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Asset acceptance


CastelF
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Who is the OC? What is the DLA (Date of Last Activity) on the original account?  If Asset acquired the debt in 2008, then it'll be another 7.5ish years until it is removed.  Of course, if you give asset any money (or they inaccurately report the open date/DLA), it could be longer.

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The SoL and the time an entry remains in your credit file are two different things.  The SoL merely dictates the cutoff for someone to bring action against you--it does not absolve the debt or remove it from your CRs.  Theoretically, whoever owns the debt could make collection attempts every day for eternity, they just can't prevail in a lawsuit if the SoL has been reached.  Generally,  the CRAs remove records after 7.5 years from the date they were originally listed.

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Who is the OC? What is the DLA (Date of Last Activity) on the original account?  If Asset acquired the debt in 2008, then it'll be another 7.5ish years until it is removed.  Of course, if you give asset any money (or they inaccurately report the open date/DLA), it could be longer.

 

This isn't correct.  This is a practice known as "re-aging" a debt. They are obligated to report it from the original date that default occurred from the original creditor.  The FCRA protects consumers against such practices to prevent things from remaining on a credit report longer than 7.5 years, each time the account is bumped down the road to the next Junk Debt Buyer.  The Statute of Limitations in CT, according to Chapter 926 Sec. 52-576, is 6 years.  If your last activity was indeed June 2006, then you passed SOL in June 2012.  They can't collect, as you now have a SOL Defense should they sue you 

 

If it were me, I would just wait until the time passes which should be December 2013.  In January of 2014 I would contact a consumer defense attorney and sue them for FCRA violations and misrepresenting the statues of the debt.

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This isn't correct.  This is a practice known as "re-aging" a debt. They are obligated to report it from the original date that default occurred from the original creditor.  The FCRA protects consumers against such practices to prevent things from remaining on a credit report longer than 7.5 years, each time the account is bumped down the road to the next Junk Debt Buyer.  The Statute of Limitations in CT, according to Chapter 926 Sec. 52-576, is 6 years.  If your last activity was indeed June 2006, then you passed SOL in June 2012.  They can't collect, as you now have a SOL Defense should they sue you 

 

If it were me, I would just wait until the time passes which should be December 2013.  In January of 2014 I would contact a consumer defense attorney and sue them for FCRA violations and misrepresenting the statues of the debt.

 

Weary Traveler is correct--thanks for catching that.  What is known as the "FCRA Compliance Date" is essentially the date of default.  A JDB should report the date that the OC reported as the default date.  And I agree with his advice.  Wait it out, and if it's not gone when it should be then talk to an attorney.

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