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I have an old Advanta business account that is on my CR. The four year statute of limitation in my state has passed so they can no longer sue to collect the debt. Since the FDIC closed Advanta, I've no idea as to whatever happened with the debt, other than it appears on my CR's.
Given Advanta no longe exists, would doing a 623 dispute with Advanta to request an "investigation" as to the accuracy of the records of my debt be advisable? Or am I stirring a pot that is best left alone?
Advantas assets were undoubtedly purchased by *someone*, its just a matter of finding out who. I would start by disputing the relevant entry with the CRA's and see if it get verified or not.
Is it showing as a charge off with a balnce or what?
@w81024 wrote:I have an old Advanta business account that is on my CR. The four year statute of limitation in my state has passed so they can no longer sue to collect the debt. Since the FDIC closed Advanta, I've no idea as to whatever happened with the debt, other than it appears on my CR's.
Given Advanta no longe exists, would doing a 623 dispute with Advanta to request an "investigation" as to the accuracy of the records of my debt be advisable? Or am I stirring a pot that is best left alone?
The SOL doesnt stop them from suing unless you live in WI or MS, what the SOL does is give you a legal defense if you assert it in your response to the suit. DIsputing at the CRA level is for correction of errors only in the way its reporting. How old is this CO?
On Equifax, it is showing charged off with a balance, doesn't appear on TU and on Experian shows a balance with reported as a loss by credit grantor.
Last activity is July 2010 but I know the date of last payment was Jan 2011.
@w81024 wrote:Last activity is July 2010 but I know the date of last payment was Jan 2011.
If this is not updating on a monthly basis I think I would just leave it alone, if it were to update it would drop your score as the CO would look new in the eyes of Fico.
You stated that the account was business credit.
Have you challenged the reporting of credit that is not primarily related to your personal or family use to your personal credit file?