Was Underage! RJM Aquisitions Help

[Mrzjbabii]

I had an account with a book club back in 2004 at the time I was 15 or 16. Now a CA sent me a dunning letter for settlement saying that they bought the collection last year. Dont know how they got my new name (married 2 years ago) and new address (have moved about 5 times since Im military). Are they allowed to report on my credit? Technically it is out of SOL for my old and new state.

[MarineVietVet]

---

@Mrzjbabii wrote:

I had an account with a book club back in 2004 at the time I was 15 or 16. Now a CA sent me a dunning letter for settlement saying that they bought the collection last year. Dont know how they got my new name (married 2 years ago) and new address (have moved about 5 times since Im military). Are they allowed to report on my credit? Technically it is out of SOL for my old and new state.

---

You might be confusing SOL and CRTP. SOL is how long a creditor can sue for unpaid debt and that time period differs for each state and also what type of debt it is (credit cards, installment loans, etc.)

The CRTP (Credit Reporting Time Period) regulates how long a negative item can be reported. For collections the CRTP can be up to 7.5 years from the DoFD (Date of First Delinquency) on the OC  (Original Creditor) account that led to the collection.

It depends on what the DoFD was in 2004 as to how long they can report this.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Mrzjbabii]

The account has not been placed on my credit report yet.

Here is what it states:

RJM has purchased your account from Black Experssion Book Club Account on February 11, 2008 at a previous address of yours

Balance Due: 84.37

It says I can settle the account 3 ways: #1 Lump sum of 59.05 #2 Monthly for 3 months 22.49 or #3 Monthly for 11.94 until account is paid

After I pay the account will be listed as Satisfied in Full

Is Satisfied in Full good? Or should I contest because legally you cannot enter into contract with a person under the age of 18 without parental consent and I was 16 at the time?

[MarineVietVet]

---

@Mrzjbabii wrote:

The account has not been placed on my credit report yet.

Here is what it states:

RJM has purchased your account from Black Experssion Book Club Account on February 11, 2008 at a previous address of yours

Balance Due: 84.37

It says I can settle the account 3 ways: #1 Lump sum of 59.05 #2 Monthly for 3 months 22.49 or #3 Monthly for 11.94 until account is paid

After I pay the account will be listed as Satisfied in Full

Is Satisfied in Full good? Or should I contest because legally you cannot enter into contract with a person under the age of 18 without parental consent and I was 16 at the time?

---

This is true but I will ask you if you entered into that contract knowing you weren't supposed to? I realize of course that most 16 year olds (including myself at that age) don't give much thought to legalities. 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Mrzjbabii]

LOL. Honestly I didn't know I was supposed to until after I got the bill. I just wanted FREE BOOKS. Now I know that I was wrong. Morally I know I should pay the money but the only concern I have is if I pay will the Satified in Full hurt my credit score?

[Anonymous]

I would send them a PFD basically, stating that while you're not legally obligated to fulfil the contract, you will pay the amount in full if they agree the debt will be satisfied and they will not report it to the CRA's. If it's already reported, then I'd do a straight out PFD. While you may not legally be obligated to pay the debt, you did incur the debt. They may not legally be able to report it, but it doesn't stop them from doing it and tarnishing your credit. Since the amount is small, I would just take care of it.

[Mrzjbabii]

Thank you. That is what I was thinking just didn't know if it was a good idea to fight it or just pay. I can't afford anymore dings. I'm just starting to repair after an incident of identity theft and late student loan payments. Trying to buy a house is so much work beginning to wonder if it's worth all the hassle.

[MarineVietVet]

---

@Mrzjbabii wrote:

Thank you. That is what I was thinking just didn't know if it was a good idea to fight it or just pay. I can't afford anymore dings. I'm just starting to repair after an incident of identity theft and late student loan payments. Trying to buy a house is so much work beginning to wonder if it's worth all the hassle.

---

Whether you end up with a complete PFD or a notation of satisfied in full make sure you get something in writing before you send any money.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[aerochick31093]

RJM is GREAT with PFD's, do a search here for them and you will see many many incidents of them agreeing to PFD's. I also had an account with them for doubleday book club and asked them for a PFD for 50% of the balance and not 30 minutes later they had sent me the letter in an email agreeing to delete and another one came in the mail a few days later, as of Friday they are off all of my credit reports.

[tamdugg1980]

I had a collection with RJM for that same book club, I offered RJM less than 20% to settle and delete the tradeline from my credit and they accepted the first time.  Though my CR has not updated yet, I have my letter from RJM that the account is PIF and will be deleted.  They have to be about the easiest CA out!