Drkman75238 Posted August 11, 2005 Report Share Posted August 11, 2005 Question # 1 How long does a collection agencies entry remain on your credit report? Question # 2 I had an account with Providian that was originally opened in 1999 and sold to Asset Acceptance in Mid 2002 according to my last credit report. Providian reported the account as a charge off in 2001, so should this entry be deleted in 2008? Should Assest Acceptance entry for the same account be deleted in 2009? Question # 3 Asset Acceptance also bought an account that I had with Discover that was charged off in 2001 and reported it to the bureaus this July. What is interesting about this is that in December 2002 I was able to get the Discover account deleted from my all three of my credit reports because they were not able to verify the debt. I am going to send a letter to Asset Acceptance but wait till mid December to do so. I am doing this because I do not want them to try to contact me about the Providian account. Right now they do not have an address or phone number for me. The last time I made a payment to Providian was January 2002. I live in Texas were the statute of limitations for debt collection is four years. I want to wait till then to send the validation letter for the Discover that way if they get any ideas about getting a judgement for the Providian account the statute of limitations will be expired. What are your thoughts, ideas, or comments? Thanks Link to comment Share on other sites More sharing options...
LadynRed Posted August 11, 2005 Report Share Posted August 11, 2005 1 ) Negative entries remain on your reports for 7 years PLUS 180 days from the date of first delinquency that preceded placement for collection and/or charge-off. The clock starts to run when you first went delinquent and never brought the account current. 2) The Providian entry should drop off in 2008 and so should the ASSet tradeline. Collections can NOT survive the obsolescence of the ORIGINAL debt and that is based on the date of first delinquency that can NOT be changed. Creditors are required to report that date per the FCRA. ASSet must report the same DOFD as Providan did. If they do not, they are illegally re-aging the tradline and attempting to run the statute. 3) SOL is no protection against ASSet, they just LOVE to sue people on out-of-statute debts. Unfortunately becauase people don't know they have grounds to fight them, they don't go to court and they lose and wind up with a default judgment against them. The numbers show that if you fight ASSet, they will back off and slink away on SOL debts. Link to comment Share on other sites More sharing options...
Drkman75238 Posted August 11, 2005 Author Report Share Posted August 11, 2005 Thank you for the great advise! I didnt know Asset likes to try to take people to court as much as they do. Before they receive a judgement of any sort I will be notified by mail about the court date correct? Cause again they dont have any contact information for me at all. I think its because I only use my cell phone to receive calls. I do not have a land line. I'll still wait till later this year to send that letter about the Discover account. Let the SOL run out and mention that in my letter that I send to them. That way if they still try to take me to court I have even more ammo! Link to comment Share on other sites More sharing options...
gorillacredit Posted August 14, 2005 Report Share Posted August 14, 2005 Just send Asseset a mean and nasty letter telling them how pissed off you are that this account is being reported when it was resolved with the original creditor years ago when they were not able to validate the account for you then, and that it is no more valid now than it was then.Ask them if they would like to go to court. You already know that they can't validate the account because the original creditor couldn't do it. Don't let these clowns mess with you. If you push back they will run away with their tails between their legs Link to comment Share on other sites More sharing options...
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