This account is well out of the SOL. It will hit the 7.5 year mark in February 2013 so it is well past the 4 year mark.
As far as them reporting as a Factoring Company... Many people have stated that they filed a complaint and where successful on this issue. They are a JDB, not a factoring company. From what I understand factoring companies buy accounts in good standing, not collections. They are reporting the account as 1 month terms with KD's. This is the problem.
I've been researching a bit on the "factoring company", and for the most part "factoring companies" do buy good accounts, but there are those that do buy bad debt. You are correct the problem would be them showing the account as open and KD's......That is the problem not how they list themselves.....
Ok, I understand. Thank you for the help! What should I do now that they have sent that response? Reply back asking for clarification? Call them? Or just wait and see what happens?
I would just wait and see? If they are going to delete it will be off in about 3weeks.
Also, junk and debt collectors may list themselves as "Factoring Companies" instead of debt collectors to claim that they're not subject to FCRA regulations on debt collections. The FCRA states that any collection agency that reports negative information to one or more credit agencies must notify the consumer within 30 days of the first reporting of the negative information.
However, the FCRA considers any company who is not the original creditor and reports information to credit reporting agencies to be a collections agency.