topic Re: Should I validate debt if already listed as charge off? in Rebuilding Your Credit

Should I validate debt if already listed as charge off?

Anonymous — Mon, 25 May 2015 19:30:01 GMT

Several accounts on my credit report from North American Credit Services. They show as medical debt. I'm uncertain if these are actuallly my accounts. After years of neglecting my credit, I'm working on cleaning it up. I've searched the forum and I'm still not sure if I should try PFD (probably about $800 from North American on my report)....even though I'm not certain this is my debt. I'm waaaaaaay past the 30 days to validate. I've NEVER received any letters from them. I have moved several times over the past 10 years.

I have another one from Affiliated Credit Services that states in the comments that "customer unable to locate consumer). I've also never received notifcation of this debt. All of these have been on my credit report since 2010!! So, yes, I need a good kick for not caring that much about my credit report.

At this point, I think the damage has been done, but I really don't want to wait two years for it to come off my credit report. We have hopes of buying a home next year.

Thanks in advance for all your help!

Re: Should I validate debt if already listed as charge off?

Rebuilding69 — Mon, 25 May 2015 20:34:35 GMT

I've never dealt with these companies, but you can google them to see if others have had successes with pfd's. Not sure if they are still within SOL so I cant suggest whether you can try partial payment for pfd. If they take a reduced payment for pfd just make sure they also consider the account paid in full as well.

Re: Should I validate debt if already listed as charge off?

RobertEG — Mon, 25 May 2015 22:47:40 GMT

Some will take the position that they will not pay an asserted debt until sure it is theirs, while others may decide or need to pay immediately.

Thus, the decision as to whether to first send a DV is kinda personal.

A few considerations.....

1. Would a DV be timely?

It is stated that you have never heard from the debt collector, yet implied that due to moving, they may have sent prior dunning notice.

If they did not send dunning notice, your DV would be timely, and thus invoke a cease collection bar.

However, if they assert that they sent dunning notice more than 30 days ago, they may ignore the DV as untimely.

Thus, a DV could open a can or worms regarding timeliness.

2. Are you under any time pressure to resolve?

Assuming a DV would be timely, they have no period for or requirment to respond. They can accept a cease collection bar, and never respond.

Imposition of a cease collection bar would also preclude any negaitions on payment if you decidet to send a PFD or settlement offer.

Are you willing to wait should they decide there is no push for them to validate and thus resume active collection?

3. Is the debt now outside of SOL for your state?

Re: Should I validate debt if already listed as charge off?

Anonymous — Tue, 26 May 2015 21:18:13 GMT

Right, I have no information on the actual medical debt that was incurred since I didn't receive any notification...whether it be by me or not. And that's what I'm fearful of...if it is in fact my debt, and my notice isn't timely, I'm opening a can of worms.

The only pressure I'm under to resolve is so that I can increase my credit score and purchase a home early next year. That's the only reason I was looking to see if I should validate or just pay them and be on my merry way!

All of the North American Credit Services debt shows date opened/assigned as December of 2009, however it says date report is Feb '10, March '11, and July '09. SOL in TN is 6 years. I will have to look and see if the SOL is from the date reported or the date opened.

Thanks @RobertEG for the assistance!

Re: Should I validate debt if already listed as charge off?

RobertEG — Tue, 26 May 2015 21:35:13 GMT

Your SOL will initially be set as running from the date they were first able to have brought legal action, which is the date you first became delinquent on the debt and remained delinquent up to the date they bring legal action. It is almost always the same date as your DOFD.

Barring special situations, such as living overseas or moving from state to state, or reset based on partial payment of the debt, the date of running of the SOL will usually be the same as the DOFD used for credit report exclusion.

The date a debt collector obtains collection authority or reports their open date of their collection is not relevant to SOL.