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tropicaljo
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Ok, I'm still a dummy... Do I understand correctly that a credit card account is considered an open-ended account? Just got a letter from a new collection agency (the third involved with this debt) on a credit card debt that went delinquent in 8/98. I'm thinking the SOL for collections has expired in my state (3 years).

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Ok, I'm still a dummy... Do I understand correctly that a credit card account is considered an open-ended account? Just got a letter from a new collection agency (the third involved with this debt) on a credit card debt that went delinquent in 8/98. I'm thinking the SOL for collections has expired in my state (3 years).

Correct. CC accounts are open-ended. If you applied over the phone, or over the internet, they may not even have an application or contract in their records to show it's yours.

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Ok, this was a pre-approved thing offered to my DH in early 1998. He quickly let a $1400. credit limit go to his head and it went delinquent in 8/98. Asset Acceptance held it since 7/01 and are posting that date as the date opened/reported. Now we got this letter a group called Credit Management Control, Inc, demanding $2039.92. What should I tell them, and how can I keep this new TL off DH's credit reports?

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Ok, this was a pre-approved thing offered to my DH in early 1998. He quickly let a $1400. credit limit go to his head and it went delinquent in 8/98. Asset Acceptance held it since 7/01 and are posting that date as the date opened/reported. Now we got this letter a group called Credit Management Control, Inc, demanding $2039.92. What should I tell them, and how can I keep this new TL off DH's credit reports?

This is nearly 6 years old? It's already outside of the Statute of Limitations for Arkansas which is 5 years. This is totally uncollectable by them. Don't worry about it. In about a year this will fall of the CR even if you don't pay it.

If you want it off sooner, we can go over how to do it.

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So far, to my knowledge, it hasn't shown up on DH's credit reports yet, however, we've just gotten ALL the negs. off of his cr's and brought his scores from 0 to the high 500's. We are trying to finance and build a new business, so of course, we don't want anything "new" showing up on those cr's. On the letter we just got today from Credit Management Control, it shows "Current Creditor: Asset Acceptance, then "Original Creditor: Providian-6/01", which looks like re-aging to me (according to the cr's, it was assigned to Asset in 7/01). Now on the old CR's that we have, Providian shows that it was first reported 8/98. As I said earlier, we DV'd Asset Acceptance twice stating the debt was not ours, received no reply, and got it off the CR's that way. Also, Providian has dropped off the cr's, too. So, Methuss, if you have any ideas on how we can keep it off DH's cr's, please let me know.

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So far, to my knowledge, it hasn't shown up on DH's credit reports yet, however, we've just gotten ALL the negs. off of his cr's and brought his scores from 0 to the high 500's. We are trying to finance and build a new business, so of course, we don't want anything "new" showing up on those cr's. On the letter we just got today from Credit Management Control, it shows "Current Creditor: Asset Acceptance, then "Original Creditor: Providian-6/01", which looks like re-aging to me (according to the cr's, it was assigned to Asset in 7/01). Now on the old CR's that we have, Providian shows that it was first reported 8/98. As I said earlier, we DV'd Asset Acceptance twice stating the debt was not ours, received no reply, and got it off the CR's that way. Also, Providian has dropped off the cr's, too. So, Methuss, if you have any ideas on how we can keep it off DH's cr's, please let me know.

There's no real way to prevent it. Anyone willing to pay the fee to a CRA to report a tradeline can put one on a credit report. Most CRAs make the furnisher sign a contract that the info provided is accurate. Of course the CRA assumes that the furnisher is telling the truth and stubbornly believes they don't have to do anything more (wrong!)

Burden is on the consumer to police their own report and dispute each item that doesn't belong. You get to sue the offending party for your troubles if you have to do this (and since you can recover court and attorney fees, it is essentially no cost to the consumer) so Congress considers that to be reciprocation for having to keep tabs on it yourself.

Anything that was removed should not reappear unless the CRA notifies you in advance.

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Thanks anyway, Methuss. :( I guess I'll just write this new company and explain all that I've outlined here and tell them, "So sorry, this alleged debt is beyond SOL for collections", and that when they post it on the CR's it had better be listed as "in dispute". :evil:

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Thanks anyway, Methuss. :( I guess I'll just write this new company and explain all that I've outlined here and tell them, "So sorry, this alleged debt is beyond SOL for collections", and that when they post it on the CR's it had better be listed as "in dispute". :evil:

Actually, if you dispute it and demand validation, they are not allowed to put it on your CR after they receive your letter. (See FTC letter "Cass"). The FTC says that reporting to a CRA is "collection activity." If they put it on before you get the letter to them, then they must change the listing to reflect it as disputed. So check the report date if they put in the tradeline. Both scenarios have a nice statutory penalty on the CRA if they violate it.

