Need some clarification

[RussianPassion]

Hello guys,

I have been trying to understand all this stuff while trying to repair my credit. I understand things much better now but I need some help clarifying something.

I have the following entry on my CR in 2 of the 3 CRA (TU and EQ)

MIDLAND CREDIT MANAGEMENT

Balance: $1,275

Date Updated: 06/2011

Original Balance: $822

Original Creditor: Action Card

Past Due: $1,275

Pay Status: Collection Account

Account Type: Open Account

Responsibility: Individual Account

Loan Type: Factoring Company Account

Remark: Placed for collection

Date placed for collection: 06/2005

Estimated date that this item will be removed: 09/2011

They update the balance every month adding another $8-$10 every month... I just came back to the US in June. I was out of country for 4 years and was not really smart with my credit when I was here... (I was a dumb student  ).

What should be my plan of action?

Am I correct to say that the SOL has expired on this debt?

Should I just want until it falls off the record in Sept-Oct?

Should send them the DV letter?

Please advise,

TIA!

[jeduhi]

I'm not an expert but have been reading this sites for a few years now. To know when this will fall off you will need the DOFD (Date of First Deliquency) a collection generally falls off 7-7.5 years from this date.

A DV process can take 30-45 days so YMMV whether you get any response before the collection falls off your account. It's so close to being removed and so old it's probably not effecting your school that much.

As for SOL you would have to check your state's SOL which you can find with a simple search. Just yahoo it.

[Anonymous]

Because of this; I wouldn't do anything: 

Estimated date that this item will be removed: 09/2011

[Booner72]

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@Anonymous wrote:

Because of this; I wouldn't do anything: 

Estimated date that this item will be removed: 09/2011

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+1

[RussianPassion]

That's what I was thinking... So when the time comes it will fall off the record and they will not be able to update it or bring it back, right?

SOL in California is 4 years from what I understand. Am I correct?