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Generous CO offer


babynurse31
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I received this letter in the mail today from RJM Acquisitions for a Fingerhut account. Its says in the letter that they are my new creditor for this account and the last payment was received March 16, 1998. It goes on to say they will offer me a generous settlement of $94.95. I am in MO, so SOL has been up for 2 years. I just have a couple of questions for all you experts regarding how to handle this.

Will it come off my report for good on March 16, 2005 or March 16 + 180days?

Should I DV them or just send a C&D due to being time-barred?

I don't want to have to keep fighting these guys, but I'm not inclined to accept their GENEROUS offer 8-)

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i guess they bought up all of fingerhut's old accounts because i got the same letter from the same company about 3 days ago.

my sol is up too, and i sent a dv. i used the letter found on this board which makes mention of having to prove debt isn't out of sol, etc. from the way i understand it, they can't report or pursue if they can't verify. so i was thinking that asking for all of the info (which i seriously doubt they can get...not even sure it is mine) will keep them from any further action. they are not reporting yet, so i figured a dv early would keep them from reporting and me having to deal with the credit bureau.

i hope i am right in my reasoning on this.

anyone else's comments???

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Send them a letter certified return receipt, tell them that for each specific violation of the FCRA and Fair Debt Collection Practices Act; you will ask for $1000.00 naming them in a civil action. Include a validation letter, if you like just to be safe if they can't validate it and they won't if its past the SOL then they will leave you alone, once they figure out your not the average idiot.

But send them something don't ignore it, I always state clearly in my letters that any reporting action they engage in until they validate the debt 'which I fully dispute' is a clear violation of the FCRA and I mention how important credit is to me and that if their agency does anything to damage my good credit rating I will hold them fully accountable with in my rights under the law.

Those bottom feeders get desperate sometimes, rattle em' a little, they'll soon be defunct and sell their debts or give them away too, what a shoddy business that must be, Yuk.

G/L

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Send them a letter certified return receipt, tell them that for each specific violation of the FCRA and Fair Debt Collection Practices Act; you will ask for $1000.00 naming them in a civil action. Include a validation letter, if you like just to be safe if they can't validate it and they won't if its past the SOL then they will leave you alone, once they figure out your not the average idiot.

But send them something don't ignore it, I always state clearly in my letters that any reporting action they engage in until they validate the debt 'which I fully dispute' is a clear violation of the FCRA and I mention how important credit is to me and that if their agency does anything to damage my good credit rating I will hold them fully accountable with in my rights under the law.

Those bottom feeders get desperate sometimes, rattle em' a little, they'll soon be defunct and sell their debts or give them away too, what a shoddy business that must be, Yuk.

G/L

I disagree with this advice unless you really are going to sue them.. any kind of threat you throw out there, you better be ready to back up. A simple DV letter is all you really need at this point.

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How funny I just went through this and was sent 2 seperate letters from the collection agency saying that they were releasing the accounts.

I think my advice is solid as a rock. But then again its only brought my FICO from 550 to 690 in less than 90 days, so maybe I'm just being over confident. Then again maybe its fitting

I've taken charge of my credit. no pun. and I'm very confident with the results! The generic validation letter should be good enough though, cookie cutter solutions work better for some people.

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All I am saying is, lawsuits are not always the answer. Know all your facts before you threaten suit. If it worked for you, then good for you. But, as a whole we (consumers) will not be looked at seriously if we do not follow through. BTW, my scores were way below 500, and jumped 140+ within 90 days as well. We are not in competition here. You have to know when to pick your battles. :wink:

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To answer your question you orignally asked about the SOL, and it falling off your report Babynurse, I am suggesting (my opinion of course), that you determine whether or not you are going to apply for anything significant within that time frame, because it is going to fall off your report, but DV them anyway may just get a deletion because just like the others said, they probably will not have any proof on file and will be forced to delete. I will also remind you this is a desperate attempt to collect money that they know they have virtually 0% chance of recieving based on the time the debt is owed. I am not certain on the 180+ day drop off, I am curious though, so when you find out, please post it. I have an account coming up on SOL soon as well.

Now if you really want to get your credit perfect right now and its the only negative on your report, your scores are on the cusp of getting a card you have been hoping for, I would counter offer right at the end of the month, offer $25 and a letter of deletion or certainty the account will not be sold or reported. You know it would be really funny if they tried to get saucy on you because then you could laugh in their face, and say thats cool, dont take any money, its falling off my report in a couple months anyway. :D But if you have a couple other negs you are working on, I would just wait for it to fall off, you really are in a win-win situation. You can probably expect at least a 24 point jump in your scores once its gone.

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i have an RJM account on my TU report as well. i DV'd RJM and they listed the account in dispute - but have not responded to my request. i hear that they are hard to work with. I know my account is past SOL - as i was able to get fingerguts tradeline deleted by disputing as obsolete. at the same time i disputed RJM as oboslete and it came back verified, they have it listed as a 2003 open date.

I'd be interested to see your outcome with them! Good luck!

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