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Debt from 1992 resurfaces on my credit report?


Jookycola
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When i was 19 year old kid i got my first credit card at a now defunct depatment store. Like a dumb kid totally unaware of how credit worked i ran that card up to the limit, like around $800. This was in 1992, i never paid it back...I'm a total loser i know. Since then i've learned to pay my bills.

And as i got older and time passed that debt fell off my credit report so i forgot about it...hell, it's been so long i almost forgot i ever had this card till i got this letter today.

The problem is, today i got a letter from Arrow Fin. saying i owe like $1500 now! After falling off years ago it's obviously picked up by a JDB and all the sudden back and more money. What can i do here? I know in my state of Michigan the SOL has long, long, long since ran out...let's face it this debt is nearly 20 years old.

What should i do? Where do i start?

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send them a FOAD letter.. this is NOT back on your credit report. The rule is unless you live in one of the two states (I forget which ones they are but it is not MI) they can try to come after you until you die.

Arrow are bottom feeders they bought the old debt so send them a FOAD (C&D letter) or just write on that statement.. OUT OF THE SOL, send it back and you are done. they can't do anything they are just third tier buyers hoping the consumder is uneducated enough to pay this. They bought cheap paper (your debt)

I have a few friends dealing with this, debts that are 15 to 20 years old. In this economy I guess they figure anything is better then nothing.

Arrow is one known for this kind of thing.. its something you can easily ignore.

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Are the 2 states with a statue of repose. It is actionable, meaning debtor can sue, against the scumbag trying to collect on an out of statue debt.

In other states you have to assert your rights and may still get sued (and lose) if you don't assert SOL in your answer.

If any credit contract uses the choice of law of these two states, it may be possible to assert the repose statue, even if you do not live in those states.

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Well i did a quick check on my 3 credit reports and nothing from Arrow shows up. So do you think that means they themselves know it's SOL so they are trying to collect on the low-low?

And what's scary is i'm pretty sure in like 1998 i closed and paid this account now that i've had time to think about it. I'll be darned if i know where the paper work would be now to prove that though. But weird part is this item shows on my credit still as closed, paid, under "accounts in satisafctory condition". I never could figure out why it's still even listed on all 3 of my credit reports anyway? I literally have not used it since 1992. Either way Arrow has no case because i have proof that it's been closed and is paid...all three CRA's even say so. AND it's way out of SOL.

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