So I have a repo on my credit report from $3300. It's been with the same collection agency for the whole time until now. Now about a year before its due to fall off my credit report and well beyond SOL, I receive a letter from the new collection agency telling me they acquired the debt and and that I have 30 days from receiving the letter to dispute the validity of the debt. I wanted to know that if I dont mail something back to them, is that like acknowledging the debt is mine therefore restarting SOL?
That statement is a required part of a standard dunning notice.
Lack of response within 30 days will not reset either the statute of limitations for their initiation of civil action or the credit report exclusion period.
If you dont respond within the 30-day period, you then only lose the ability under FDCPA 809(b) to send a debt validation request that imposes a cease collection bar on the debt collector.