Collection Agency and SOL

hotpoint · ‎12-06-2007

General Question,

I have a CC, which was charged off and sold to a Collection Agency. The collection Agency contacted me and offered to settle and have the account completely deleted from my file. I asked the CA for an itemized list of the bill showing the deliquent account. It has been more than 30 days. Is the CA or the orginal CC company within the SOL or does this apply? If so, what should I do?

Hotpoint . . .

Anonymous · ‎12-06-2007

hotpoint wrote:
General Question,

I have a CC, which was charged off and sold to a Collection Agency. The collection Agency contacted me and offered to settle and have the account completely deleted from my file. I asked the CA for an itemized list of the bill showing the deliquent account. It has been more than 30 days. Is the CA or the orginal CC company within the SOL or does this apply? If so, what should I do?

Hotpoint . . .

SOL goes by the DOFD or DOLA (it's a state matter).

Im taking it that you spoke to them. NEVER talk to a CA!!!!!!! Everything in writting!!

Is this showing on your CR? what is your SOL? are you within it or past it?

SOL can be reset if any payment is made to either the OC or CA.

hotpoint · ‎12-14-2007

Thanks for the message -- I apologize for the delay. Yes, I did speak with them, but I just found a letter to request the verification. The SOL is 6/2010 for one and 5/2010 for the other. They both are showing on my report for the original CCC, both show balances. Eager to resolve the matter, but would like some help. By the way, I reside in CA, but the loans originated elsewhere

Hotpoint

Anonymous · ‎12-15-2007

IF the CA does not answer within 30 days...they will be in violation if they report! dispute it with all CRAs...wait & see if it gets deleted.

Because you received the CC in another state either SOL can be used by the CCC or CA.

What is your DOFD or DOLA?? SOL in Ca. is 4 years so are you saying that the DOFD-DOLA was in 2006? what state did you get the CC?

when you dispute with CRA & they ok it as good THAT is verified.......but when you send a DV to a CA you want VALIDATION. Did you just make a mistake when you said that you asked for verification from the CA?

Does a CA have to be licensed,registered or bonded in Ca.? If so are they? If they need to be and are not then they can not collect. Check both states

CRTP always remains the same.....7-7.5 years from DOFD or DOLA.

Im only guessing here...IF the CA is authorized or has bought the debt...I think it would be older.They usually want to PFD when past SOL or CRTP.(or they are not licensed)

IF you are sure of SOL & CRTP You can call the OC and see if they will PFD BUT (speaking for myself) I would do it in writting from the start. You MUST know who owns the account!!!! the OC can tell you this on the phone. It is always better to settle or pay the OC (if they own the debt). Once the debt is paid to the OC...the CA has nothing to report!

You really do not want to settle for less without a PFD and in it you also want it to say that the account is concidered PIF.

A PFD will remove it from your report. A PIF does not.

Message Edited by HappyDays on 12-15-2007 11:26 AM

hotpoint · ‎12-15-2007

Thanks again,

Since I am new to this forum and somewhat impatient I have made a few mistakes. I contacted the CA and asked for validation, it has been more than 30 days, but I have not (as of yet) put it in writting.

I have two CO, from the same CC, but each are w/different CA's. I will write them both and mail the letters no later than Monday. I will ask in writting for Validation as you suggested. I will ask in the letter if they are licensed in the state of CA (one CA is located in NV and the other in NY).

I am sorry, but I looked for the abbr. for CRTP and I have no clue what this means.

For one CO. the SOL is 6/2010 (according to my report), I assume the DOLA is in the year of 2003. For the other CO the SOL is 4/2010 both account were closed 9/2003. These accts. are shown on all 3 bur. by the OC. I have deputed these accts. before w/the main three Burs., but they came back as verified, so should I write both the CA and the OC or what!

Thanks for your help . . .

Hotpoint

Anonymous · ‎12-15-2007

hotpoint wrote:
Thanks again,

Since I am new to this forum and somewhat impatient I have made a few mistakes. I contacted the CA and asked for validation, it has been more than 30 days, but I have not (as of yet) put it in writting.

I have two CO, from the same CC, but each are w/different CA's. I will write them both and mail the letters no later than Monday. I will ask in writting for Validation as you suggested. I will ask in the letter if they are licensed in the state of CA (one CA is located in NV and the other in NY).

I am sorry, but I looked for the abbr. for CRTP and I have no clue what this means.

