vibrance

Account sold and re-aged

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Okay, here is my situation:

I had a loan with Americredit that defaulted in the end of 2001. Just recently Calvary purchased this account. I met with a loan officer yesterday and she told me that since they bought the account the state of limitations starts all over again, is this true? What can I do about this? This is one tradeline I have never tried to DV or dispute because I was gonna try and wait it out. It would have fell off my report next year ($9000). Is there any hope for me at all? I am in Indiana. My and DH are trying to purchase a house, I am not working, but my scores are higher so they want to include me in the loan, I dont want Calvary to later try to take our house when we buy it. Any suggestions would be greatly appreciated.

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FIRST of all- Calvary is lying to you!

The statute of limitations can not be re-set just because they purchased the debt- PERIOD.

SOL for the purpose of collecting a debt starts from DOFD (date of first delinquency- when you defaulted). THe only thing that can change that is- if you promise to make payments or start making payments again.

SECOND- find out exactly what your states SOLs are!!:

The SOL is very important when you have past due debts or charged off debts that you cannot or do not want to pay back. When a debt is created, there is an original SOL The date of the contract signing. If you default on a new debt - meaning you never even made one payment then the SOL would be the date the contract was signed by you. If you default on a debt that has had payment(s) then the SOL would be from the date of last payment. Why does this matter to you? Because many- in fact millions of dollars in debt nationwide have an expired SOL but consumers rarely know this. If you pay back the debt after the SOL has expired then you have just renewed it therefore making it collectable for another number of years.

I looked at one resource for IN and this is what is says:

STATE: INDIANA

STATUTE OF LIMITATIONS (IN YEARS)

*

Open Acct.: 6

*

Written Contract for payment of money

o

(executed before 9/l/82): 10

o

(executed after 8/31/82): 6

*

Written Contract (other than payment of money): 10

*

Written Contract for sale of goods: 4

*

Call your AG's office and ask so you'll know for sure. You may just be past the SOL and if you are- you can tell Calvary to Kiss your a$$. And if they attempt to sue or "take your house" - you will have an affirmative defense being the SOL

As far as searching for a mortgage- IMO- wait until next year for the TL to fall off of your report- otherwise, a mortgage co will want you to pay all collections before giving you a mortgage.

good luck!

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This CRA has a habit of reaging. Any suggestions on who to report this to? The BBB???

The CRAs are not the problem- well.. not on this issue, typically.

The CRAs are reporting what the creditors "tell" them to report. They are only doing their jobs. It's the furnishers of the information that "re-age"- they are the ones suppling the data.

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This is directly from the FTC: "Repeatedly placing an account for collection does not change the date that the delinquency began."

http://law.freeadvice.com/resources/gov_material/ftc_credit_information_providers_10_97.htm

Do not pay a debt from 2001 and where more than likely the SOL has expired (it looks that way). You have a defense if it ever comes to that. As mentioned before I would wait until this falls off.

However, back to your original dilemma...that of determining the DOFD. EQ is the only CRA that shows it, EX/TU show something like Date Opened which might be when the CA received it but is not when it went delinquent. Date Reported also doesn't figure into the 7 year reporting period. So what might look like re-aging at first may just be the way they are reporting it. Call the CRA directly if you need to before you decide on what to do next.

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