General Credit Topics

[PamelaHill]

I've read everywhere about SOL. How about this: It has been plenty of time since the "delinquency" - at least 7 years, but a new collection agency has bought an account. Now they just started reporting this account saying the date of deliquency was a few months ago.

Surely they can't do this can they??

I've disputed this on my report. But now that I've looked, I have a few others like this too.

First of all, is this legal?

Second, do you think I'll be successful removing them?

The trouble is with Equifax.

Experian has always removed everything that shouldn't be there when I've disputed.

Thanks!

[HouseHunter]

From what I've read, I don't think they can do that.  Just because a new CA has the account doesn't mean they can re-adjust the statute of limitations.  It's my understanding that even if 20 CA's purchase the account over the course of 7 years, the SOL begins when you first become delinquent with the ORIGINAL creditor.  The only time this would change would be if you were to agree in writing to make payments or if you actually made a payment and became delinquent again.  This would reset the SOL. 

Last year, when I pulled my CR's, I had two and three entries from two and three different agencies regarding the same exact bill.  The subsequent entries were deleted from my report (without my knowledge or dispute) before I requested new reports and disputed the original creditor entry based on the SOL.  I'm not sure how or why they were deleted but they were, which saved me a whole lot of trouble.

[yoreljm]

---

PamelaHill wrote:

I've read everywhere about SOL. How about this: It has been plenty of time since the "delinquency" - at least 7 years, but a new collection agency has bought an account. Now they just started reporting this account saying the date of deliquency was a few months ago.

Surely they can't do this can they??

I've disputed this on my report. But now that I've looked, I have a few others like this too.

First of all, is this legal?

Second, do you think I'll be successful removing them?

The trouble is with Equifax.

Experian has always removed everything that shouldn't be there when I've disputed.

Thanks!

---

The statute of limitation (SOL) has nothing to do with reporting to credit agency. If the last date of delinquency is over 7 years (plus 180 days, i think) ago, they cannot report it to the bureaus! If the SOL past, that just mean they cannot sue you for the debt. However, you still owe it. If they can't sue you, and they cannot report it, you probably dont anything but a moral obligation to pay.

[Brammy]

---

PamelaHill wrote:

I've read everywhere about SOL. How about this: It has been plenty of time since the "delinquency" - at least 7 years, but a new collection agency has bought an account. Now they just started reporting this account saying the date of deliquency was a few months ago.

Surely they can't do this can they??

I've disputed this on my report. But now that I've looked, I have a few others like this too.

First of all, is this legal?

Second, do you think I'll be successful removing them?

The trouble is with Equifax.

Experian has always removed everything that shouldn't be there when I've disputed.

Thanks!

---

You may dispute it but the credi bureaus simply verify it based on thecollectors records.  If the debt is over 7 years old and it is being reported with a new date of delinquency, this is ILLEGAL.  Contact the creditor firat and let them knowthat this debt cannot be legally reported on your credit file. If not removed within 30 days, I would contact the FTC.  You may even be able to contat the original creidtor.  I would start there and request verification of thedebt which should show the date it was opened as well as the date of delinquency, you are experiencing zombie debt at it finest.

[yoreljm]

I think i need to scan and save my paid in full letter! just in case someone else tries to collect! 

[Noah_Bodie]

Did the CA send you anything in writing? Save it.

Send them a DV, or Debt Validation, letter. Include a copy of their letter.

"I received this letter in which you claim that I owe you a debt. In accordance with FDCPA, I request that you validate this debt."

If you didn't get anything in writing from them, then use their address listed on your credit report.

"I pulled my credit report, and discovered you are reporting that I owe you a debt. In accordance with FDCPA, I request that you validate this debt."

These are just some samples. Don't worry about the exact verbage, but do cite FDCPA (Fair Debt Collection Practices Act).

Message Edited by Noah_Bodie on 05-03-2007 12:44 PM