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caligryl
Posts: 3
Registered: ‎06-27-2012
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Collection from 2003

I received a letter from a collection company recently regarding an account that was from 2003.  The account is not showing up on my credit report and they are wanting to settle it for $60.

 

Should I pay it??  Can the collection agency that sent me the letter report it on my credit report even though it has fallen off??

Regular Contributor
jtc411
Posts: 169
Registered: ‎03-29-2012
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Re: Collection from 2003

They can, but you can dispute it since its older than 7 years old.  I personally wouldn't pay it.  I would shred it and move on.  Water under the bridge


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MarineVietVet
Posts: 14,902
Registered: ‎07-14-2009
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Re: Collection from 2003


caligryl wrote:

I received a letter from a collection company recently regarding an account that was from 2003.  The account is not showing up on my credit report and they are wanting to settle it for $60.

 

Should I pay it??  Can the collection agency that sent me the letter report it on my credit report even though it has fallen off??


They can't legally report it. The CRTP (Credit Reporting Time Period) has long expired. But the debt remains and they can attempt to collect forever.

Frequent Contributor
seigex
Posts: 425
Registered: ‎05-16-2012
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Re: Collection from 2003


caligryl wrote:

I received a letter from a collection company recently regarding an account that was from 2003.  The account is not showing up on my credit report and they are wanting to settle it for $60.

 

Should I pay it??  Can the collection agency that sent me the letter report it on my credit report even though it has fallen off??


If they start to bug you, I would suggest sending them a cease and desist letter since you are well past SOL and credit reporting timeline otherwise +1 on ignoring and tearing it up

Lender Pull (11/3/12) FICO EX: 740 EQ: 680 TU: 702

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rckstrscott
Posts: 2,660
Registered: ‎04-25-2011
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Re: Collection from 2003


seigex wrote:

caligryl wrote:

I received a letter from a collection company recently regarding an account that was from 2003.  The account is not showing up on my credit report and they are wanting to settle it for $60.

 

Should I pay it??  Can the collection agency that sent me the letter report it on my credit report even though it has fallen off??


If they start to bug you, I would suggest sending them a cease and desist letter since you are well past SOL and credit reporting timeline otherwise +1 on ignoring and tearing it up



It is 60 dollars.. if the debt is legit, why not settle to have it legally gone, so you don't have to play this dunning dance every year for the next 15 years as CA's keep selling and reseling this debt?!?!

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 09/14: TU: 784 | EQ: 752 | EX: 784
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
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Frequent Contributor
seigex
Posts: 425
Registered: ‎05-16-2012
0

Re: Collection from 2003


rckstrscott wrote:

seigex wrote:

caligryl wrote:

I received a letter from a collection company recently regarding an account that was from 2003.  The account is not showing up on my credit report and they are wanting to settle it for $60.

 

Should I pay it??  Can the collection agency that sent me the letter report it on my credit report even though it has fallen off??


If they start to bug you, I would suggest sending them a cease and desist letter since you are well past SOL and credit reporting timeline otherwise +1 on ignoring and tearing it up



It is 60 dollars.. if the debt is legit, why not settle to have it legally gone, so you don't have to play this dunning dance every year for the next 15 years as CA's keep selling and reseling this debt?!?!

 

-scott


what's the dance? they can't report it, they can't collect on it... it's 9 years old ... you're right it's only $60 but it's $60 they aren't legally entitled to...  the CA didn't provide the OP with any service they deserve $60 for... just my $0.02

Lender Pull (11/3/12) FICO EX: 740 EQ: 680 TU: 702

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pizzadude
Posts: 9,674
Registered: ‎01-28-2010
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Re: Collection from 2003


seigex wrote:

 

what's the dance? they can't report it, they can't collect on it... it's 9 years old ... you're right it's only $60 but it's $60 they aren't legally entitled to...  the CA didn't provide the OP with any service they deserve $60 for... just my $0.02


Even though they can't report it to the CRAs they can certainly attempt to collect on it.  Or they'll just sell it to another CA who will attempt to collect.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Frequent Contributor
seigex
Posts: 425
Registered: ‎05-16-2012
0

Re: Collection from 2003


pizzadude wrote:

seigex wrote:

 

what's the dance? they can't report it, they can't collect on it... it's 9 years old ... you're right it's only $60 but it's $60 they aren't legally entitled to...  the CA didn't provide the OP with any service they deserve $60 for... just my $0.02


Even though they can't report it to the CRAs they can certainly attempt to collect on it.  Or they'll just sell it to another CA who will attempt to collect.


They can attempt all they want... but they're about the same level of priority as carpet cleaning junk mail I'd get

Lender Pull (11/3/12) FICO EX: 740 EQ: 680 TU: 702

NFCU VISA $17.5k / USAA AMEX $6k / USAA AMEX $4k / USAA VISA $4k / CHASE FREEDOM $3k / Capital One $500
Mega Contributor
RobertEG
Posts: 18,442
Registered: ‎03-19-2007
0

Re: Collection from 2003

I tend to agree with the point made by rckstrscott.

 

If its a legitimate debt, CR exclusion does not make it "go away."

Sure, you can send a cease communication letter, blocking any further communication with you.  Yes, it is beyond SOL, so you legally dont have to pay.

But there is something to be said, when asked by a creditor if you have any old, delinquent debt, of being able to respond "no."

CR exclusion does not mean no unpaid, delinquent debt, just that it is not readily discoverable by a simple pull of your CR.

 

It is not, in my opinion, on the same par as junk mail.

Established Contributor
2NE1
Posts: 1,002
Registered: ‎12-06-2011
0

Re: Collection from 2003


RobertEG wrote:

I tend to agree with the point made by rckstrscott.

 

If its a legitimate debt, CR exclusion does not make it "go away."

Sure, you can send a cease communication letter, blocking any further communication with you.  Yes, it is beyond SOL, so you legally dont have to pay.

But there is something to be said, when asked by a creditor if you have any old, delinquent debt, of being able to respond "no."

CR exclusion does not mean no unpaid, delinquent debt, just that it is not readily discoverable by a simple pull of your CR.

 

It is not, in my opinion, on the same par as junk mail.


+1

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