01-23-2013 07:23 PM
as title says, i got a settlement letter from LVNV. i use EQ monitring, and on a report i pulled from them, this debt never came up. i have till feb 7 to take the settlement option. im just confused as to where this collection is. i have tried to look for it in the past but always came up short. it was on my free anual credit report when i first went delinquent. then disappeared for 7-8 years and now it just shows up. im so lost as to what my options are. is it a legit collection if it does not show up on a credit report?
thanks for any help
01-23-2013 07:42 PM
It appears to be an old, old debt. Collections can only report on your CR for 7.5 years from the DoFD.
With that said, it is a zombie debt. Too old to be on your CR and probably past your states suing SOL. It can not be put back on your CR.
It is legal for them to try and collect forever.
I would be careful in what you do. You could inadvertently restart the suing SOL.
01-24-2013 11:07 AM
01-24-2013 11:21 AM
Even if you settled for less, it cannot come back on your CR.
But, if you settle for less, and they don't say it is settled in full, they could still come after you for the rest. And you could have possibly restarted your states SOL.
01-24-2013 11:22 AM
If the DOFD on the OC account was more than 7 years plus 180 days ago, any reporting they make to a CRA will never see the light of day in any credit report they issue.
If the SOL has expired, then they have lost the ability to obtain a judgment.
So you could choose not to pay the debt.
However, their could still be reason to pay. Neither expiration of the credit report exclusion period nor the expiration of SOL discharges the debt itself (except for some rare state statutes that actually discharge a debt upon expiration of SOL).
You could choose to rely upon credit report exclusion as sufficient to shield knowledge of the unpaid, delinquent debt from others, but that is a risk you take.
It could possibly still be discovered by other means, such as affiliate sharing of information, or simply asking you when you app for new credit if you have any old, unpaid delinquent debt. Satisfaction of the debt discharges it. The debt collector can also still make future pulls of your CR as long as they still have legitimate collection authority or own the debt.
01-24-2013 11:37 AM - edited 01-24-2013 11:50 AM
ok after waking up and looking leter over again,
its from northland group inc. but current owner of account is lvnv and original creditor is bank of america.
option 1 that they give states "This option allows you to settle your account for xx.xx in 3 payments of xx.xx in order to clear this debt. we are not obligated to renew this offer. your first payment is due 2/7/2013. the payment can be no more then 30 days apart. upon receipt and clearance of all 3 payments, a leter will be sent confirming the above referenced account has been resolved."
does that mean it will be treated in full?
im thinking just to pay it cause i have no idea what else to do, and dont want to end up getting wages garnished.
i also dont have any information on this account as t is so old. i have no idea when the SOL was or if its expired due to moving so frequently during the debt.
im just frustrated with it all
01-24-2013 12:05 PM
What state do you currently live in? That is normally the SOL that will be used.
They can't sue you if the debt is beyond the SOL. If they tried you would use expired SOL as a defense. Therefore, no wage garnishment.
If the debt is that old, even though they can attempt to collect forever, there is little they can legally do.
01-24-2013 02:52 PM
im in nevada.
does settled mean they wont try to sqeeze me for the rest?
from there webpage
"*By paying the discounted amount shown within the provided parameters (i.e. due dates, payment amounts) your account will be considered satisfied."
01-24-2013 03:03 PM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
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.