Better under standing of SOL and good news with GW's

[Ciaopeeps]

Hello everyone! This is my first Post. I was told about this site by a friend and have learned so much. My story, when I was 18 I got my first CC and everthing else to follow. Between 18-19 Had a charged off Amex, Zales, a few bad checks, and a few other things which all have been paid since 2004. Just to put it out there I'm 26 now... After reading the site I went ahead and sent out Gw's. So far i have had two come back deleting old paid off accounts!!! Waiting on the mail man today for what i hope more to come.

Here is my question about SOL. Their is this collection which is from 12-03. A new collection company took it over in 04-09. It has been around but never been on my credit until Mid last year and dropped my Fico by 50 points. Would have been 6 years since the date of 1st delinquency if im right. Now can i dispute that and have it removed because the SOL of IL is 5 years? I'm looking at getting into a house this summer/fall and of course would not like to have that on there and i know it will fall off later this year into next but of course it is hurting myFico. Or do i have to go ahead with a Pay in full delete letter? AFIN is who has it now and its 975.00 Its nothing big i guess, but would like it gone. Glad i didn't try last year because would have just paid it and lived with it until it fall off. 

Sorry I know their are shorten ways to say this but I'll come around  

Thanks for everyone who reads and replays! Thanks again!!

Ryan

[Anonymous]

 Getting into a home is very important.   I would DV AFNI.  they should  have sent some type of commnication last year did they???  Also regardless of who take over the debt the DOFD remains the same and so it goes 12/2010.  SOL for IL only means that they cannot sue you for the debt but they can continue to report it to the CRA.

At this point i would let if fall off.  But AFNI will try to reage the debt and report to the CRA and you might spend your time  just desputing so DV first .  and if they send confirmation the try PFD.

[Jazzzy]

Hi Ryan,

Collection accounts and charge offs stay on your reports for 7 1/2 years from the DOFD, if that makes a difference in how you want to handle this. SOL doesn't have anything to do with how long this stays on your credit reports.

Congratulations on your success with your GW letters. Way to go!

It doesn't hurt to DV them. If it comes back OK, and you know it's yours, you would want to send them a pay for delete request at that time (if you want to pay this in order to have it removed). Be prepared for a "no" answer at first. PFDs take persistence just like GW letters do.

[Ciaopeeps]

Hey thanks for the information! I thought I had the understanding mixed up. Or just maybe was wishing it was the way I wanted it to be But yeah I'm going to have to think about it and see what I want to do. Sucks that its so close to falling off, but its showing as a "new" account per-say even know its not, I think thats why it took it down 50 points which is what I think it took it down by.

But thanks again for the you two! And yes the GW's are paying off as of now! 

Ryan

[RobertEG]

The new CA reporting, of course, does not reset your DOFD, which is establ;ished based  only on the OC account.

Do you still have two CAs showing in your CR?  YOu can only have one.

If CA1 sold the debt to CA2,then CA1 should have deleted their account with the CRA.  So maybe you are being hit for two CAs in your CR?

What is the actual DOFD on the OC account?

Message Edited by RobertEG on 02-23-2010 10:29 PM

[Ciaopeeps]

Hey thanks for writing Robert

Well that's the thing, it has never been put onto my credit before until 04-09 with Afni. But I did send a dispute in to all 3 CRA's. I have only gotten one back as of now and as it appears on the paper from EQ, DOFD is 12-03 and they did not Deleted this account. But I'm waiting on the other two to see if they have.