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Sold CO - Incorrectly Reporting


Rogue
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The last post in this topic was posted 2302 days ago. 

 

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As previously mentioned in my Midland thread, I have been assisting my sister with her post-divorce credit apocalypse. She started with fifteen negatives on each report and is now down to three negatives (same items) on all three. However the negative items are now getting much more difficult.

 

The next item we are attacking is a Visa issued by a major bank that was charged-off for about $5K that is beyond SOL for collecting. Interesting note about this account, there was never any attempt to collect by the OC, literally NO contact for about three years, then it was suddenly sold to a JDB who appeared on her reports. The JDB also never contacted her, not even an initial collection letter! And that JDB is now long gone from her reports but that still leaves the OC reporting on all three reports!

 

On both TU & EQ the reporting is correct and reported with a zero balance and transfer/sold. However on Experian a past due balance and a recent balance are both being reported and there is NO reporting of this account being sold/transferred:

 

Status:
Account charged off; $5,102 written off; $1,469 past due as of May 2011.

 

Credit Limit/Original Amount:
$5,000
High Balance:
$5,102
Recent Balance:
$5,102

 

The priority for my sister is clean reports (which she needs by October) over monetary damages. My other thoughts at the moment are if she sued in Small Claims Court for FCRA violations, the OC would get the lawsuit remanded to Federal Court and then we have to get lawyers involved and the entire process gets delayed. Damages would be nice, but this would only apply to their Experian reporting. What I would like to attempt instead, is to leverage this violation into a deletion from ALL her credit reports, which is the priority objective! Maybe a dispute demanding deletion from ALL CRA's or she will hold the OC liable for any and all FCRA violations and "other" damages due to their errant reporting?

 

We would greatly appreciate any advice from the collective wisdom of the credit rebuilding gurus here at CB. Again, cash is nice, but the priority for her is clean reports ASAP! Thanks!

Edited by Rogue
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Do you live in a state where they can't collect beyond the SOL?

 

Have you already disputed the trade line with EX?

She lives in a state where they can't collect beyond the SOL, however I have never even heard of that before, what's the point of a SOL if creditors can still pursue collection? Sounds like an oxymoronic set of statutes if any state permitted collection beyond the SOL.

 

This trade line has NOT been touched or disputed in any way on any CRA, thus my post here at CB. The fear is that an easy EX deletion is obtained while the corresponding EQ & TU reporting gets super glued to her reports. which are accurately reporting.

 

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She lives in a state where they can't collect beyond the SOL, however I have never even heard of that before, what's the point of a SOL if creditors can still pursue collection? Sounds like an oxymoronic set of statutes if any state permitted collection beyond the SOL.

 

 

 

The statute of limitations refers solely to the time period within which a collector can pursue judicial means to compel payment. In most states, non-judicial collections activity is perfectly legal until the end of time. The only thing they can't do after the expiration of the SOL is file a civil complaint against you.

 

On a related note, even after the FCRA-defined SOL for reporting activity expires, they can still attempt to collect on the account - they just can no longer report the account.

 

However, in some states, collections activity post-expiry of SOL is illegal. This is what TX-Bluebonnet is referring to.

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She lives in a state where they can't collect beyond the SOL, however I have never even heard of that before, what's the point of a SOL if creditors can still pursue collection? Sounds like an oxymoronic set of statutes if any state permitted collection beyond the SOL.

 

 

 

The statute of limitations refers solely to the time period within which a collector can pursue judicial means to compel payment. In most states, non-judicial collections activity is perfectly legal until the end of time. The only thing they can't do after the expiration of the SOL is file a civil complaint against you.

 

On a related note, even after the FCRA-defined SOL for reporting activity expires, they can still attempt to collect on the account - they just can no longer report the account.

 

However, in some states, collections activity post-expiry of SOL is illegal. This is what TX-Bluebonnet is referring to.

 

Thank you, that final sentence clarifies the matter. Yeah creditors in most states can attempt to collect forever, however once a consumer is post SOL, who really cares.

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1) In Wisconsin and Mississippi the Statute of limitations is also a Statute of Repose;

 

once it's past the SOL in those 2 states, you no longer owe it, period.

 

& that's why it's illegal to attempt to collect

 

and also explains why CA's try to trick you into a partial payment or acknowledgement

 

Miss; 15-1-3 Completion of limitation extinguishes right; partial payment
(1) The completion of the period of limitation prescribed to bar any action, shall defeat and extinguish the right as well as the remedy. However, the former legal obligation shall be a sufficient consideration to uphold a new promise based thereon.
(2) In any case founded on a debt, when any part of the debt shall have been paid, or an acknowledgment of an existing liability, debt or claim, or any promise to pay the same shall have been made, the statute of limitations not having run, an action may be brought in such case within the period prescribed for the same, with the said period to begin after such payment, acknowledgment or promise. ( a payment within the SOL restarts the running date; so if you're one month from the SOL running out, and you make a payment , it starts all over again)
2) you can only sue for FCRA violations after you dispute and it's not corrected. you have to dispute it as inaccurate
if it's reported as $0 balance , paid it actually helps scoring because it turns into a positive account with Age, that helps the AAOA
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