Hello all
I got a letter today from a CA claiming that they have been contracted by another CA to recover for an old account. The original creditor is now known as spring leaf and this was and old loan that the CA LmV had to stop reporting because of age. Now of course they are requesting that I setup a payment plan but I know this debt is way too old to count or be reported on. The debt is so old I have none of my old records about it but I know that it was approx 9 years since the first missed payment. Should I send this company a dv or is there another letter anyone would recommend to shut these guys down asap.
Thanks
Yes, send them a DV. See if they send anything back at all. It's a Zombie debt.
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@CorwinMortac wrote:Hello all
I got a letter today from a CA claiming that they have been contracted by another CA to recover for an old account. The original creditor is now known as spring leaf and this was and old loan that the CA LmV had to stop reporting because of age. Now of course they are requesting that I setup a payment plan but I know this debt is way too old to count or be reported on. The debt is so old I have none of my old records about it but I know that it was approx 9 years since the first missed payment. Should I send this company a dv or is there another letter anyone would recommend to shut these guys down asap.
Thanks
Hi.. as Shogun suggested, send a DV letter and see what happens. Needless to say, if it is a valid debt you still are responsible for it and CAs can attempt to collect on it forever unless you send them a letter asking them to stop contacting you. Even then, they can probably sell it to another company, which means the other company can still contact you and you have to resend a new "stop contacting me" letter to the new collection company. Rinse and Repeat type of a thing.
With the debt being that old (as you mentioned the DOFD was about 9 years ago) this will not show up on your report - with a few exceptions as outlined in the section 605 of the FCRA.
(b) Exempted cases. The provisions of subsection (a) of this section are not applicable in the case of any consumer credit report to be used in connection with
(1) a credit transaction involving, or which may reasonably be expected to involve, a principal amount of $150,000 or more;
(2) the underwriting of life insurance involving, or which may reasonably be expected to involve, a face amount of $150,000 or more; or
(3) the employment of any individual at an annual salary which equals, or which may reasonably be expected to equal $75,000, or more.
For more information see RobertEG's post here. http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/How-long-do-late-payments-stay-on-credit-...
hope this helps.
