CO, CA, GW and SOL clarification

[Shokk]

Hi all,

First post here.  Relatively new to the repair process, but I've learned a ton the last few days.

A little background.  Current score is a 530 with TU, probably similar  with EQ and EX.  Got my free annual report from all 3 about a week ago. I've basically disputed every negative item in hopes of some of it not being verifiable.  Currently have 8 or 9 collection accounts. (Bad divorce)  6 of them are past the SOL here in Texas, which is 4 years.  2 or 3 others expire in the fall.  Oddly enough, none of those seem to be in collections, only charged off.  I sent validation letters to the 6 yesterday.  Next step is to send validation letters to the OCs as well since the debt is getting pretty old.  This leads to my 1st question.

I have 2 credit cards currently with Cap One.  Roughly 16 months old and all paid perfectly.  I called them yesterday to discuss the charged off accounts with them.  The person I spoke with said there was no record of other accounts than the 2 current ones.  Is this a good sign the validation letters may get the old negative ones removed?  Should I wait until the disputes are completed, or send the letters now?

Next question.  I understand the SOL has nothing to do with the 7 year limit for the bureaus. However, the collection agencies are still updating every month with new balances due to whatever fees they're charging.  Are they still allowed to update after the SOL expired? I've read tons of articles, but nothing specific on this.

One of the collection accounts is with LNLV.  They had an attorney's office send me a collection letter as well.  No notice of suit, just that they were attempting to collect for LNLV.  Can LNLV still report if they've sold the debt to someone else?

Last question for now.  Has anyone had success with GW letters on charged off accounts?  I was thinking if the validation letters don't work, a GW letter, especially to Cap One since I hold 2 of their cards, might have some success.

Thoughts or ideas?

Thanks in advance!

[guiness56]

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@Shokk wrote:

Hi all,

First post here.  Relatively new to the repair process, but I've learned a ton the last few days.

A little background.  Current score is a 530 with TU, probably similar  with EQ and EX.  Got my free annual report from all 3 about a week ago. I've basically disputed every negative item in hopes of some of it not being verifiable.  Currently have 8 or 9 collection accounts. (Bad divorce)  6 of them are past the SOL here in Texas, which is 4 years.  2 or 3 others expire in the fall.  Oddly enough, none of those seem to be in collections, only charged off.  I sent validation letters to the 6 yesterday.  Next step is to send validation letters to the OCs as well since the debt is getting pretty old.  This leads to my 1st question.  If they are being reported by a CA they are collections.  The CA is collecting for the charged off amount.  Two different things.

I have 2 credit cards currently with Cap One.  Roughly 16 months old and all paid perfectly.  I called them yesterday to discuss the charged off accounts with them.  The person I spoke with said there was no record of other accounts than the 2 current ones.  Is this a good sign the validation letters may get the old negative ones removed?  Should I wait until the disputes are completed, or send the letters now?  Who did you send the DV to?

Next question.  I understand the SOL has nothing to do with the 7 year limit for the bureaus. However, the collection agencies are still updating every month with new balances due to whatever fees they're charging.  Are they still allowed to update after the SOL expired? I've read tons of articles, but nothing specific on this.  Unless your state says otherwise, they can continue to collect forever.  That would include adding interest and fees if your state and the original agreement allow for it.

One of the collection accounts is with LNLV.  They had an attorney's office send me a collection letter as well.  No notice of suit, just that they were attempting to collect for LNLV.  Can LNLV still report if they've sold the debt to someone else?  No. But if they are collecting for LVNV, it wasn't sold but assigned.

Last question for now.  Has anyone had success with GW letters on charged off accounts?  I was thinking if the validation letters don't work, a GW letter, especially to Cap One since I hold 2 of their cards, might have some success.  Only the OC reports Charged off accounts.  The collection agencies collect on charged off accounts which would make them collections.  Did I confuse you?

Thoughts or ideas?

Thanks in advance!

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[Shokk]

Ugh, how did you quote and respond that way?  Lol, not conusing, let me try and clarify a bit.

Your first reply. I get the difference between CA and OC.

I sent the DV to the CAs.  Midland, Portfolio, Allied Interstae LNLV, and one to the attorney's office.

I understand they can attempt to collect forever, but I was under the impression they could no longer update tto the CRAs after the SOL expired.  The collection account will be there, but no updates after SOL.

Collecting for/assigned vs sold - Understood.  Unfortunately the letter wasn't clear.

On the last piece, I get what you're saying.  I meant GW letters to the OC in an attempt to remove.  Especially with Cap One where I have multiple good accounts.

Thanks!

[guiness56]

To quote, when you click reply, in the upper right hand corner it says spell check or quote.  Click quote.  This only works from a computer, not a phone.

The SOL for your state determines what a CA can and cannot do.  In 2 states when the SOL has expired, so has the debt.  In the rest, they just cannot sue you and win if you used expired SOL as an affirmative defense.

Yes, you can send GW letters to Cap 1.

[Shokk]

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@guiness56 wrote:

To quote, when you click reply, in the upper right hand corner it says spell check or quote.  Click quote.  This only works from a computer, not a phone.  Look!  I did it!

The SOL for your state determines what a CA can and cannot do.  In 2 states when the SOL has expired, so has the debt.  In the rest, they just cannot sue you and win if you used expired SOL as an affirmative defense.  Thanks for clarifying.

Yes, you can send GW letters to Cap 1.  Just to be clear, I meant for the old charge offs.  Not that my current cards had lates and are now current.

One last thing I may not have been clear on, or at least wasn't covered.  Suggestions on sending validation letter to the OCs?  I read somewhere else this is a good idea when past the SOL.  They or the CA can't successfully sue, and they may no longer have the record.  In the case of Cap One, they couldn't see a record of the older accounts. I'm sure they could be in another database somewhere, but worth the shot?  I'll start with GW letters for Cap One if that's advised since I have current cards.  And if I should validate with the OCs, wait to see results of the dispute?

When you dispute, do they actually verify with the OC, or just e-oscar, or whatever its called.

Thanks once again, guiness56.

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[guiness56]

Yay!  Lol.

Yes, you can send GWs for old CO'd accounts.  If they are paid, that would be a plus.

You don't send DV letters to OCs, they are not obligated to respond.  They are only for CAs.  They don't have to respond either but just cannot continue collection activity until they do.

You aren't supposed to dispute accurate information, sorry.  Is there anything about the TL that is not reporting correctly?

The CRAs normally use e-Oscar which is normally a 2 digit code that is sent to the creditor.  The thought was good but the it leaves a lot to be desired.  Very seldom does the CRAs actually contact a creditor.

[Shokk]

Enough inaccuracies. Wrong charge off amounts. One account paid off under debt consolidation showing as not paid, etc.

I have ine account that shows on time payments the last year, then poof. Charge off. This one is probably helping me. Except for the charge off part.

Once I get everything straight, I'll work on pfd for what's left. If some accurate but negative gets removed in the mean time, yay for me!