SOL is 6 years, if that makes any difference!
 
Thanks again!
Message 3 of 4
Anonymous
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Re: CC and collections, how to handle?

Scenario 1.
Ok, so given your SOL is 6 years and the date of last activity is 21/01 I DEFINATELY WOULD NOT wake that dog up.  They still have at least 2 more months that they can file suit to recover. This would place a judgement in your record starting the 7 year clock all over again with a new nasty on your report. 
Some of the collection agency's are famous for suing just days before the SOL date.
Not only would I not dispute it at this point, I wouldn't app for anything until the SOL has passed with a margin of error.
If the CA does a pull of your credit report just before their time runs out and see that you have been applying for credit not only does it give them incentive, but your current address for the subpoena.
 
Hang in there quietly for a few more months and then revisit the situation. 
 
Scenario 2.
 
Contact the CA and negotiate a PFD.  The cost is cheap considering the gain you will realize from having them delete the account.  If they go for it, (and there isn't any reason they wouldn't since your offering them free money at this point because it's going away in a few months and they know the only way to collect is to sue you or agree to the PFD) then that whole thing goes away for one single payment of a mere 269.00. 
 
Not sure what to do about Eddie Bauer account since you didn't say how much it is. 
 
Personally I'd go with scenario 2 if you can do the same thing with the Eddie Bauer account, and with scenario 1 if it's more than you can do.
 
I also wouldn't dispute those accounts with the CB's without doing one of the above scenario's first.  If you just dispute now you take the risk of bringing to their attention that time is of the essence here.
 
Good luck whichever way you choose.
 
Van
Message 4 of 4
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