Notice of OLD OLD OLD debt

Anonymous · ‎11-22-2014

I just received a notice from a CA about an ancient CC debt that fell off my CR at least 4 years ago. They offered a 90% settlement in 6 payments of 90 each. Do I ignore them? Can they begin reporting this again if I don't respond?

Thanks in advance!

Anonymous · ‎11-22-2014

They cannot report if the DOFD is past 7.5 years. If they do then you can dispute with the CRAs. However if you apply for a loan over 150K this can still show on a full disclosure report. You can also send them a cease and desist letter and also state this is past SOL and CRPT.

Anonymous · ‎11-22-2014

Thank you! It is WELL past 7.5 years. The account was opened in 1993 and was charged off in like 2000. I think it fell off my credit report in 2008. I think I will not do anything at present. If they contact me again, I will send a letter.

Cageym · ‎11-22-2014

Keep in mind that just because they can no longer report that doesn't mean they have to stop collecting. If it is showing up on your report after this long by all means contest it with the CRA. And be careful, there are a couple of things that "reset" the calendar so that they can report. I just don't remember the specifics right now.

What's in my wallet: Cap1 Venture NFCU Sig Visa Delta Gold Amex BCE Citi Simplicity IHG World MC Amazon Visa CSP
Starting Score: 5/2010 550-ish
Current Score: 6/20/2013 TU 800 6/20/2013 EQ 770 6/20/2013 EX 775
Goal Score: 800 accross the board

RobertEG · ‎11-22-2014

The ONLY thing they can do to get a collection included in your credit report is to provide a DOFD to the CRA that is less than 7 years plus 180 days ago.

The DOFD and DOFD alone sets the running of the exclusion period. See FCRA 605(c).

FCRA 623(a)(5) regulates how they obtain the reported DOFD, which they are required to report to the CRA within 90 days after their reported collection.

If it appears in your credit report, just get the DOFD that they reported.

If it is more than 7 years plus 180 days prior, there is no need to dispute anything. The CRA would be in violation of FCRA 605(c).

If the reported DOFD is less than 7 years plus 180 days ago and you can show it was earlier, you can dispute the reported date, and additionally bring legal action for false reporting of the DOFD if they did not follow the procedure set forth in section 623(a)(5).

MarineVietVet · ‎11-22-2014

@Anonymous wrote:
They cannot report if the DOFD is past 7.5 years. If they do then you can dispute with the CRAs. However if you apply for a loan over 150K this can still show on a full disclosure report. You can also send them a cease and desist letter and also state this is past SOL and CRPT.

A few states have a SOL of 10 years for unpaid CC debt.