Credit Help

[Anonymous]

Noah-----The dates aren't right.  When I was contacted in 2003 from Arrow Fin---these debts were not on my cb.....I even asked how could a company collect on a debt that no longer existed since the debt went bad in either 90 or 91---well over the 7 yr mark.  If I am not mistaken, it was an 11

[Anonymous]

Noah----I agree that the dates don't add up.  When I was contact by Arrow in the last quarter of 03----these creditors were not my report at all.  If I am not mistaken, these debts were from 91 or 92----well over the 7 yrs.  Arrow stated that the account was sold to then and now they were following up for payment and can report it again on my cb. I may even still have the paperwork from the collector h herself. The DOL had to have been in the earily 90s (90-91 timeframe).  The reporting date is off my current report that I just got.  I questioned with Arrow how can they collect on that is over 11 yrs old......i may even have some old cb as well to look at. I never sent a DV letter to arrow--never knew about the letter.  Ok, so now that I am older--I am learning lessons the hard way.  The original creditor was in Tucson, Az, then when Arrow contacted me I lived in Colorado Springs, CO in 2003.  2004- i moved to Omaha, NE.  So the orginal state is AZ. So I have no idea what state would apply. Thanks

[Anonymous]

Whoa! That changes everything. [This is an example of why it's important to post details. Not an admonition, just some helpful advice.]

Yes, that cannot be legally reported. Even though you may be well past the 30 day window, send Arrow a DV letter. Do not include any reference to cease and desist. You want them to keep communicating with you, and the more they communicate the more they violate the law.

If you have anything in writing from Arrow, use that address. If not, then use the address on your credit report.

"You claim that I owe you a debt. In accordance with the FDCPA, I request validation of this debt."

Also, send a written dispute to the credit bureaus. Tell 'em the account is too old to be reported on your credit report. Send it CMRRR (Certified Mail Returned Receipt Requested). Save your CM receipt, RRR green card when it comes, your USPS receipt (which has the CM # on it), and save a photocopy of your signed dispute letter. I also put a reference line at the top of such letters.

USPS CERTIFIED MAIL xxxx xxxx xxxx xxxx xxxx

State where you signed the agreement, or the state where you reside now, are where they could sue over the debt. I have yet to hear about anyone getting sued in the state where the debt was first incurred. They always sue in your home state.

Not really important though. Wyoming has the longest SOL for an open ended account (credit card), and that's 8 years. They cannot sue and they cannot report.

Doesn't matter where the creditor is located. Doesn't matter where the collector is located.

[Anonymous]

Ok--I will start digging for old reports and old Arrow letters as well and do the DV letter as well. I knew that something wasn't right on this.  the debt was at least 11 yrs old....I would not have been able to purchase 2 homes---one in 2000 and the other in 2003 without taking of the collection account.  Thanks for all your advice here and what I need to do. One last thing, how will affect me since i did settle on the account with Arrow Financial?  Can I stil have it removed? I am not concerned about getting my money back....just to remove the two debts......

Thanks

[Anonymous]

So long as the DOFD (Date Of First Delinquency) is more than 7-1/2 years old, then Arrow cannot legally report it and the credit bureaus have to delete it.

Settling with Arrow doesn't matter. They cannot legally report on a debt that went delinquent in 1992.