Asset Acceptance Collection Reaging

[umeed110]

Hi,

I have two asset acceptance collections on my report. The OC has dropped off of my report a couple of months ago. On my report it says Asset Acceptance will drop off February 2015. I have disputed as too old and they keep verifying to CRA. What can I do to get them off. They have recently offered me a settlement offer of 75% discount I responded with a letter stating it is past SOL and I would be willing to give them $50 if they remove it from my credit report but I have not heard back from them. I am applying for a mortgage and because of these two collections my credit score is fairly low. I also have some other derogatory marks that I am working on but these are the two that I believe should come off because the OC is off now and shouldn't it be too old now?

[gdale6]

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@umeed110 wrote:

Hi,

I have two asset acceptance collections on my report. The OC has dropped off of my report a couple of months ago. On my report it says Asset Acceptance will drop off February 2015. I have disputed as too old and they keep verifying to CRA. What can I do to get them off. They have recently offered me a settlement offer of 75% discount I responded with a letter stating it is past SOL and I would be willing to give them $50 if they remove it from my credit report but I have not heard back from them. I am applying for a mortgage and because of these two collections my credit score is fairly low. I also have some other derogatory marks that I am working on but these are the two that I believe should come off because the OC is off now and shouldn't it be too old now?

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What is the DOFD of the account, this is the date that sets the CRTP??

[lavencedora]

Asset Acceptance is reporting a decades-old item on my report. Call the Credit Reporting Agency and ask what they are reporting as a Date of First Delinquency. If it's not correct, you can dispute again directly with AA or make a complaint through Consumer Finance Protection Bureau. Backup docs help, if you have them. I have all my old statements -- disputed with AA & now have a pending dispute with CFPB. They haven't removed yet, they like to play hard ball.  They can report during credit reporting period, even after SofL is over and after OC stops reporting, but they can't legally re-age the DofFD. Your offer is reasonable, but AA is not reasonable & they aren't likely to budge. Hope you can dispute the date. That's your best shot of getting it off before it's currently scheduled to fall off.

[srchick]

I'm currently dealing with these "sharks" as well! Disputed the fact they will not credit my monthly current payments to them, and EXP deleted them from my report.  What are the chances the other two bureaus will do the same? I know they don't share info with each other, but I can hope, right? 

[umeed110]

I do not know the DoFD. I am assuming 7 years have already passed because OC are both off of my report for a couple of months. I don't have any proof of dates or statements. AA can be so frustrating. They refuse to do a PFD and they keep on verifying whenever I dispute. I have tried to DV them and they don't respond.

[Shogun]

Without knowing the DoFD of the OC, it's difficult to determine if the CRTP has expired on this.  Sometimes the OCs come off early, but the CAs persist.  I would do a Direct Dispute with the CA.  Do you have any old CRs that shows the OC on there?

[RobertEG]

Any party who has reported either a CO or collection is required to separately report the DOFD on the OC account to the CRA within 90 days after their reporting.  FCRA 623(a)(5).  Thus, it must be of record in your credit file.

If the CRs you obtain do not provide the reported DOFD, you can send a formal request to the CRA under FCRA 609(a), which requires a CRA to provide the consumer with any information of record in their credit file, provided they include proof of their identity and the current processing fee, which is $11.00.

FCRA 623(a)(5) provides a detailed listing of procedures that a debt collector must follow when obtaining and reporting the DOFD on the OC account.

Issues of improper reaging of the credit report exclusioh date are based on a determination of whether, in their reporting, they have complied with those procedures.

If you dispute the accuracy of a credit report exclusion date for a collection and the reported DOFD is less than 7 years plus 180 days from the date of the dispute, it can properly be verified as not having passed its stautory exclusion date.  Before filing any issue of credit report exclusion, you must have the reported DOFD, as exclusion is based only on that date.

If the reported DOFD is incorrect, the CRA has no way of knowing such, and properly bases their exclusion only on what has been reported to them.

If you know the DOFD actually reported by the debt collector and have records or arguments showing their reporting was not in compliance with section 623(a)(5), you can send them a direct dispute. 

You would not involve the CFPB unless and until you have first addressed the accuracy of their reporting by way of dispute.

Complaints to the CFPB relate to lack of compliance with the FCRA.  The dispute process is the means for attempting correction of inaccuracies, and until they have been provided the opportunity to correct an inaccuracy, you would not yet have basis for asserting violation of the FCRA.