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I have a collection on my CR from RJM Acquisitions. It says "date placed for collection" 12/2007. The SOL for my state is 3 years. My question is do I have to wait until december 2010 to send a DV?
When was the underlying debt first past due? The creditor wouldn't lace it for collection without some period of delinquency, you need to look at your state's rules - if the SOL is three years and this was placed for collection in 12/07 it may already be out of SOL.
My Trans credit report says
date placed for collection 12/2007
removal date: 05/2014
Experian says:
date opened: 12/2007
reported since: 03/2008
removal 3/2014
Its not reported on my EQ report
The fact that removal dates are May and March makes me think you might already be out of SOL. But SOL can be complicated as it depends on your state law and there are things other than bringing the account current (which would reset the dropoff date) that can reset the SOL. It would be better if you could locate records other than the current credit report.
The CRAs are a bit inconsistent - the FCRA says the line cannot be reported after 7.5 years from Date of First Delinquency (DOFD). But to avoid the risk of being sued for the automatic $1,000 and attorney's fees the CRAs may set it to drop after only 7 years. So the May 2014 date means your DOFD was either 5/2007 (7 years prior) or 12/2004 (7.5 years prior).
Did you get a letter from RJM, or are you trying to clean up your report? A DV is most useful if it is timely, meaning you sent it within 30 days of receiving the first letter from the CA/JDB. So if you just got that first notice, I would probably DV it within the 30 days, otherwise wait.
@Anonymous wrote:I have a collection on my CR from RJM Acquisitions. It says "date placed for collection" 12/2007. The SOL for my state is 3 years. My question is do I have to wait until december 2010 to send a DV?
SOL and DV are not related.
DV is debt validation / verification and is usually more beneficial when you send the DV request within 30 days of first dunning by the CA. SOL is statute of limitations and is the date beyond which you should not be able to be successfully sued.
The debt that RJM is trying to collect is probably beyond the statute of limitations or else very close. As soon as the three years from date of delinquency which caused the account to go bad is up, you can safely tell RJM to shove off. Just to be on the safe side, you should probably calculate the three-year period from the date of your last payment. And do not talk with the CA or send them any letters except, should you so choose, for a carefully worded DV request. There are some states -- but not many at all -- that allow for resetting the SOL based on acknowledgement of the debt or a promise to pay.
@Anonymous wrote:And do not talk with the CA or send them any letters except, should you so choose, for a carefully worded DV request. There are some states -- but not many at all -- that allow for resetting the SOL based on acknowledgement of the debt or a promise to pay.
O6 is right about DV not being related to SOL except that a DV may show the CA you are paying attention which could cause them to look at whether they still have time to sue. I would only communicate in writing, and begin each letter with the statement "I deny I owe any such debt".
@chasmith wrote:
@Anonymous wrote:And do not talk with the CA or send them any letters except, should you so choose, for a carefully worded DV request. There are some states -- but not many at all -- that allow for resetting the SOL based on acknowledgement of the debt or a promise to pay.O6 is right about DV not being related to SOL except that a DV may show the CA you are paying attention which could cause them to look at whether they still have time to sue. I would only communicate in writing, and begin each letter with the statement "I deny I owe any such debt".
Definitely.
With the possibility that the SOL has not yet expired, you do not want to call attention to yourself. Is it worth it under the circumstances to send in a DV? The real value of a DV is that it can stop the CA from collection activity on your account and not in the information that is provided to you by the CA, which is for all practical purposes minimal.
If you can give more details it would be possible to give a more accurate assessment as to whether the SOL has, indeed, expired and also whether a DV would be of benefit to you. For example, what is the concept of the debt, amount, your current state of residence, date last payment was made, date of the first delinquency that resulted in the account being sent for collections or charged off, and the date the CA you mentioned first sent you a dunning notice?