Rebuilding Your Credit

[MarcinXP]

If you are in North Carolina the new law states that no collection company can collect a debt if it's past the NC SOL. Very nice law and should be everywhere as JDBs wont be able to lie to customers and hassle them. Asset will delete the tradeline, however your BOA tradeline will stay. It will show $0 as it was charged off or sold. BOA will also not able to take a payment. Basically Asset bought it from them in hopes of getting the money from you and now that they can't they lost and moved on. This will stay on your credit and you can goodwill BOA and see if they remove the tradeline, however it should say $0 Charged Off so that should not affect your FHA Loan...I believe only UNPAID Balances affect it...however Im not an expert on mortgages so not sure about that.

[Shogun]

I agree with guiness.  There is no valid debt anymore so it won't affect your mortgage.  You will just have a CO with a $0 balance.

[rightcoast]

Thanks for the comments everyone. Just staying on top of these collectors and hounding them really seems to work. Im wondering where this new law comes from?  I would like to read up on it because I have old old medical collections that are still on my credit report and if this is a new law should I dispute with them since it is past NC SOL???

Thanks and yes I made a complaint to the Michigan Attorney General because that it where Asset Acceptance HQ is located

[rightcoast]

Asset Acceptance deleted from all but Transunion! Im assuming they take the longest. So being very excited about removing that collection I pulled my Equifax score and it only boosted 5 points! wow how dissapointing. The OC reporting the charge really holds all the weight I assume. Showing 3 90 day lates on a debt that is unpayable. All I do is keep plugging away. I think I may file a complaint on Bank of America

[rightcoast]

Filed complaints with the Comptroller and the BBB for selling the debt to a buyer who will not accept payment. I asked them to accept payment or delete tradelines in error. They are reporting a 0 balance so I hope this doesnt bring asset acceptance back in the picture!??? Was this a bad idea?