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varinia

Junk debt floats how long?

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So, in 1998 I settled a BOA charge off with a debt collector. That was before I knew much about credit. 

 

In 2003 I started working on my credit and found that BOA still carried the full debt as being owed. I sued them in small claims court. I met with BOA lawyers before court, showed proof that I paid and they paid me $ 1500 to settle it. 

 

4 years ago I started getting calls again from various debt collectors about BOA oustanding account. I kept telling people that that was dealt with in 1998, but of course they didn't believe. Every 6 months or so I'd get a new collector calling, leaving messages. I ignored, but I'm getting quite p.o., because some of them called me several times per day etc. Nobody ever wrote (well, I wouldn't give them my address, just said that if they were legit, they would know where I lived).

 

A new collector just sent me a dunning letter. I responded that it's been settled, as well as my court case number with BOA CRRR. But I no longer have any of the old paperwork. I move a lot and tend to lighten my load every so often, as by law you're not having to keep paperwork longer than 7 years. I no longer have the old documents where I paid the collector in 1998. 

 

Technically, it's way past collection deadline anyway, even if I hadn't settled this. But I'm a real estate investor and get mortgages frequently. My almost 800 score is super important and I can't have these companies potentially ruin my credit. 

 

How long can this stuff legally float around?

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They can't report something that old to your credit, so don't worry about that.

 

If you are contacted by a JDB, send them a FOAD letter.

 

 

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It can live ad infinitum.  However, it is not something that can report nor is it something that would be within the statute of limitations for litigation, even presuming it was something other than consumer debt (commercial debt can have different sandbox rules in regard to some matters). 

 

For future reference, it is ALWAYS worth keeping settlement documents even if you ditch the rest of the file.  You may find some of the documents on file with the Clerk's office since it will indicate who moved to dismiss and whether the dismissal was with or without prejudice.  The law does not speak to how long you HAVE to hold something, although there are certainly some areas where retention practices are codified.  However, those are a minimum threshold, not an absolute threshold.  It is for these reasons that I still keep all of my records related to warrants that I issued more than twenty years ago (some of which are actually still outstanding). 

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If BOA Sold the settled account ,  you can sue them Again ,  and with vicarious liability for harassment by CA & JDB's 

 

should have asked the JDB for proof / validation with OC statements. 

 

 

 

 

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You can also sue whoever sent you  a dunning letter for a time barred account, it's an obvious FDCPA violation, maybe stete too, depending on where you live. Just make sure it's a legit, actual CA, not some scammer from Buffalo. 

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