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NCO letter - Yikes


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Just got a letter from NCO telling me that I have 4 old credit card (last transaction in 99) accounts that are due to them. They listed the CC companies, the amount, then tack on some interest charges can came up with a grand total of $40K. They then offer a 40 percent discount on this grand total if I settle.

Course of Action

I pull my credit reports about 9 months ago using myfreecreditreport.com and there was no mention of any delinquent debts. I plan to pull my credit report again to see if anything has changed. I read that there is such a thing as a Full Credit Report - how does one get a full CR?

After that I will send them a DV letter via USPS certified mail and wait for their reply. I assume that their DV reply would be more comprehensive than the info in their current letter.

Does the DV letter include SOL?

I am in California and I think SOL here is 4 years so I ought to be in the clear.

Once they reply with DV I will send them SOL letter and C&D letter.

Do I make sense? Great site here.

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I'm sure some more experienced minds will be along, so take my inexperienced thoughts with a grain of salt.

Do you know that these are from 99? Do they say in their letter when the last activity on the account was? You can DV them, but don't expect much, and they certainly won't inform you of the SOL - "Hey, we want you to pay us this money, but be informed that we can't make you."

Really, if these are truly from 99 and out of the SOL and past the period of time they can appear on your credit reports, you should be able to write them telling them to FOAD.

Then again, from what I read on here and at budhibbs.com, these NCO guys are pretty nasty and stupid (an interesting combination) so you may be able to get them to rack up some violations and then they'll owe you. Depending on how much interest and fees they are trying to tack on, there may already be violations.

Just some thoughts from a fellow newb who has read a lot of the site though. Like I said, I'm sure one of the helpful vets will be along to weigh in with more sage wisdom.

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Is there anyway to tell when is the last activity on a particular account - when the SOL clock starts?

On the old Credit Report dated July 2006 from TU it listed Date Updated for a particular account as 12/1996. Is this the date when the SOL clock starts?

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I think the date last updated is just the last time someone updated info for that account on your CR. So if the CA has put this on your CR, it might say a really recent date last updated because they just updated info.

Look for something that says "date of last activity" (dola) "date of first delinquency" (DOFD) date of charge off, something like that. Check your Equifax CR, that's the only one of mine that showed a DOLA for a collections account I am dealing with. By my understanding, you have 7.5 years from that date before it falls of the credit report and whatever the SOL is in your state for open accounts before they can't sue and win (I think I've heard Calif. has pretty good laws in this regard).

Do the credit cards you are talking about show up at all on your older CRs? I'm not clear if in your first post you meant these CCs are showing up but with no delinquencies reported, or aren't on the accounts at all.

IF they are showing up, and they aren't showing delinquent, and they are closed and have a date last reported, then that should tell you that everything was closed up by that date with no problems.

You can also try contacting the OCs (original creditors) to see if they can enlighten you about when these were charged off.

Do a search for NCO on here and budhibbs.com and you will see that these guys are pretty notorious. They buy way out of SOL and past reporting period debt for pennies on the dollar (or pennies on the pennies on the dollar that other CAs have already paid to buy the debt) and know if they can get a few people to pay, they've made a profit.

Note that you are supposed to DV them within 30 days of when they sent you that letter. Keep the letter and all communication, send mail by CMRRR, don't talk on the phone, etc.

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This one is easy.

DV all 4 accounts in one letter.

Wait for a response. When you get a response which hopefully will confirm the age of the delinquency, send a refusal to pay letter on SOLC grounds.

IhateCA is right on the money as usual...

dont forget to send them CMRR.. NCO is known for debts out of SOL , I had to fight them on four of them... they are not the most upfront people to deal with.. also if they send you a form that states they need more info DO NOT give it to them.. its rope they are handing you to hang yourself with.. they tried this with me..

sorry you are having an issue.. blah blah blah.. please confirm your information.. asking for ss#, employers.. etc.. ignore that and wait for the validations.. if you want to fun reading on them go to budhibbs.com.. under americas worst collectors..

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The Old Credit Cards appear on 2 Credit Reporting Agencies (TU, Experian) Reports.

But the status were all listed as:

Status:Paid or paying as Agreed (TU)

Status: Paid, Closed/Never Late Comment: Acct closed at consumer's request (Experian)

I do not know why there are no bad remarks on my reports. Maybe the CRA took them down after 7 years and replaced it will the status as listed above.

Thanks for all the help

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I will be issuing NCO a Debt Validation Letter which will be sent via USPS Certified Mail with Return Receipt (CMRR?)

I looked at the sample letter section here and found the sample letter for Request to Collection Agency to Validate Debt.

You guys think this letter is too fierce? However, I want the DV letter to indicate that I am within SOL (which I am not).

BTW out of curiosity calculation for SOL ends at the date in which you are served a summons - is this correct. Or is it the date that you go to court.


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