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OK, Methuss or anyone else with an opinion, please review the following C&D letter. Any suggestions to make it have more impact? :twisted:

Re: account #xxxxx

March 22, 2004

To whom it may concern,

I am writing today in reference to the demand for payment from your company, which I received on March 21, 2004. Although I did at one time have a delinquent debt with Providian concerning a credit card, the date of last payment made on that account, was in or around August of 1998.

However, although I have been at my current address since June of 1999, and filed a change of address form at that time with the United States Postal Service, prior to finding its name on my credit reports in June of 2003, I had never heard of or from Asset Acceptance LLC. I had never received any correspondence from Asset Acceptance LLC concerning their claim to this debt, yet they have been reporting it since July of 2001. After discovering their company name on my credit reports, I attempted to contact this company twice (8/28/02 and again, 9/29/03) via certified mail return receipt requested, disputing this debt as not mine and demanding validation of the debt. Although I have receipts to prove these letters were received, Asset Acceptance LLC failed to respond to my reasonable and legal request that they prove the validity of their claim. They have had ample opportunity to provide the documentation I requested. Furthermore, they evidently could not verify their claim to the credit reporting agencies that removed it from my credit reports, as required of them by the FCRA 611(5), after investigating my disputes to them concerning the validity of Asset Acceptance LLC’s claim to this alleged debt.

Finally, it is my understanding of the FCRA that the statute of limitations in Arkansas for collections on this debt has expired, as of approximately February of 2002. It is apparent as evidenced by the account information that was placed on my credit reports and now confirmed by the dates provided in your letter that there has been re-aging of this account, which as I understand the FCRA Section 605©, is against the law.

It is my opinion that Asset Acceptance has provided you with inaccurate information in an attempt to perpetuate their invalid and unverified claim to this debt.

For all the reasons outlined above, I do not acknowledge the validity of Asset Acceptance LLC’s claim that I owe them any amount of money, nor do I acknowledge your company’s right to pursue this claim. This letter is to inform your company that I request that you CEASE and DESIST in your efforts to collect on the above referenced account (see letter attached). I am making this request under the FDCPA (805)©.

You are hereby instructed to cease collection efforts immediately or face legal sanctions under applicable federal and state law.

Thank you,

Consumer

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OK, Methuss or anyone else with an opinion, please review the following C&D letter. Any suggestions to make it have more impact? :twisted:

Re: account #xxxxx

March 22, 2004

To whom it may concern,

I am writing today in reference to the demand for payment from your company, which I received on March 21, 2004. Although I did at one time have a delinquent debt with Providian concerning a credit card, the date of last payment made on that account, was in or around August of 1998.

However, although I have been at my current address since June of 1999, and filed a change of address form at that time with the United States Postal Service, prior to finding its name on my credit reports in June of 2003, I had never heard of or from Asset Acceptance LLC. I had never received any correspondence from Asset Acceptance LLC concerning their claim to this debt, yet they have been reporting it since July of 2001. After discovering their company name on my credit reports, I attempted to contact this company twice (8/28/02 and again, 9/29/03) via certified mail return receipt requested, disputing this debt as not mine and demanding validation of the debt. Although I have receipts to prove these letters were received, Asset Acceptance LLC failed to respond to my reasonable and legal request that they prove the validity of their claim. They have had ample opportunity to provide the documentation I requested. Furthermore, they evidently could not verify their claim to the credit reporting agencies that removed it from my credit reports, as required of them by the FCRA 611(5), after investigating my disputes to them concerning the validity of Asset Acceptance LLC’s claim to this alleged debt.

Finally, it is my understanding of the FCRA that the statute of limitations in Arkansas for collections on this debt has expired, as of approximately February of 2002. It is apparent as evidenced by the account information that was placed on my credit reports and now confirmed by the dates provided in your letter that there has been re-aging of this account, which as I understand the FCRA Section 605©, is against the law.

It is my opinion that Asset Acceptance has provided you with inaccurate information in an attempt to perpetuate their invalid and unverified claim to this debt.

For all the reasons outlined above, I do not acknowledge the validity of Asset Acceptance LLC’s claim that I owe them any amount of money, nor do I acknowledge your company’s right to pursue this claim. This letter is to inform your company that I request that you CEASE and DESIST in your efforts to collect on the above referenced account (see letter attached). I am making this request under the FDCPA (805)©.

You are hereby instructed to cease collection efforts immediately or face legal sanctions under applicable federal and state law.

Thank you,

Consumer

Remove paragraph 1, sentance 2. You can't dispute the validity of the debt if you admit that it's yours :-) Also take out the paragraph about the SoL, since this is also an admittance you did owe it at one point.. But the point of demanding validation and not getting it is enough to show that it shouldn't be on your CR. Use the SoL in the next round of letters if it comes to that.

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