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New collections account appeared, but says it will be removed next month?

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smithj370
New Member

New collections account appeared, but says it will be removed next month?

Hi, I got an alert this morning that my credit score dropped 25 points!  I logged on to my credit monitoring site and it says that a new collections account was reported in 9/2014.  The collection agency purchased it from CitiBank and the reported "original amount" is $12,886 and it says the balance is $13,000.  I had a CitiBank credit card in college that shows up as "last payment made 6/2006" and "current; paid or paying as agreed".  I don't remember having not paid it off, and the limit was only $1600.  I've never had a credit card balance anywhere near $13,000!  The only thing that shows up on my credit report (both TransUnion and Equifax) is that $1600 limit card that was closed 6/2006.  Transunion says "Estimated month and year that this item will be removed: 11/2014".  I don't understand why it would only appear for 2 months?  Do I dispute it?  Or wait for it to be removed next month?

Message 1 of 3
2 REPLIES 2
Anonymous
Not applicable

Re: New collections account appeared, but says it will be removed next month?

What is the SOL in your state?

If its out of SOL, I would just let it die a natural death in two months unless you have serious need for a mortgage or car loan *right now*

If they don't send you a dunning letter within 5 days of placing it on your report, its a violation of either FCRA, or FDCPA, not sure which applies that rule...

Message 2 of 3
RobertEG
Legendary Contributor

Re: New collections account appeared, but says it will be removed next month?

I would recommend pursuing it, even if SOL and credit report exclusion have expired.

You have somone out there asserting you owe a delinquent debt.  That raises issues should you be asked to disclose any unpaid, delinquent debt.

 

DV is the normal first step when you dispute the legitimacy of a debt.

Message 3 of 3
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