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Need some help from any and all? I am down to one collection account on my credit report. The debt collector is good ole Asset Acceptance. I owed the original creditor, Beneficial, $10,000 and my DOFD is Feb 2008. (Business went south, lost my home, started a free-fall and making my way back now.) I disputed this collection account with all 3 CRA's in mid-May. The result was "verified" by all 3 CRA's. Additionally, Asset Acceptance has been actively reporting every month now with new, additional interest costs. The balance is now $13,712, I have no documentation from Asset Acceptance, nor have I ever received a phone call from them. I'm guessing I received documentation back in 2008, 2009, but I haven't been able to locate it and have nothing at this point. They are not harassing me. I compiled this original debt in the state of Oregon. SOL in Oregon is 6 years. I relocated to Nevada in 2012. Here the statute is 4 years. Either way, this debt is beyond SOL. I just mailed out CMRRR second attempt disputes of this account, but don't feel optimistic that this strategy will work. I have not mailed out an FOAD letter yet, as they are not attempting to collect from me........other than actively updating the tradeline on the 3 CRA's with additional interest. I have not DV'd them yet, as I'm not certain of the ramifications. I also have not attempted the 623 method. So I'm opening this up to suggestions. Obviously this account will drop off in mid-2015, but I'm wanting to get it off sooner. At minimum, I'd like to take an educated stab at attempting to get this account dropped from the Big 3 prior to next Summer. Let me hear some ideas and I will execute ASAP.
I have some credit accounts that were written off and are nearing the 7-year mark, but I'm having trouble figuring out exactly when I should expect them to be removed. Can someone please help me figure this out? For instance, here is one of the accounts... In this example, the first late payment that led to the CO was on 2/08. But is that the date I'm looking for? The quote below is from this page: http://www.creditinfocenter.com/creditreports/cr_time.shtml. I highlighted in red the part that's confusing me. 2. Is the reporting period extended if (A) the original creditor sells or transfers the account to another creditor, ( the consumer responds to post-chargeoff collection efforts by making a payment on the debt, or © the consumer disputes the account with a CRA? Does it matter whether the 7-year period has expired when any of these events occurs? No. In enacting the new provisions discussed above, Congress intended to establish a date certain -- 180 days after the start of the delinquency that led to the chargeoff -- to begin the obsolescence period. It did so to correct the often lengthy extension of the period that resulted from later events under the original FCRA. Enclosed are two staff opinion letters (Kosmerl, 06/04/99; Johnson, 08/31/98) that discuss the impact of these provisions, and the legislative history relating to their enactment, in more detail. Because the commencement of the seven year period is now described with some precision by the statute, it is our opinion that none of the subsequent events you listed -- sale of the charged off account by the creditor, or a payment on or dispute about the account by the consumer -- changes the allowable period for a CRA to report a chargeoff. So, that leads me to believe that I must wait until 7 years after the account was 180 days late. Or, in the example above, 8/15. Which is it? Thanks so much in advance! Eric