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8 Year old bank account


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After 7 years, I finally got to see an old disputed bank account $400 (mostly in fees and compounding overdrafts) drop off all three credit bureaus. The original bank A was taken over by another bank B which turned around and sold the debt to a collector, who expired at the 7 year mark. Now here's my situation.

After clearing off the three credit bureaus, A collection agency sends me a letter stated that they are the new collector of this debt and want to settle for 40% of the amount. They haven't posted the collection on any of the 3 Credit Bureaus yet, and I don't want them to. Do I:

1. Do the debt validation thing stating I never ever had an account with Bank B and ask them to prove their claim?

2. Tell them cease and decist, the statute of limitations is up and the 7 years are up and they'd better not post it on any credit bureau or they are in violation of the FCRA?

3. Send them a check for 25% of the total debt with the stipulation on the check that this is not a validation of this debt but if they deposit, this settles all claims concerning this account, and they must not post any claim or settlement on any credit bureau listing?

I need advice on the best strategy to deal with this. Thanks.

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