drktree Posted October 10, 2007 Report Share Posted October 10, 2007 I have been monitoring my credit with truecredit for the past year and a half and everything was going pretty good. I have never had any collections on my accounts at any time during the past year and half or ever.To my dismay I updated my report Monday and I see a new collection with TransUnion:NTL ACCT SRV Creditor Name: NTL ACCT SRV Original Creditor: US BANK CORP BUSINESS Responsibility: Individual Condition: Derogatory Original Balance: $15440 Balance: $15440 Date Opened: 04/06/2007 Date Reported: 10/03/2007 The only thing that I can even remember that this could possibly be is a business account which I might have signed for but that was back in 1998 to the best of my knowledge. I have never recieved anything from any collection agencies or US Bak Corp.My question is how can this just show up now after never having received anything for the past 7 years or more?Also since they are trying to list this as opened on 4/6/2007. Does this mean they can list this on my credit for the next seven years?Are there any limitations for how long after a bad debt a collection agency can report the CRA's.Any help would be greatly appreciated...This was the last thing I expected.Thanks Link to comment Share on other sites More sharing options...
redbank Posted October 10, 2007 Report Share Posted October 10, 2007 gotta find the date of first delinquency. its 7 years after that they can report.I know that the credit reports straight from the bureaus shows it. I would think that if you think this debt is past sol (not the same as 7 years reporting and varies from state to state), then the 1-2 punch would be a good route. Link to comment Share on other sites More sharing options...
Moriah4 Posted October 10, 2007 Report Share Posted October 10, 2007 Definately do the 1-2 punch asap. It may not belong to you. It is imperative that you have a DOFD. This will determine how long this can stay on your credit report!Good Luck and Welcome!Search Divemedic for the 1-2punch if you are not familiar with it I think that is where I read it or who I read it by. Moriah Link to comment Share on other sites More sharing options...
lolah Posted October 10, 2007 Report Share Posted October 10, 2007 Welcome to the boards! Start with this flowchart. It's a great resource!Get to know the FDCPA and FCRA. No small task, but you will need to know your rights! Link to comment Share on other sites More sharing options...
bigjohnstud4200 Posted October 10, 2007 Report Share Posted October 10, 2007 What you are all missing is the fact that this is a business account and the FDCPA does not cover business debt. You can dispute with the CRA's, but the 1 2 punch and the FDCPA violations don't count. The account you opened in 1998, do you know when this might have defaulted? Link to comment Share on other sites More sharing options...
drktree Posted October 10, 2007 Author Report Share Posted October 10, 2007 Any default must have occured in 1999 or very early 2000. Also I have never had any tradeline from US Bank on any of my credit reports ever.So in order to find the date of default I need to get the report directly from TansUnion, TrueCredit does not show anything about that?I wonder if the "Date Opened: 04/06/2007" would be the date of default?This just seems strange to me to have never received anything from US Bank or from the CA in the past, not one letter then here it is. Link to comment Share on other sites More sharing options...
willingtocope Posted October 10, 2007 Report Share Posted October 10, 2007 Like bigjohn says, if it was a business account, none of what you read here applies. Default date, none of it...Was the business incorporated? Were you an owner? Did you personally gurantee the account? Link to comment Share on other sites More sharing options...
drktree Posted October 10, 2007 Author Report Share Posted October 10, 2007 It was a business account from what I can remember that I signed on. The business was incorporated. But this is listing as Responsibility: Individual What laws are in place then if the standard personal items dont apply? Link to comment Share on other sites More sharing options...
bigjohnstud4200 Posted October 10, 2007 Report Share Posted October 10, 2007 I wonder if the "Date Opened: 04/06/2007" would be the date of default?that's only the date this collection was opened on thier side. Link to comment Share on other sites More sharing options...
willingtocope Posted October 10, 2007 Report Share Posted October 10, 2007 You may want to get an attorney involved...see if there is a www.naca.net one in your area that you can talk this over with.Unless you PERSONALLY GUARANTEED the account...its NOT your problem. If you were like a bookkeeper for the company and were only authorized to sign for charge on the account, again, its NOT your problem.(If you did sign something saying you would personally gurantee that account, then it MIGHT be your problem.)An attorney would handle all the t-crossing and i-dotting...but, if you can't afford one, you'll have to address this yourself. I'd suggest you send NTL ACCT SRV a letter CMRR stating this is not your account and unless they can provide you with proof to the contrary, they should get off your reports and go pound sand. Link to comment Share on other sites More sharing options...