For one CO. the SOL is 6/2010 (according to my report), I assume the DOLA is in the year of 2003. For the other CO the SOL is 4/2010 both account were closed 9/2003. These accts. are shown on all 3 bur. by the OC. I have deputed these accts. before w/the main three Burs., but they came back as verified, so should I write both the CA and the OC or what!

Thanks for your help . . .

Hotpoint

CRTP and SOL are very different. SOL is set by the state and CRTP is federal...link explaining the difference

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=17466

Never assume!!!

look at your CR from TU and EX....it will say to remain on CR until 4/2010........that is the CRTP (drop date)......Your SOL starts counting at that point UNLESS you make any kind of payment. It doesn't matter when the account was closed...it goes by DOFD or DOLA

I had an account with a DOFD of 2001 but account wasn't CO until 2005

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=8713

In Ca. the SOL is 4years from DOLA....so if your last payment was in 2/2003 the SOL would be 3/2007.....the CRTP would be 7-7.5 years from 2003

DV info....but I would ask for license info for the state. NEVER sign a DV just type your name!!!

You can also call or send a letter to the OC asking for complete account history. Also ask who owns the account. Owning the account means alot!

It doesn't matter where the CA is...It does matter what state you live in or where you lived when you got the CC.

Be sure to send the DV CMRRR

Message Edited by HappyDays on 12-15-2007 03:03 PM

Message Edited by HappyDays on 12-15-2007 03:05 PM

hotpoint · ‎12-15-2007

Thank you once again for your assistance --- The CRPT are those dates previously mentioned (2010), I will look closer, but the only dates I recall seeing were the Closed Acct. Dates. I thought the SOL was the only date important.

Based, on your advise I will bet, but verify the SOL should already be over. Since I have relocated to CA. Most of my problems occured when I was hospitalized in 2003 and was out of income for several mos. Your information is priceless. I will follow your advice.

In the mean time, if the SOL is around or before the acct. was closed, for ex. 4/2003 and their is a 4 yr SOL for CA, should I begin to ask for the CO to be deleted!

Hotpoint . . .

Anonymous · ‎12-15-2007

you have to also concider SOL from where you lived at the time that you got the CC. What state was it? look up state here:

http://www.bankrate.com/brm/news/cc/20040116b2.asp?caret=8

Example: you lived in NY and took out the CC in 2000. You stopped paying in 2003 and then moved to Ca.

Because you took the CC out in NY you can be sued by NY SOL which is 6 years.

It is unusual for them to do this as there could be more legal stuff for them BUT they can try!

All CRs are goverened by federal law CRTP.....length of time it remains on CR. 7-7.5 years from DOFD I think that is what the 2010 is. It will drop in 2010,from your CR. And the month counts also!!

SOL has nothing to do with CR!!!!! SOL is set by each state. I am in Ct. and my SOL is 6 years.

Everyone has the same CRTP.

When the account was closed means nothing. You can close an account at any time & still be in good standing. When a OC closes an account for non payment it is usually 90,120 days past due or later. What is important is when you made the LAST payment!!! As I said...I stopped paying a CC in 2000 but the CCC did not close my account till 2005. My DOFD was in 2000 so it dropped off my report in 2007.DOFD= date of first default

If they went by date closed most of us here would be counting lint in our bellybuttons!!

You can not have anything deleted from a CR unless it is an error or can prove that you paid or it is past CRTP(2010)

SOL is important because it is the years that a creditor can file a lawsuit against YOU for a judgment.

If 2010 is your CRTP then 8/2007 would put you past SOL (4years)........Send a DV to the CA.

copy the letter,cert paper with the cert # on it and front & back of the GC when you get it back.

The date that they sign for it starts the clock ticking. They must answer within 30 days from that date or stop reporting!!!

If they don't answer..... dispute it as *not mine*

Keep all hard copies of CR FOREVER!!!! they are worth more then IRS filings!

Message Edited by HappyDays on 12-15-2007 07:39 PM

Message Edited by HappyDays on 12-15-2007 07:43 PM

Message Edited by HappyDays on 12-15-2007 07:44 PM

hotpoint · ‎12-16-2007

My CR w/Equifax shows my DOFD (last payment) as 8/2003 for one CO and 6/2003 for the other CO. Thanks for the info --- I'll put a letter together and send to CA.

Hotpoint

Anonymous · ‎12-16-2007

You are more then welcome!! if you have any more ?? at any time just ask!

GL