Re: Finding out when a collection agency bought a bad debt?
10-03-2012 12:35 PM
Could it be past the 7-7.5 year CRTP?
What is CRTP?
This may be a non-issue. By law, per the Fair Credit Reporting Act (FCRA), certain baddies can only report for a finite period of time. Generally it's 7 to 7.5 years from the Date of First Delinquency (DOFD) of the debt. DOFD is the date you first went late and never ever recovered again. So, if you have a CC that went bad in early 2005, then before the year is over, it either has to be deleted or the lates and neg. comments removed. If any collection agency reports that debt, or bought the debt, they too must disappear by this year if the DOFD was in 2005. It doesn't matter if they bought the debt yesterday, the 7-7.5 years applies from the DOFD and it must go away.
I noticed in your siggy that your BK was discharged in 2007. When did you file? If the default with the CC company was prior to 3/2005 (7.5 yrs ago), then the CA can't report anyway. It would be too old to report and they can't do anything.
I just meant what do the letters stand for?
We filed in August 2007 but it was sold in April 2007. It says this in the comment box for Equifax:
LAST REPORTED DELINQUENCIES: 01/2007=R5,12/2006=R5,11/2006=R4 CHARGED OFF ACCOUNT ACCOUNT TRANSFERRED OR SOLD