topic Re: One more account suddenly back to haunt me, not sure which direction to take for it. in Rebuilding Your Credit

One more account suddenly back to haunt me, not sure which direction to take for it.

Anonymous — Fri, 08 Feb 2019 06:36:37 GMT

I've been doing really great during these past 2 years of staying on my payment plans and with taking the correct steps to simply allow my credit to grow. It's been long, and tiresome, but it also feels really good to finally have a range of 670 after being in the low 500's for so long.

I'm starting a new job and I am going to begin my journey/attempt to finally buy a home during the summer....or so I hope.

I received a call from National Enterprise Systems stating that they were attempting to collect a debt for $2,000...at first I thought this was a scam because I immediatly pulled up my credit report, went through all accounts listed, and saw NOTHING that matched what they were stating at all. I requested a validation of the debt and received a pretty large stack of papers from them today....

10+ years ago my husband at the time was unable to qualify for his own student loan, and since I already had one of my own, and since we were newly married, I opened a Bank of America account under my name and added him as an Authorized User so that he could get all of his school needs taken care of. All was well until we decided to get a divorce, and at the time, we were absolutely in no way able to afford any type of lawyer and didn't feel the need to take our divorce to court, because we had no children, property or belongings that we were fighting over. We came to the mutual agreement that he would continue to make payments on that account since that had been his responsibility. Yeah, should have done something more than a verbal agreement because fast forward to the account being sold due to non payment and me doing my best to make those payments on top of everything else. (Long before I was monitoring through myFICO or had any knowledge at all to prevent it)

Earlier last year the account just dissapeared from my credit report, and after a quick text to the ex he simply replied with "I took care of it" Well I had been begging him for years so of course I wasn't going to argue that! I was even very impressed with how he managed to get it off my report entirely!

But, here I am now with the same account from another collection company, for whatever reason the first collection company I had been paying decided to sell it for a second time......

So what would be my best step here? I am absolutley still hounding my ex for payment and I'll get that sorted out one way or another. My concern is how I go about dealing with this before National Enterprise Systems start reporting and take away all of my hard work for the past 2 years, including my chance at home ownership!

Do I attempt to settle/pay in full with them? If I have to I can most likely take care of it with taxes whenenver I get it, but I'm nervous to start a payment plan option with them in case it starts the cycle of that account all over!

Sorry it's so long, I wanted to be detailed in my story. I've been trying to read about this particular situation as much as I can, but I haven't had much success in that yet.

Re: One more account suddenly back to haunt me, not sure which direction to take for it.

Anonymous — Fri, 08 Feb 2019 06:44:51 GMT

I’m new here, too, so I could be wrong but I believe the first step would be finding out the SOL (statute of limitations) of your state (possibly the state you took the loan out in). From my understanding, most states cut it off at 7 years.

So if the default happened outside of that SOL, they may have no recourse for you not paying.

Re: One more account suddenly back to haunt me, not sure which direction to take for it.

Brian_Earl_Spilner — Fri, 08 Feb 2019 06:51:11 GMT

What kind of account was the BofA account? Credit card, private student loan, or federal loan through BofA? What was the date of first default? What state did you live in when you opened said account?

Re: One more account suddenly back to haunt me, not sure which direction to take for it.

Brian_Earl_Spilner — Fri, 08 Feb 2019 06:50:23 GMT

@Anonymous wrote:
I’m new here, too, so I could be wrong but I believe the first step would be finding out the SOL (statute of limitations) of your state (possibly the state you took the loan out in). From my understanding, most states cut it off at 7 years.

So if the default happened outside of that SOL, they may have no recourse for you not paying.

The SOL is normally 4 years for most states in regards to credit, but if this was a student loan for the government administered by BofA, different rules.

Re: One more account suddenly back to haunt me, not sure which direction to take for it.

Anonymous — Fri, 08 Feb 2019 06:55:28 GMT

Thanks for your reply!

The account was opened in Utah and it looks like it was just opened as a credit card account. The date of the first default I can find shows 10/2012.

Re: One more account suddenly back to haunt me, not sure which direction to take for it.

Anonymous — Fri, 08 Feb 2019 06:57:12 GMT

Interesting, I'm going to have to read more on that then, maybe that's why it suddenly dissapeared? The account was opened in Utah

Re: One more account suddenly back to haunt me, not sure which direction to take for it.

Brian_Earl_Spilner — Fri, 08 Feb 2019 07:33:27 GMT

@Anonymous wrote:
Thanks for your reply!

The account was opened in Utah and it looks like it was just opened as a credit card account. The date of the first default I can find shows 10/2012.

Looks like a credit card? You made him an AU, don't you know? If it's a card, SOL should be 4 years. Make sure it's not a government loan administered by BofA. If it's not, you should be able to tell them to stop calling you as well as send a cease and desist of all communication.

Re: One more account suddenly back to haunt me, not sure which direction to take for it.

Anonymous — Fri, 08 Feb 2019 07:42:47 GMT

I apologize for my poor choice of words, that was my best guess based on looking over these papers they have sent, and also because this was opened back in 2006 (sometimes I forget events that happened last week! haha) but now I've gone through my past few credit reports and finally found it to confirm that it is listed as a credit card account.

Again, Thanks so much for your help!

Re: One more account suddenly back to haunt me, not sure which direction to take for it.

GApeachy — Fri, 08 Feb 2019 13:22:11 GMT

Does it show any pymts since 2012? Sometimes an acct. gets re-aged. Double check all of the listed transactions on your reports (date of first delinquency, last pymt. any wording like that) also, if he opened up communications with them since 2012 it could mean it got the clock re-ticking..... see if you can compare wording/dates between CK, Exp., MyFico 3B, etc.......

I had a collection agency try to re-age my acct. by posting a false $1 pymt. and my lawyer jumped on it and got it removed. I took screenshots of past reports up to the new falsified $1 pymt to prove this was newly aged on my cb reports. Screenshot where the acct. was off your reports and for how long too. Good luck!

Re: One more account suddenly back to haunt me, not sure which direction to take for it.

CreditCuriosity — Fri, 08 Feb 2019 14:00:16 GMT

Not sure where some people are getting SOL for most states are 4 years.. I would say that in the minority of the states where-as most are 7 years. Also more goes into this as last stated even if said card went into default say 2012 but payments were being made on account say to 2015 or whatever then it re-aged that account and more things go into it. If indeed say payments were made to March 2012 then usually the SOL for MOST states would bring that out to March 2019 in this scenario and it can be collected on till this date after that collection agency is SOL unless it ws re-aged by other whatever method then a whole different can of worms. I would find out when the last payment was made and get your facts together and report back. Best of luck!

With that said even after the debt goes past the SOL it is still a debt, just can't be reported on your CR's assuming no payments have been made to push out this limit although Junk debt buyers can and will continue to try to collect and say they can do x,y,z which are mostly idle threats and many routes can be used to deal with those