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Assest Acc. LLC. Now what?


smhaines65
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recieved letter from them saying that they own an old debt of mine, i sent a DV letter and they sent me back the original contract with the OC , fine but everything that they sent me is out of the SOL for south dakota of 6 years, i sent them a letter requesting proof of the debt being with in the SOL and have not heard anything yet and it has been a couple of months now, so should i expect a judgment on me to be served, and is there anything that i can do while waiting for proof? i looked on my credit report and they are reporting the collection? can they do that?

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They can report for the 7+ years and that is legal. You have at least a year before it is deleted from your report.

From my readings on the forum, I dont think they can sue you on a time bared debt. If they do, you have the SOL defense. wow I am learning so much my learning curve is out of control.

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How long ago was this debt defaulted on? When did you receive their first letter? When did you DV? When does your CR say they started reporting? Did they update the CR as disputed? What type of account is the debt based on?

the last date on the stuff that they sent me was 1998, i recieved their letter about 2 months ago and i sent the DV letter a couple of days after that , the CR says that it was opened in 2006 and reported since 2006 and the amount reported is 375.00 which is very little compaired to the 3,000.00 they say that i owe, the debt is based on an old auto loan that i had

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Well if you defaulted on the car loan in 1998, there's no way this should be on your reports right now. SOL for written is 6 years in South Dakota so you have a defense to any potential lawsuits.

One question you didn't anaswer... is Arrow currently reporting the account as in dispute?

I would pick one of the CRAs (Equifax is who I use) and dispute as:

Dear Equifax,

I am disputing account#abc123xyz reported by Asset Acceptance. Delete this account from my credit file.

The account is not listed as disputed.

The account is obsolete.

Your next action depends on what the results of the investigation are.

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