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Collection letters starting to return


Kennedy
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About 6 years ago I was able to remove the last remaining collections reporting on my credit report. These collections dated back to 1991 or so.

Since then, I have had nothing less than excellent credit, and very recently refinanced my house. Since doing that, I have beeen progresively getting collection letters, from these very old accounts. Im not concerened about the letters, but Iam concerened about the possibilty, that they will put that collection back onto my credit report, or try calling me, knowing that I have a house in my name. Should I have any concerns?

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As above. You do need to respond because if you do not, they can try to sue you and say the SoL is not expired because it is an account stated.

It's a screwed up precedent in law that if you ignore their letter they can say their claim is accepted as true by your silence.

Statute of limitations is not automatic nor does it stop them from trying to sue. It is a legal defense to a claim if they do attempt to sue you; and you must assert it in court. Outside of court, the SoL doesn't mean much other than telling them to kiss-off because you know your rights.

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Legal action being taken on debt is old is remote at best.

In the debt market, an account this old is bundled and sold with other out of stat debt to buyers who specialize in nothing but oos debt purchases.

These buyers are not interested in, nor are they structured for litigation.

Average price paid for this kind of debt is between $1.00-$6.00 for every $1000.00 in face value. Their interest is collecting on what percentage of the portfolio yields their desired return, sell the rest, and go on to the next portfolio purchase.

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