Old Debt Resurfaces as Brand New Collection

[shaftedagain]

I had a bogus $833 debt to First Union that was going to fall off the radar screen in about one year from now. (TransUnion had already dropped it.)

Even with that one negative still on there, thanks to help from this board, I had gotten my credit score up to 680 from 540. I have two unsecured credit cards and a mortgage.

Well lo and behold First Union (now Wachovia) sold the debt to RJM Acquisitions who has put it on my credit as a BRAND NEW collection.

That has dropped my credit score more than 50 points overnight. I was just about to refinance to get out of this ARM loan, so I checked the scores, and come to find this out. This will screw me on the REFI.

Isn’t this illegal for them to do? What can I do?

[hiblues]

Did they call you or mail you?

Have you read the Primer?

http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=263069

[shaftedagain]

Yes, I read it. I've gone through those steps many times with great success. But the primer didn't answer that specific question.

I'm trying to determine if it's lawful for Wachovia to sell this and for the CA to start it as a brand new collection, as if I skipped out on this yesterday. Now it's only CR twice, as if there are two separate debts.

Thanks for your help.

[kevin3344]

Even though a debt is sold that does not change the Date of 1st Delinquency. It may look "new" but the reporting time does not restart. If you haven't already immediately DV the CA.

Look at the examples under "Reporting Delinquencies" here and you will see waht I mean:

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

________

TastyPatty live

Edited September 9, 2011 by kevin3344

[hiblues]

is it bogus, as in..

it's not yours or bogus as in

damn them for putting this back on?

If it is your debt and you owe it,

then yes it is legal for them to do whatever they can do to

retrieve that debt or not take as big a loss on it, which includes selling it to

other parties.

Sorry,

try the Primer to get them on viloations

or

negotiate a PFD

[someonesomewhere]

First Union (now Wachovia) sold the debt to RJM Acquisitions who has put it on my credit as a BRAND NEW collection.

Well, it is a brand new collection if it's the first time the debt was given to RJM. Rules haven't changed. Start by DVing the CA. Nothing fancy, and no C&D.

That has dropped my credit score more than 50 points overnight. I was just about to refinance to get out of this ARM loan, so I checked the scores, and come to find this out. This will screw me on the REFI.

Put your refi on hold for now. Don't have any mortgage brokers pull your credit. Might tip off the CA you're planning a refi, and they might dig in.

Isn’t this illegal for them to do? What can I do?

Follow the DV flowchart. It's a sticky in the DV forum.