topic Re: CA Adds account that is years old in Understanding FICO® Scoring

CA Adds account that is years old

Anonymous — Sat, 18 Sep 2010 00:07:24 GMT

I got an alert today that a CA added a new account saying it was opened 08/2010 and over 120 days past due. I have no other bad things on my report and my score dropped almost 100 points. I don't know what the CA is reporting. It would have to be very old. Can a CA "open an account" in your name? Ive never heard of this before. I disputed it online with all 3 CRA. Anyone ever heard of this before? Thanks!

Re: CA Adds account that is years old

RobertEG — Sat, 18 Sep 2010 00:41:34 GMT

If a CA has collection authority, they can report it to the CRA at any time. It asppears what they "opened" was a collection account.

A CA cant be an OC.

Once reporting to your CR, they are required under FDCPA 809(b) to provide you a formal collection (dunning) notice within 5-days.

That notice must identify the OC account for which they are collecting. Have they provided that?

Re: CA Adds account that is years old

Anonymous — Sat, 18 Sep 2010 01:19:30 GMT

no i have never received anything from them or ever heard of them for that matter. it says the date of last activity is N/A and having been opened 08/2010 but it is very old debt it was reported 9/1/10

Re: CA Adds account that is years old

RobertEG — Sat, 18 Sep 2010 18:31:59 GMT

Do you know who is the original creditor for this debt? If so, then identify the DOFD on the OC account.

This will tell you how long the CA can remain in your CR. The date the CA posted is meaningless.

If the CA is in your credit report, then send the CA a DV letter.

Re: CA Adds account that is years old

Anonymous — Sat, 18 Sep 2010 22:29:24 GMT

no i do not know who the original creditor was. what is a DV letter. i did receive a new alert today saying that the last activity was on 4/2004 si i assume this will come off in april 2011? since it now is showing as almost 7 years old will my credit score improve? I cant thank you enough for your time in helping me with this. my partner died suddenly in late 2003 sending my financial world into a tail spin

Re: CA Adds account that is years old

RobertEG — Sun, 19 Sep 2010 00:34:24 GMT

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Basic collection process.

If a collection agency makes any initial contact with you, which includes the posting of a collection to your credit report, then they are are required, under FDCPA 809(a) to send you a formal collection notice within 5-days. That notice MUST identify the original creditor, and the amount of the alleged debt.

Once they intitiate contact, you can file with the CA a request for them to validate the asserted debt. FDCPA 809(b). That is what is referred to as a "DV Letter."

Re: CA Adds account that is years old

Anonymous — Sun, 19 Sep 2010 00:45:59 GMT

thank you so much! your time is greatly appreciated!