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New Member
komot
Posts: 3
Registered: ‎03-09-2009
0

Need some knowledge

[ Edited ]
Hello all, I had a 10k collection drop off my credit reports back in 12/2006. I have not seen it on my credit reports sense. Today I received this letter from a different company (not the original lender). This Letter Do I need to dispute this with this company? And if I do can they consider that the date of last activity and put it back on my credit reports? It says I have only 30 days or they will consider the debt to be valid. Is this just a scare tactic or should I be worried. 
Message Edited by komot on 03-09-2009 12:25 PM
Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
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Re: Need some knowledge

Any debt can report for 7-7.5 years since DOFD. Is this debt older than 7 yrs? If so, then I wouldn't worry about it reporting. If not, then they legally can report, even if nothing happened for the past couple years.

Are you past SOL?

The 30-day notice is required by the FDCPA. This is a CA. You have 30 days to send a DV letter. But if you are past SOL and CRTP, then you don't need to worry.
New Member
komot
Posts: 3
Registered: ‎03-09-2009
0

Re: Need some knowledge

The original debt was made in 1992 but they did not send it to collections until 2001.

Sorry I don't know all the abbreviations  that you used... DOFD ,SOL, FDCPA, CA, DV, CRTP.

Please spell it out for me lol.

Established Contributor
Shnapple
Posts: 837
Registered: ‎02-27-2008
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Re: Need some knowledge


komot wrote:

The original debt was made in 1992 but they did not send it to collections until 2001.

Sorry I don't know all the abbreviations  that you used... DOFD ,SOL, FDCPA, CA, DV, CRTP.

Please spell it out for me lol.


 

There's a thread about abbreviations around here somewhere as well as a "Credit 101" thread - check out both, soon. In the meantime:

 

DOFD - Date of First Delinquency - this is the first time you missed a payment and never got caught up. If your last payment made was in 1992 or somewhere in the 1990s, then they cannot sue you for this debt and cannot put back on your credit reports.

 

You can ignore or send a FOAD letter. I won't spell that one out, but it's a not-so-nice way of saying "Get Lost".

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Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Need some knowledge

At the risk of repeating what Shnapple just said...

 

I'd suggest reading the following:

Common Abbreviations

Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.

and What Steps Do I Take - great for learning the repair process.

 

To make sure, would this happen to be a medical debt or a student loan?

New Member
komot
Posts: 3
Registered: ‎03-09-2009
0

Re: Need some knowledge

No this was not a medical or a student loan. It was a 5k line of credit I got when I was 21 and I was not very responsible. With interest and fees they managed to tack on an extra 5k to make it 10k.

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