drktree Posted October 10, 2007 Author Report Share Posted October 10, 2007 I may have had my personal info when the card was issued. I really cant remember.But why would I never have anything from US Bank on any credit report ever then 7 years+ later this would show up. I still have never received any letter from US Bank or any collection agency.If I was a presonal guarantee is there then no SOL? Can this be reported indefinantly? Link to comment Share on other sites More sharing options...
drktree Posted October 10, 2007 Author Report Share Posted October 10, 2007 Here is the Info directly from transUnion-NATIONAL ACCOUNT SERVICE #xxx5680 1246 W UNIVERSITY #421 SAINT PAUL , MN 55104-4101(651) 288-2828 Balance: $15,440 Date Updated: 10/2007 Original Balance: $15,440 Original Creditor: US BANK CORP BUSINESS Past Due: >$15,440< Pay Status: >Collection Account< Account Type: Open Account Responsibility: Individual Account Loan Type: Collection Agency Attorney Remark: >Placed for collection<Date placed for collection: [ 04/2007] Estimated date that this item will be removed: 07/2009So this was placed for collection 7+ years from default?Also where do they come up with estimated date removed of 07/2009? Link to comment Share on other sites More sharing options...
willingtocope Posted October 10, 2007 Report Share Posted October 10, 2007 Sorry...business credit gets really messy. The idea is that "business people" don't fit the "least sophisticated consumer" definition of the FDCPA, and therefore should know better. Which is why I say, talk to a lawyer.I bet whats happened here is some debt-chaser lawyer realized that buying up defaulted "business debts" for pennies on the dollar was easy money. US Bank probably didn't report because they thought of it as a business debt...whereas this low-life collector thinks he can squeeze money out of the personal gurantee.There's too many unknowns to give you a good opinon on this. Your state may have an SOL that applies to business debt. The Universal Commercial Code (UCC) may have something to say. (When our business failed, I did have some success scaring away collection agencies by claiming that once they reported a guaranteed business debt on my personal credit reports, it became personal and therefore subject to the FDCPA...but, I don't know if that would hold up in court). Link to comment Share on other sites More sharing options...
drktree Posted October 10, 2007 Author Report Share Posted October 10, 2007 Well I know this is 7+ years old and most likely 8 years or so. Aslo the CA is reporting this as Responsibility: Individual Account so I am thinking that my personal rights would be in effect.I wonder where they get the removed 7/2009 ? I am going to dispute this with TransUnion, should I dispute as:I have no knowledge of this account, orI am no longer liable for this accountThank you for your help. Link to comment Share on other sites More sharing options...
willingtocope Posted October 10, 2007 Report Share Posted October 10, 2007 I guess I'd start with "I have no knowledge of this account"...but, don't expect the CRA to do anything more than verify it with the furnisher. You're probably gonna have to right to the JDB with a "...hey, I found you on my reports, prove to me this is my debt or go away..." type letter.(As far as it being "personal", the FDCPA is pretty clear that it DOES NOT apply to business related debt. We wound up declaring BK to protect us from business related personally guranteed debt). Link to comment Share on other sites More sharing options...
drktree Posted October 10, 2007 Author Report Share Posted October 10, 2007 I was reviewing the collection and I dont understand how this can be reported as;Date placed for collection: [ 04/2007] any last payment was made in 1999 to the best of my knowledge.Also from everything I am reading the SOL is the same regardless of it being business or personal debt so therefore from what I read on this site the maximun time it can appear on my report is seven years from last payment or date of deliquency. It has been over 7 years but the collection info on my credit report does not show the first deliquent date. Link to comment Share on other sites More sharing options...
bigjohnstud4200 Posted October 10, 2007 Report Share Posted October 10, 2007 I was reviewing the collection and I dont understand how this can be reported as;Date placed for collection: [ 04/2007] any last payment was made in 1999 to the best of my knowledge.The date placed for collection is only the date that this collection agency opened the account.Also from everything I am reading the SOL is the same regardless of it being business or personal debt so therefore from what I read on this site the maximun time it can appear on my report is seven years from last payment or date of deliquency. It has been over 7 years but the collection info on my credit report does not show the first deliquent date.Am I missing something? I thought the account was opened 7 years ago. How long was it in a good status before it went delinquent? Link to comment Share on other sites More sharing options...
drktree Posted October 10, 2007 Author Report Share Posted October 10, 2007 The Account was opened in 1998. went delinquent in 1999. Never heard anything from anybody since 1999 until this Monday. Link to comment Share on other sites More sharing options...
bigjohnstud4200 Posted October 10, 2007 Report Share Posted October 10, 2007 The Account was opened in 1998. went delinquent in 1999. Never heard anything from anybody since 1999 until this Monday.I would dispute it as "obsolete". Link to comment Share on other sites More sharing options...
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