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Valued Contributor
discernment
Posts: 1,142
Registered: ‎09-01-2011
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Junk Debt Buyer -- Portfolio Recovery Systems

I've been searching and reading all the posts I can on this particular JDB because, today we got a dunning notice from PRS on an OLD--OLD Capital One Account we had back in the late 80s.  And, after reading this particular post I am concerned they might do this to us!  I checked the CR and so far, they haven't started reporting anything there, yet.  I do remember and KNOW that we had an account with Capital One way back in the late 80s. 

 

They haven't done anything to us yet as far as reporting this as a new account on the CR but, after everything I've read on this website about this particular collection agency, I want to be armed and ready should they pull any shenanigans with us. 

 

I've read the first course of action is to DV.  But, I don't understand how people can, in good conscience, try to verify an account that they KNOW they had. The account in question here is 22 years old!  What is our best recourse on something this old? 



Husband's Current Score: EX 691 CUSC; EQ 694; TU 687; Mine: EX 773 (AMEX); EQ 720; TU 750
Wallet Contents: SECURED: Capital One Platinum Mastercard, US Bank Harley Davidson Visa, USAA Bank American Express;
UNSECURED: Chase Freedom; USAA Cash Rewards World Mastercard, Discover More, CUSC Platinum Rewards Visa, American Express Zinc, American Express Blue Cash Preferred, Amazon Card, Walmart Discover Card
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LIGHTNIN
Posts: 4,189
Registered: ‎03-24-2008
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Re: Junk Debt Buyer -- Portfolio Recovery Systems

IMO, I don't think you have anything to worry about.

You can always dispute with the CRA's, that this debt is passed the CRTP and it shouldn't be listed on your CR any longer.

 

I have also been getting letters from CA's, for 2 very old debts that have been paid for already. Up until a year ago, I was sending the CA's proof that the debt was already paid. I don't understand how these CA's keep selling these paid debts over and over again, from one CA to another.  I guess they are hoping, I forgot it was paid for and send them some more money. lol :smileywink:

FICO's Oct 2013 TU711 EQ713 EX723~~Live below your means and always keep an emergency fund -Love Everybody ~ Big Kenny ~ Big and Rich ~~~~~Credit Scoring 101 - Common Abbreviations - Freq Req Threads - Free Credit Reports - What Steps Do I Take?DV? PFD?
Valued Contributor
discernment
Posts: 1,142
Registered: ‎09-01-2011
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Re: Junk Debt Buyer -- Portfolio Recovery Systems


LIGHTNIN wrote:

 

I have also been getting letters from CA's, for 2 very old debts that have been paid for already. Up until a year ago, I was sending the CA's proof that the debt was already paid. I don't understand how these CA's keep selling these paid debts over and over again, from one CA to another.  I guess they are hoping, I forgot it was paid for and send them some more money. lol :smileywink:


Thank you LIGHTNIN for your good response!  My husband agrees with you and told me to shred the bill we got in the mail today.

 

Why is there NO legal governing authority over collection agencies and their unscrupulous practices?  I have read to never sign any letters that you send to collection agencies because they will scan your signature and use it to say that you agreed in writing to pay them tons of money that you do not owe.  And, I've read that they love to pull all kinds of other tricky shenanigans.  I do not understand why, in this day and age, there is NO (or certainly not much) recourse against them. 

 

You said: "I don't understand how these CA's keep selling these paid debts over and over again, from one CA to another."  Obviously, there is either NO law against it or, if there is a law, apparently, no one knows what to do to enforce it. 



Husband's Current Score: EX 691 CUSC; EQ 694; TU 687; Mine: EX 773 (AMEX); EQ 720; TU 750
Wallet Contents: SECURED: Capital One Platinum Mastercard, US Bank Harley Davidson Visa, USAA Bank American Express;
UNSECURED: Chase Freedom; USAA Cash Rewards World Mastercard, Discover More, CUSC Platinum Rewards Visa, American Express Zinc, American Express Blue Cash Preferred, Amazon Card, Walmart Discover Card
Mega Contributor
RobertEG
Posts: 18,498
Registered: ‎03-19-2007
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Re: Junk Debt Buyer -- Portfolio Recovery Systems

[ Edited ]

They know that it is outside of the credit report inclusion period, so I doubt that they will report it to a CRA.  That would put them in a bind.

 

If they were to report the collection to a CRA, they would be required, within 90 days thereafter, to provide the DOFD on the OC account to the CRA.  FCRA 623(a)(5).

There are very specific provisions that specify how they must obtain the DOFD that they report.  If the OC has previously reported the fact of a collection referral to your CR, they similarly were required to have provided the DOFD to the CRA within 90 days of such a referral, and the date reported by the OC trumps any date reported by the debt collector.  FCRA 623(a)(5)(A),  If the OC had not previously reported your account to the CRA, then FCRA 623(a)(5)(ii) requires the debt collector to take reasonable procedures to  contact the OC and get the actual DOFD.  I doubt that they want to comply with these provisions knowing that the DOFD is more than 7 years plus 180 days ago. 

There is a chance that the debt collector did, indeed, report their collection to the CRA, but the CRA is abiding by their ban against including it in any CR they issue.  Reporting beyond the 7/180 is not prohibited.  What is prohibited is for the CRA to include it in any CR they issue if the reported DOFD is prior to the 7/180 date.

IF it does pop up in your CR, you can require the CRA, under FCRA 609(a)(1) and (2) to provide you what was reported and who reported it.

 

They are just hoping for your ignorance.


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