Rebuilding Your Credit

[mateotyson]

I had a Capital One CC that was opened in 2003, I was 19.  Long since charged off and closed.  5 months ago I get a collection settlement request from Midland Funding.  Where do I start? Is this passed SOL?  Will this collection account stay on now for 7 years?  How do I start to attack this?  I can provide more information if needed, any help appreciated.  I have a USAA CreditCheck Monitoring subscription, so I can dispute.  I just don't know on what grounds to even start.

[mateotyson]

Also, Capital One first transferred this debt to EAF, then they transferred to Midand Funding.  EAF is only showing up on one Experian.  How do I dispute EAF to have them dropped off?

[Shogun]

You say it was opened in 2003 and long since charged off.  How long?  What is the DOFD?  This is what sets the clock for the SOL and the CRTP.  Also, the SOL depends on your state.

[mateotyson]

From what I can tell from the CR, the first deliquency was a late notice in early 2008. Charged off in 2009.  Then sold to Equable Ascent Fiancial, then sold to Midland Funding.  Capital One is closed and states transferred debt, as well as EAF.  Midland is showing open since September 2012.  How can 2 CA and the OC be on the CR all tied to the same debt?  Texas has a 4 year SOL I believe.

[Shogun]

They can all be on your CR, however both CAs can't be reporting a balance.  I'd send DVs to both CAs and see what comes back.

[mateotyson]

thanks for the heads up!