Collection

[Anonymous]

Can anyone help with this? I have the following collection on all 3 CR's.

Status as of                                  12/2005

Date opened                                 8/2001

DOLA                                            3/2005

Date closed                                   Not reported

Account No.                                  xxxxxxxxx

Loan Type                                    Not reported

Largets past balance                   $200.00

Terms                                           Not reported

Account Type                                Installment

Account Holder                             Individual

Scheduled Payment Amt             $452.00

Account Status                              Inactive

Description                                    Paid charge off   Auto

Balance                                         $0

Current Status                               Bad Debt/Collectiom

Past Due Amount                          Not Reported

30 Days Late                                 4 times Jan, Feb, March, April 2004

Worst deliquency                          30 Days past due

There is no DOFD but I'm assuming it is Jan. 2004. I live in NC and the SOL is 3 years. I can't tell if this is past SOL due to Dtae Closed. If it is should I DV and then if verified GW. Should I DV the CRA  first before the OC. All help/advice is greatly appreciated.

[Anonymous]

Is this being reported by the OC or a CA?

It shows $0 balance, if that is correct, then SOL doesn't matter. They'd be nothing for them to sue you for.

SOL goes from DOLA.

A DV goes to CA only, not CRA or OC.

[Anonymous]

From what I can tell this is being reported by OC which is Ford Credit. Should I GW or has anyone had any success with Ford GW.

Thanks

[Anonymous]

Be very careful of this....many states use promisarry notes for SOL and in NC  it is 5 years!

[Anonymous]

Thanks Sidewinder and Happydays. What is a promisary note and how could this come into play. If the balnce reporting is 0 what liability could I have.

Thanks again

[Anonymous]

A promissory note is what you sign agreeing to pay back money. As far as how it would come into play, I am not sure. It seems to be paid off.

[Anonymous]

Promissory Note: You agree to pay on a loan via a written contract, just like the written contract. The big difference between a promissory note and a regular written contract is that the scheduled payments and interest on the loan also is spelled out in the promissory note. A mortgage is an example of a promissory note.

Open-ended Accounts: These are revolving lines of credit with varying balances. The best example is a credit card account. Please note: a credit card is ALWAYS an open account. This is established under the Truth-in-Lending Act:

TITLE 15 > CHAPTER 41 > SUBCHAPTER I > Part A > § 1602
§ 1602. Definitions and rules of construction(i) The term “open end credit plan” means a plan under which the creditor reasonably contemplates repeated transactions, which prescribes the terms of such transactions, and which provides for a finance charge which may be computed from time to time on the outstanding unpaid balance. A credit plan which is an open end credit plan within the meaning of the preceding sentence is an open end credit plan even if credit information is verified from time to time.

[Anonymous]

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sailon wrote:

Thanks Sidewinder and Happydays. What is a promisary note and how could this come into play. If the balnce reporting is 0 what liability could I have.

Thanks again

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Why the balance is reporting $0 is more important than the fact it is reporting $0.

Is it reporting $0 because you have paid it or because they charged off the account and sold it?

[Anonymous]

Hey Sidewinder I believe I paid this but need to look back to be sure. Here is how this is being reported

TU         Payment after charge off/collection          Balance o

EQ        Paid charge off                                          Balance 0

EX        Paid account was a charge off

Ther are no CA's

Thanks

[Anonymous]

It is reporting that it was a CO   and you paid it!    Paid or unpaid will not change scores (will look better if a manual pull is done)