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Debt Purchaser Credit Reporting


kildak
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I recently received a letter from a company which purchased my 10 year old charged-off credit card debt that is no longer being reported.

I contacted the company via telephone for a verbal validation of the debt. They confirmed the debt along with an additional $1700.00 in interest charges. However, they said they could resolve the debt for about $900.00 which eventually came down to $300.00. I offered them $50.00, needless to say they refused.

The gentlemen I spoke with told me there is really nothing they can do to collect it except maintain contact with me. He informed me that if they couldn't collect from me they would just end up selling the debt again. (Apparently, the are the 3rd or 4th owner)

What concerns me is that I was told that they share information with other creditors. Don't creditors usually pull information from your credit report?

As they cannot report the debt to the CRA's or instigate a lawsuit against me due to a four year statute of limitations in my state, can they take any further actions which might damage my credit?

[Edit by kildak on Monday, April 29, 2002 @ 07:50 PM]

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Ahhh....Kristy always says never to contact these bozos by phone and it's true. You'll get nothing accomplished via the phone and may even hurt your case. But no harm done. (I hope).

First of all, ya gotta figure out if the SOL is up. If it is, you're home free, baby! You can send them a letter telling them this and they should leave you alone. Make sure you mention it would be a violation of the FCRA if they try reporting you, the scumbags.

If the SOL is not up, You need to just follow the debt validation method posted here to the letter.

http://www.creditinfocenter.com/debt/

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They CANNOT put this information back on your credit report, and if they do, my understanding (not being a lawyer or anything) is that you'd have a good grounds for a lawsuit. Just because they go around selling your debt doesn't cause it to become a new debt. The expiration begins when you stopped paying -- 10 years ago. Anybody who buys it will be stuck with a 10-year-old debt.

On the pages here, I've learned that you have NOTHING to worry about. Simply send them a letter stating that you no longer wish to be contacted in the matter, that you know the SOL has long-since expired. Personally, I'd probably go so far as to say that if they assign a new agency to the debt for the purpose of continuing contact, I'd consider that an intentional attempt to circumvent your request, which *I* would feel is harassment.

In short, you have nothing to worry about. If it shows up again on your credit report, they've violated the law. If they try to sue you, you merely have to show that the SOL is expired, and you win.

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Thanks for the responses. I'll check my credit reports in a few months for any possible negative entries which my dear misguided debt repurchasing friends may choose to submit.

I'd love to collect some money from them should they choose to violate the FCRA. What is it, $1K per violation?

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