Got a letter today from Very.Very.OLD.Collection

[Anonymous]

I'm in TX.

Letter came from First National Collection Bureau

Reouthwestern Bell (from 1999 - I think)

Creditor: Asset Acceptance LLC

Letter Says

"this is to advise that you have a deliquent account and assigned to us. unless you notify this office within 30 days after receiving this noitce that you dispute the validity of this debt or any portion thereof, this assume will assume this debt is valid. if you notify this office in writing within 30 days after receviing this notice that you dispute the validity of this debt or any portion of it, this office will obtain verification of this debt and mail you a copy of verification. If you request of this office in wiriting within 30 days after receiving this notice this office will provide you with the name of the name and address of hte orginal creditor, if different from the current creditor.

Then they offer this

"a monthly payment play for 60% of the debt."

Huh? This debt I believe is from  1999.....They then offer the payment coupons.

I need help with how to proceed with this. My Loan Officer pulled my CR on Monday and should not need to pull it again. Our close date is June 15. My LO did say that these things pop up alot.

Its not been on my CR for at least 2 years.

[guiness56]

You can ignore them or write them a letter telling them the debt is out of SOL and can no longer be reported on your credit report.  Tell them to have no further contact with you.

[Anonymous]

The debt has been sold and resold.  The person contacting you most likely purchased the loan for 10 cents on the dollar.  They may have purchase $1,000,000 for $100,000.  They bet that they can collect 20 to 30% if the debt and make a profit.  They will in time be offering you to take 60% off the loan, mark your credit history as clean and settled.

I would counter with 15% (if you want to clear it up).  Be sure the get the agreement in writing.

They will be please to collect anything over 10%

Alfredo in Grapevine tx