09-06-2012 07:33 PM
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.....
09-06-2012 07:39 PM
09-06-2012 09:31 PM
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.
03-28-2013 03:50 AM
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.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.