cancel
Showing results for 
Search instead for 
Did you mean: 

Portfolio Recovery put an account in collections after the SOL

tag
Anonymous
Not applicable

Portfolio Recovery put an account in collections after the SOL

My husband and I have had a rough few years, and we're finally getting back on track in terms of our credit scores.  We each got a personal card, as well as a shared card with small limits, have been paying those on time, I got paid accounts that had a bunch of late payments removed, and I was ecstatic when all negative accounts had dropped off my report due to age, with the exception of a medical bill we're paying down.  Happy dances were had as we went from "Very Poor" to "Poor" then nudged over the line to "Fair".  Life was good, and we were planning on being able to buy a house within the next two years.  

 

About a month ago, I got a call from an unknown number, and because I was tired, I answered it.  It was Portfolio Recovery Associates, and they wanted to talk about a Capital One card I had.  Confused and thinking it was the card I had gotten a few weeks ago, I said "Yes?"  "Do you have a Capital One credit card?"  "I got it, like two weeks ago?"  "But you previously had a card you owed a balance of $584.  Is that correct?"  "I said I needed to see a letter, mainly because I was exhausted, and couldn't trust myself against a smooth talking phone rep.  The guy on the phone said they already sent a letter, and I told him I'd have to go through my paperwork [read: mail] to see it.  He got extremely aggressive, accusing me of side stepping my debt, then culminated with "You obviously know about this card, so I'm going to put this down as a yes."  I was flustered at this point and stated "That's not what I said!", he started talking louder and louder over me, at which time I called him a rude name and hung up.  

 

This morning, I get a notice that the account has been submitted as a collection on my report, and my Transunion score dropped 32 points.  I live in NH, where the statute of limitations is three years, and the last payment made was August 2011.  I'm new to this whole credit building thing, and I don't know what to do here.  Since I recently pulled my free report, and disputed something on it, and this was just added today, do I have to pay again to dispute?  Do I go through the credit beureau directly or deal with PRA?  

 

Any help would be greatly appreciated.

Message 1 of 3
2 REPLIES 2
LShawn08
Frequent Contributor

Re: Portfolio Recovery put an account in collections after the SOL

Check if your state allows one way recording of telephone conversations, if you can and they call again, let them know at the beginning of the phone call, that you are recording, hoepfully that will put them on their best behavior and if they do become stupid again, you will have a case of threatening and abusive behavior and can report them to the CFPB. I'm not sure if I understand but if you did have this card at one point and its not paid off, they will keep calling you until the end of tim,e to get something out of you. All SOL means is that there's a period of years where they can try to sue you for a past debt, after the SOL is up they are no longer allowed to sue you for it. There's a different between SOL and CR, a collection agency is allowed to put this back on your report, IF this debt is not past the 7 year + 180 days mark since the LAST delinquency occured.

 

Personally if it were I, I would try to figure it out with capital one, try to settle with and get them to relinquish Portfolio's claws out of it.

 

This is my understanding of it all, hopefully it was helpful. Good luck.

Starting Score:TU:791(Dec3), EX:783, EQ:000
Current Score: TU:786(Aug9), EX:776, EQ:782 (Aug8)
Goal Score:820 across all boards






If all pork chops were perfect, we wouldn't have hot dogs! -Steven Universe
Message 2 of 3
RobertEG
Legendary Contributor

Re: Portfolio Recovery put an account in collections after the SOL

Next step depends upon whether you wish to either contest the debt or want more info prior to taking any steps to satisfy the alleged debt.

 

There are two types of "dispute" related to debt collectors.

 

The first is a "dispute" as to the validity of the debt itself, in whole or in part.  A consumer can simply request, without the burnden of documenting any actual error, that a debt collector providie a statement of verification of a debt, and/or the name of the original creditor.  Such requests are called debt validation requests (DV), and are covered under FDCPA 809.  DV requests do not set any time period for response, they impose a bar on the debt collector in conduct of any continued collection activities until such time as they provide debt validation.  The primary purpose of a DV is to provide a consumer with adequate information pertaining to an alleged debt so as to enable them to decide how to proceed.

 

The second type is what is commonly referred to using the term "dispute," and is covered under the FCRA.  It requires the consumer to identify an actual error in information that has been reported to a CRA, and imposes a (normally) 30-day period for for conclusion of their investigation.

 

If you dont have specific evidence that the debt is not yours, then you would normally send them a DV request. 

However, if you have specific documentation that the debt is not legitimate, you can file a dispute under the FCRA,.

You can do either or both.  They are separate processes.

 

Do you wish to contest, or to begin negotiations to pay?

 

Message 3 of 3
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.