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I got a collection letter in the mail today. This threw me because I haven't defaulted on any debt, other than my student loans, in 8 years. The other reason was because it said I owed a debt to Capital One. Now I have a great realtionship now with Capital One (2 CC & Auto Loan). The last time I had a credit card with them was in 2002-2003 at some point. Honestly, I am not sure if I ever paid them all of what I owed. The credit limit was $300 or so but this is saying that I owe $1900 but they will take $200.
I have been doing really good on paying things off and building up my credit. I don't want this to show up on my credit report. From what I have read about this company if it is put on your report it is very hard to get off.
I would first send them a DV within 30 days for receipt of their dunning notice in order to impose a cease collection bar on them.
Debts that old can be difficult to validate, and a cease collection bar will stop all collection activities on their part until they have first sent validation.
Moving on to the substantive concern as to any credit reporting, if the debt collector does validate and decides to report their collection, they must obtain and report tha DOFD to the CRA. If the DOFD is more than 7 years plus 180 days ago, the CRA cannot include the collection in any credit report they issue.
If the asserted debt is that old,then credit report inclusion is not a concern.
If a debt collector knows that the DOFD is more than 7 plus 180 ago, they will normally not even bother to report their collection, knowing it will never see the light of day.
Did they also advise that SOL appears to have expired, and thus they cannot sue?
Depending upon your state of residence, you may have enhanced debt validation rights and/or the debt collector may have additional requirments.
What is your current state of residence?
Similarly, if the OC reports any derogs, they will also apparently be beyond hteir credit report exclusion dates, and will similarly be blocked from credit report inclusion by the CRA.
Total CL: $321.7k | UTL: 2% | AAoA: 7.0yrs | Baddies: 0 | Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping |
@RobertEG wrote:I would first send them a DV within 30 days for receipt of their dunning notice in order to impose a cease collection bar on them.
Debts that old can be difficult to validate, and a cease collection bar will stop all collection activities on their part until they have first sent validation.
Moving on to the substantive concern as to any credit reporting, if the debt collector does validate and decides to report their collection, they must obtain and report tha DOFD to the CRA. If the DOFD is more than 7 years plus 180 days ago, the CRA cannot include the collection in any credit report they issue.
If the asserted debt is that old,then credit report inclusion is not a concern.
Did they also advise that SOL appears to have expired, and thus they cannot sue?
Depending upon your state of residence, you may have enhanced debt validation rights and/or the debt collector may have additional requirments.
What is your current state of residence?
Similarly, if the OC reports any derogs, they will also apparently be beyond hteir credit report exclusion dates, and will similarly be blocked from credit report inclusion by the CRA.
Agreed, good advice.
@RobertEG wrote:I would first send them a DV within 30 days for receipt of their dunning notice in order to impose a cease collection bar on them.
Debts that old can be difficult to validate, and a cease collection bar will stop all collection activities on their part until they have first sent validation.
Moving on to the substantive concern as to any credit reporting, if the debt collector does validate and decides to report their collection, they must obtain and report tha DOFD to the CRA. If the DOFD is more than 7 years plus 180 days ago, the CRA cannot include the collection in any credit report they issue.
If the asserted debt is that old,then credit report inclusion is not a concern.
If a debt collector knows that the DOFD is more than 7 plus 180 ago, they will normally not even bother to report their collection, knowing it will never see the light of day.
Did they also advise that SOL appears to have expired, and thus they cannot sue?
Depending upon your state of residence, you may have enhanced debt validation rights and/or the debt collector may have additional requirments.
What is your current state of residence?
Similarly, if the OC reports any derogs, they will also apparently be beyond hteir credit report exclusion dates, and will similarly be blocked from credit report inclusion by the CRA.
No the letter did not include that the SOL had expired. I am in Texas. I will just send the DV. Thanks for the advice.