head no longer in the sand

How to remove CA from CR past SOL but not past reporting time

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Need some help from any and all?  I am down to one collection account on my credit report.  The debt collector is good ole Asset Acceptance.  I owed the original creditor, Beneficial, $10,000 and my DOFD is Feb 2008.  (Business went south, lost my home, started a free-fall and making my way back now.)

 

I disputed this collection account with all 3 CRA's in mid-May.  The result was "verified" by all 3 CRA's.  Additionally, Asset Acceptance has been actively reporting every month now with new, additional interest costs.  The balance is now $13,712,

 

I have no documentation from Asset Acceptance, nor have I ever received a phone call from them.  I'm guessing I received documentation back in 2008, 2009, but I haven't been able to locate it and have nothing at this point.  They are not harassing me.

 

I compiled this original debt in the state of Oregon.  SOL in Oregon is 6 years.  I relocated to Nevada in 2012.  Here the statute is 4 years.  Either way, this debt is beyond SOL.

 

I just mailed out CMRRR second attempt disputes of this account, but don't feel optimistic that this strategy will work.  

 

I have not mailed out an FOAD letter yet, as they are not attempting to collect from me........other than actively updating the tradeline on the 3 CRA's with additional interest.  I have not DV'd them yet, as I'm not certain of the ramifications.  I also have not attempted the 623 method.

 

So I'm opening this up to suggestions.  Obviously this account will drop off in mid-2015, but I'm wanting to get it off sooner.  At minimum, I'd like to take an educated stab at attempting to get this account dropped from the Big 3 prior to next Summer.

 

Let me hear some ideas and I will execute ASAP.

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I have a few thoughts.

1. It's a very old debt and may not be hurting your score that much at this point.

2. Have you researched whether or not the CA needs a license to collect in Oregon? If so, are they licensed? If they need to be licensed to collect in OR but aren't, this is a FDCPA violation.

3. Are they allowed to add that amount or any interest at all to your balance? If not, this is a FDCPA violation.

4. If you have the money,you could do a pay for delete. I wouldn't offer more than 20% of the original amount.

5. If you find the Beneficial documentation, check to see if there's an arbitration agreement.

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While I certainly appreciate the "wanting to get it off sooner" the reality is you may not be able to.  While they cannot sue you often the option they exercise is reporting until the bitter end.  Based on what you posted I do not see that you have any leverage to get it removed sooner.  Even if they are illegally adding interest.  By the time you could start the CMRR letter paper trail to fight it and conclude the process you will be well into 2015 when it will drop anyway.

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I'm with "Clydesmom" on this one.  If your DOFD is February, 2008, as you noted, this will fall off of all reports in February, 2015.  Sometimes they will delete a couple of weeks early.

 

If you are not looking to buy a home, or car, just wait it out.  I wouldn't even bother sending a dispute to the CRA's.  All that will happen is they will send an email with a two digit number, and A$$et will respond all is correct.  Waste of postage.

 

Also, being a loan with Beneficial, the added interest is legit.  You'll find it in your original contract, as well as an Arbitration clause.  Plus, with the account nearing the run time, it has "seasoned" in for scoring.  Though it will still affect your score, it is not as damaging as a TL only two years old.

 

Just watch your CR's beginning in December.  If it is not gone by end of February, send a letter to the CRA's to have them delete it.  Most times they do not miss one, but, on occasion, it has happened.  And, no, it is not a violation if they are in error.

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