Collection Account_HELP!

[Anonymous]

I have a question regarding collection accounts and how long they should be on my credit report? Should they only be on there for 7 hours? Can they re assign it and re start the time?

[Anonymous]

CRTP is 7 - 7 1/2 years from DOFD and that date is set by the OC and can not be changed.

Selling/transferring/assigning the debt doesn't affect this.

DOFD is the date the account went delinquent and was never caught up prior to charge off or collection.

[Anonymous]

It is not paid and now it shows on my CR as 2008 instead of 2003. Can they do that? Does that mean it wont fall off after the 7 years?

[203bravo]

What exactly do you mean it shows up with a 2008 year instead of a 2003?  They can - and do update - the accounts.  Have you found the DOFD listed to assure that this date has not been re aged?

[Anonymous]

I don't have the exact date right now, but it was from 2003. I just pulled my CR again and the Date Opened now shows 2008.

[203bravo]

Bet you a dollar you are looking at the collection account on your report.  You are most likely looking at the date in 2008 that they were assigned the account (they may have purchased it).

Look for the original creditor and find out the DOFD.  The CA is boud by that date no matter when they got the account.  Also, find out who owns the account now - if the OC is showing a balance due then they do, if they show a balance of $0 then it has been sold.

[Anonymous]

If I had a dollar to give you I would, HA! It is a CA and the old CA doesn't show on my report at all. I don't want to see this unpaid Collection account on my report for the rest of my life. Will it fall off at the end of the 7 years even though it was sold to a new agency?

[203bravo]

Legally - YES.  However some JDBs attempt to re age the accounts - print and keep copies of your CR for as long as you must to have the proof that any activity on the account was not initiated by you.

Also, only 1 CA can report at any time (in addition to the OC).  That's the reason that the other CA has disappeared.

Message Edited by 203bravo on 01-23-2009 09:08 AM

[Anonymous]

So I should just watch it for the 7 years (it is 7 years right?) But I shouldn't contact them right?

[203bravo]

Depends on what you are trying to do and the laws in your state.  What is the SOL on this debt - if you open a hornet's nest they will sting.  However, any communication with the CA should only be done is writing and paper trails saved.  You should begin by DVing them, then if you can you can try to negoatite a PFD.  If you are still within the SOL then they may respond to any of this with legal action, so you may want to just keep an eye on it until the SOL is up and hope they let it rest.