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  1. The 7-year reporting period for negative information is based upon the date of delinquency that led to collection or charge-off. See 15 U.S. Code 1681c(c). That date is referred to as the date of first delinquency (DOFD). A payment is not a delinquency. It is the lack of a timely payment that creates default. The only way a DOFD can be changed is if a delinquent account is brought back to a current status and then another (new) default occurs. Once an account is charged off, it can never be brought back to a current status. Therefore, the DOFD that led to charge off cannot be changed.
  2. @seekingknowledge The right to demand validation as described by the FDCPA is triggered only after receiving an initial communication from a debt collector. Finding a collection account on your credit report is not an initial communication. The debt collectors who have not responded have not violated the FDCPA.
  3. If the OC is reporting a -0- balance, then it has sold the account to a debt buyer, and it no longer has anything to do with the account. The OC would also have nothing to do with what the debt buyer (current owner) does or doesn’t do with it.
  4. “Validation” requests fall under 15 U.S. Code 1692g of the FDCPA. The FDCPA only applies to debt collectors. The OC is not a debt collector. You must dispute directly with the credit reporting agencies. Is the entry being reported inaccurately? If so, your dispute should point out the specific items in the entry that are incorrect (such amount, date of first delinquency, etc.). What is inaccurate about it? For future notice, finding a derogatory collection account from a debt collector on your credit report does not trigger your right to demand validation from the collector. It is triggered only after receiving an initial collection communication from a debt collector. The courts that have ruled on the issue have ruled that credit reporting is not an initial communication.
  5. By “main creditor”, I assume you mean the original creditor. Midland is a debt buyer. By purchasing your account, it owns the account, and the original creditor no longer has anything to do with it. Therefore, you cannot revert back to the original creditor.
  6. I’m not sure if it matters what was listed on your credit report. To be safe, you might want to contact an attorney to ask about a home equity line of credit SOL. That’s just what I would do for my own peace of mind.
  7. Have you made sure that the debt is time-barred? In my state, the SOL for written contracts is 3 years except for written contracts secured by a mortgage. If a contract is secured by a mortgage, the SOL is 20 years.
  8. You would need to read your state laws. In some states, attorneys are exempt from collection agency licensing laws. Even if a law firm is required to be licensed as a collection agency in your state, the language in the letter could make a difference. A letter merely informing a consumer that an account has been sold or is now being serviced by such and such agency but makes no demand for payment or offer to settle is not considered an attempt to collect a debt.
  9. The OP is in TX, not the 2nd Circuit. Also, the letter states that the creditor is Bank of Marin, not a JDB. Assuming Bank of Marin still owns the account, it would not be liable under the FDCPA. However, the attorney would be liable. In the event debt is, indeed, time-barred, in Daugherty v. Convergent Outsourcing, Inc., the 5th Circuit Court of Appeals ruled: ”While it is not automatically unlawful for a debt collector to seek payment of a time-barred debt, a collection letter violates the FDCPA when its statements could mislead an unsophisticated consumer to believe that her time-barred debt is legally enforceable, regardless of whether litigation is threatened.” If the OP desires to pursue further action, he should contact an attorney to determine whether or not the letter would be considered misleading as to the legal enforceability of the debt.
  10. The status date has nothing to do with the DOFD. Reporting a “status date” has no effect on when a TL will fall off a credit report. The status date can be reported as 2018, but the TL will still be required to disappear 7.5 years from the 2015 DOFD.
  11. The caller probably resides in and works out of his parents’ basement using a burner phone. It’s doubtful he has either documentation or a business address.
  12. I see what you mean. I can understand how a refi would be a new agreement. My thinking was more along the lines of a charged off credit card and a settlement agreement with a debt buyer like Midland.
  13. The FCRA specifies that accounts charged to profit and loss remain for 7.5 years from the date of first delinquency that led to collection or charge off. 1681c(c) (c)Running of reporting period (1)In general The 7-year period referred to in paragraphs (4) and (6) of subsection (a) shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action. The only way an account can become delinquent is if it is a current account. Once an account is charged off, it cannot be brought back to a current status. Therefore, the date of first delinquency that led to the charge off cannot change. Even if there is a written agreement to pay the charged-off balance, the new agreement is still for the same delinquent, charged-off, collection account. It is still already delinquent. The agreement does not turn it into a new, current account.
  14. Well, leaving NC before the 3-year SOL period had passed, tolled the SOL. That means the SOL clock in that state stopped running when you moved. As a result, the limitations period in NC has not passed.
  15. Just a note: While the DOFD determines the credit reporting period, it doesn’t always determine the SOL for collection in individual states. In NC, the SOL can be reset (extended) by making a payment. Although the statute of limitations on contract obligations is three years, a new promise to pay or partial payment of an existing debt may extend the time to collect the debt up to three years from the time of the new promise or partial payment. Andrus v. IQMax, Inc., 190 N.C.App. 426, 428, 660 S.E.2d 107, 109 (2008). NC Statute § 1-26. New promise must be in writing. No acknowledgment or promise is evidence of a new or continuing contract, from which the statutes of limitations run, unless it is contained in some writing signed by the party to be charged thereby; but this section does not alter the effect of any payment of principal or interest.
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