I'm hoping that this is in the right place...
I'm helping a family member clean up their credit; they recently received a couple of letters from collection agencies about accounts that are LONG past the SOL. I'm drafting a letter to send to the CAs, but I'm unsure as to which "rule" of the FCRA they are violating (if any). Both accounts are at least 7 years past the SOL, and neither of the accounts are showing on their CR; yet, they are continuing to receive letters from CAs about these accounts.
Can someone let me know which "rule" the CAs are violating, if any? It would be much appreciated!!
I would say that no regulation is being broken. It's still a valid debt and they can attempt to collect on it. If it has passed the SOL, then they can't get sued for it. If it's passed the CRTP, it won't show on a pull of your CR. However, that does not stop them from trying to collect. It's still a valid debt, albeit a Zombie debt. They can ask you to pay, but can't get a judgement and won't show on your CR.
You have a couple of options.
Pay it, even at a steeply discounted price, like 10% or so to have it paid/settled in full.
Send a cease and desist letter, commonly referred to as a FOAD letter which bars them from contacting you.
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@Shogun wrote:I would say that no regulation is being broken. It's still a valid debt and they can attempt to collect on it. If it has passed the SOL, then they can't get sued for it. If it's passed the CRTP, it won't show on a pull of your CR. However, that does not stop them from trying to collect. It's still a valid debt, albeit a Zombie debt. They can ask you to pay, but can't get a judgement and won't show on your CR.
You have a couple of options.
Pay it, even at a steeply discounted price, like 10% or so to have it paid/settled in full.
Send a cease and desist letter, commonly referred to as a FOAD letter which bars them from contacting you.
Thanks, Shogun! I knew it was a better term for what I was trying to explain; but I have another question. How do I find out what the CRTP is?
@digitaldiva wrote:
@Shogun wrote:I would say that no regulation is being broken. It's still a valid debt and they can attempt to collect on it. If it has passed the SOL, then they can't get sued for it. If it's passed the CRTP, it won't show on a pull of your CR. However, that does not stop them from trying to collect. It's still a valid debt, albeit a Zombie debt. They can ask you to pay, but can't get a judgement and won't show on your CR.
You have a couple of options.
Pay it, even at a steeply discounted price, like 10% or so to have it paid/settled in full.
Send a cease and desist letter, commonly referred to as a FOAD letter which bars them from contacting you.
Thanks, Shogun! I knew it was a better term for what I was trying to explain; but I have another question. How do I find out what the CRTP is?
Its 7.5 yrs from the DoFD of the OC... The DoFD is the first 30 day delinquency that leads to the account being COed. You would need to look in the payment history of the reporting OC to find it.
