topic Re: "New Account" with Portfolio Recovery...Any Help Accepted in General Credit Topics

"New Account" with Portfolio Recovery...Any Help Accepted

Anonymous — Wed, 05 Dec 2007 01:02:01 GMT

Ok, I got my Scorewatch Alert today that a new account had been added to my EQ. When I opened it, I saw this:

PORTFOLIO RECOVERY ASSOC (XXXXXXXXXXXXXXXX5819)
Opened: Not on Record

Balance: $3,021 Credit limit or largest balance: Not Reported Past due: $3,021 Payment terms: Not on Record Status: At least 120 days or more than four payments past due First reported: 11/1/2007 Portfolio type: Open Account Description: Collection account

Contact: PORTFOLIO RECOVERY ASSOC, Riverside Commerce Center, 120 Corporate Blvd Ste 100, Norfolk, VA, 235024962

I've never opened an account with them, and reading through the posts here, I know that they are a JDB. I haven't checked TU or EX yet, but will.

Should I sent a dispute to EQ now, or DV Portfolio?

They never sent me initial written notice, so I didn't get the 30 days to respond to them. Since it was added yesterday 12/03/07, can I preempt them by sending the DV this week?

Any help is appreciated.

Thanks

Re: "New Account" with Portfolio Recovery...Any Help Accepted

Anonymous — Wed, 05 Dec 2007 01:32:36 GMT

Sorry to hear that, they are not pleasant to deal with. What is the SOL of the account? How long will it remain on your CRAs?

Definitely DV & then after you receive the green card dispute with CRA.. They will first respond with a letter saying they understand you are claiming identity theft/fraud. Ignore that & send a 2nd DV.

FYI-

they were showing on 1 of my reports, when I DV'd them they promptly began reporting to all 3 & updating monthly.

They then placed a bogus 'recent payment' on the account (guessing to re-age it). It took 2 letters to them & 2 disputes with the CRAs to get that removed.

Thankfully my account was past SOL & it will drop off next month.

Message Edited by Anderson on 12-04-2007 08:32 PM

Re: "New Account" with Portfolio Recovery...Any Help Accepted

Anonymous — Wed, 05 Dec 2007 03:16:52 GMT

Listed DOLA is Mar 2003. SOL in FL is 5 years, so they have until Mar 08 to sue.

Would it be a better idea to wait until April to DV them, since SOL would be up then?

Re: "New Account" with Portfolio Recovery...Any Help Accepted

Anonymous — Wed, 05 Dec 2007 03:22:57 GMT

If this is a CC SOL in Fl. is 4 years from DOLA

Re: "New Account" with Portfolio Recovery...Any Help Accepted

Anonymous — Wed, 05 Dec 2007 03:38:27 GMT

Thanks for the update. I tried reading the statute but got confused over it all.

Re: "New Account" with Portfolio Recovery...Any Help Accepted

Anonymous — Wed, 05 Dec 2007 03:44:31 GMT

this is simple to read

http://www.bankrate.com/brm/news/cc/20040116b2.asp?caret=8

I know because Im doing credit repair for relitives in Fl.

Re: "New Account" with Portfolio Recovery...Any Help Accepted

Anonymous — Wed, 05 Dec 2007 03:48:40 GMT

That was soooo much easier to understand! I'm going to save that link.

Thanks again.

Re: "New Account" with Portfolio Recovery...Any Help Accepted

davidboca — Wed, 05 Dec 2007 04:15:48 GMT

Actually... In FL the SOL for credit cards is five years. Store/gas cards are usually four years.

(Florida Statutes, Section 95.11).

Message Edited by davidboca on 12-04-2007 08:15 PM

Re: "New Account" with Portfolio Recovery...Any Help Accepted

davidboca — Wed, 05 Dec 2007 04:13:35 GMT

Also...

