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How long can collections stay on your account?


drktree
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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

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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.

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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

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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.

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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.

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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?

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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: 07/2009

So this was placed for collection 7+ years from default?

Also where do they come up with estimated date removed of 07/2009?

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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).

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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, or

I am no longer liable for this account

Thank you for your help.

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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).

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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.

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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?

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