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Bumped back?!


jdacats
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There are listings on my credit report that are nine and ten years old. I know I can get rid of those.

The problem is that it looks like I've had more recent accounts with bad payment histories because those old accounts sold my debt to another agency which shows up as a recent creditor that I haven't paid.

For example:

FIRST USA BANK N A

Account Number: XXXXXXXX5316

Account Type: Credit Card - Revolving Terms

Type of Business: Bank Credit Cards

Terms: Revolving

Account Status: Closed

Monthly Payment: $0

Date Open: Nov, 1993

I know I can get rid of this simply because of how old it is but when they closed the account it was sold to someone else and they appear as:

ASSET ACCEPTANCE LLC

Account Number: XXXXXXXX5709

Account Type: Unknown - Credit Extension, Review, Or Collection

Type of Business: Sales Financing Company

Terms: 1 Month

Account Status: Closed

Monthly Payment: $0

Date Open: Oct, 2002

notice that now the date is in 2002. Isn't this illegal? All their doing is taking a record from 1993 and extending how long it's on my credit by changing the name of the company and the account number. It's still the same account.

Am I looking at this wrong or should this be removed too? It just looks like they're "bumping" to keep my credit report bad.

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jdacats: Welcome to CIC. Lots of good information and helpful people here.

You're getting the "open date" of an account confused with the DOLA (Date of Last Activity). For SOL (Statute of Limitations) and CRA reporting purposes, the DOLA is the date that is used to determine whether an account is within SOL or within the seven-year or 10-year reporting period on your reports. Positive TLs of closed accounts can stay on a report indefinitely. Asset Acceptance can report the date that they purchased the account, but they can't change the DOLA. Sometimes the DOLA is reported on the TL (tradeline) and sometimes it isn't. Do you happen to know the last date that you made payment on the account? Also, both the FUSA and Accet Acceptance TLs are allowed to appear on your reports. However, the FUSA TL must report a $0 balance and the notation "Account Transferred or Sold." The Asset Acceptance TL can report the amount they say you still owe.

How do you know that it is the FUSA account that Asset Acceptance is reporting? Have they sent you a collection letter or contacted you by phone? In order to dispute the Asset TL you will need to send them a DV (debt validation) letter requesting proof that the account is yours. Do a search on this site using the term Debt Validation and you will find everything you need to know.

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jdacats: If you're certain that the last payment you made on the accounts was eight years ago, then the accounts are definitely past the SOL. If Asset Acceptance purchased your FUSA account then they can still try to collect, but they can't bring suit against you. That takes the bite out of their collection efforts as they can't obtain a judgment, garnish wages, place liens, etc. But they can still be a pain in the tush. One exception is if you live in the state of California. If so, then Asset Acceptance is not even allowed to attempt to collect the alleged debt if it's past the SOL. Watch Asset carefully, though. They are known to be the lowest of the low of debt buyers/CAs and resort to some pretty slimy tactics. Do a search for their name on this board, as well as a Google search, and you'll learn all about them.

Has Asset sent you a dunning letter? If so, then you need to inform them in writing that this debt (without admitting that it is yours) is past the SOL and to stop contacting you.

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ok, i have to jump in here.

even if the last payment was 8 years ago, the SOL for collecting via court process may not be up. it depends entirely on the state you live in, some are 3 years, some are 4, 5 or 10 years. check!

i would think the SOL for reporting (SOL is not really the right term, its the negative reporting time limit) is up tho.

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anti-something: jdacats's question involves a First USA credit card account, an open-ended contract. The only state which has an eight-year SOL for an open-ended account is Wyoming. All the rest have a SOL of under eight years.

jdacats: Click on the "Statute of Limitations" link at the top of this page to find your state's SOL for the various types of contracts.

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