Credit card companies are required to give you a written notice within 30 days of an assignment of your debt. If notice isn’t given, the JDB may not be able to collect the debt. (see Florida Statutes, Section 559.715)

Re: "New Account" with Portfolio Recovery...Any Help Accepted

Anonymous — Wed, 05 Dec 2007 05:04:01 GMT

credit cards are open accounts 4 years signed contracts are 5 years

STATUTE OF LIMITATIONS (IN YEARS)

Open Acct.: 4
Written Contract: 5
Domestic Judgment: 7 Renewable
Foreign Judgment: 5 if not recorded in-state

Message Edited by HappyDays on 12-04-2007 09:04 PM

Re: "New Account" with Portfolio Recovery...Any Help Accepted

Anonymous — Wed, 05 Dec 2007 14:50:50 GMT

Have you checked your credit report? Under Portfolio the Original Creditor should be listed.

I am currently paying off my old Providian Credit card through them, though they wouldn't agree to a PFD, they did work very well with me and I was able to set up a very affordable payment plan and after 4 months of on time paying they even stopped charging the interest on it. Only two more payments to go with them WOO HOO!!!!!!!!!!

Re: "New Account" with Portfolio Recovery...Any Help Accepted

davidboca — Wed, 05 Dec 2007 16:42:45 GMT

When it comes to Credit Card SOL in Florida, one will find that most of the time the judge rules 5years SOL. Even 'appeal level' rulings! Charge Cards (store/gas) sometimes are allowed to fall under the 4 year SOL.

Re: "New Account" with Portfolio Recovery...Any Help Accepted

Anonymous — Wed, 05 Dec 2007 21:52:20 GMT

I have checked the report, OC is not listed.

Re: "New Account" with Portfolio Recovery...Any Help Accepted

Anonymous — Wed, 05 Dec 2007 22:07:53 GMT

Did you find out who the OC was?

I'd wait. Be sure you are past SOL, then you will be in a better position to deal with them as you please.

I did not have the same experience with them as Boswd did.

scoppe wrote:
Listed DOLA is Mar 2003. SOL in FL is 5 years, so they have until Mar 08 to sue.

Would it be a better idea to wait until April to DV them, since SOL would be up then?

Re: "New Account" with Portfolio Recovery...Any Help Accepted

Anonymous — Wed, 05 Dec 2007 22:08:29 GMT

Any chargoff's?

Re: "New Account" with Portfolio Recovery...Any Help Accepted

Anonymous — Thu, 06 Dec 2007 15:42:32 GMT

Ok, I pulled an EX report and got more info.

OC is Cap1.

Portfolio is reporting the new account opened 09/01/07 and collection as of 11/07.

I have received nothing from Portfolio as of today, and there seems to be some confusion about SOL for FL on a CC, 4 or 5 years. DOLA showing here is 03/03, so I'm either out of SOL or have until Mar 08.

I don't know if I should do anything at this point because I don't know if I'm still within SOL or not, and don't want to make waves until I'm sure I'm out.

Should I just let this go for now and do something next April, assuming I haven't been contacted by them before then? If they contact me, I'll DV them and try to get some breathing room waiting for a reply. It should be able to stretch out till then with the 30 day periods.

Any suggestions?

Re: "New Account" with Portfolio Recovery...Any Help Accepted

Anonymous — Thu, 06 Dec 2007 16:00:53 GMT

To truely get to the bottom of this I would suggest calling your State's consumer affairs office or your Attorney's General's office and get the exact ruling on where credit cards stand in regards to SOL.

Re: "New Account" with Portfolio Recovery...Any Help Accepted

Anonymous — Thu, 06 Dec 2007 17:48:05 GMT

scoppe- check your PMs

Re: "New Account" with Portfolio Recovery...Any Help Accepted

SmartCookie — Thu, 06 Dec 2007 19:06:59 GMT

Don't touch... enjoy the holidays and worry about it in April. Your plan is exactly what I would do in your situation.

Re: "New Account" with Portfolio Recovery...Any Help Accepted

Anonymous — Fri, 07 Dec 2007 04:44:38 GMT

Warning they are not a nice company. I had an old Providian account now Wamu from a business that went south $3,500.00. Ok I owed it and I paid it as soon as I found it was owed. (thought the company paid it off but I digress) Portfolio reported it twice and so did Wamu even though I paid it off as soon as I found out neither Portfolio or Wamu will have the duplicates deleted thus 4 derogs on on all three.