John Agan

Sweet!!! Great news! Thank you very much!

I have an amex collection that is ~10 years old. It's not on my credit report, but I can never open another amex again unless it's paid. I have flawless credit right now and I'm worried if I pay them, then I'll have a "paid collection" on my report for the next 7 years. The rep at amex said it would never show up because it's so old, but I know that it's based on last activity date, so I'm not buying that story. What's the rules on that?

I have a collection that is ~10yrs old. There are no traces of it on my credit report. If I paid it off today, would it get reported as a paid collection for the next 7 years?

In a prior life (2001) I closed a business and had multiple accounts go into collection. I've since worked my way back to good credit and now have over a 720 score with no negative marks. I have always been rejected for Amex and never knew why. Meanwhile, other banks freely give me whatever I want. Today, I finally called to find out why. Apparently, I personally guaranteed a corporate Amex, which still holds a balance of ~$6400. It's obviously not on my credit report and won't be considering reporting guidelines, but I don't like the fact that I can't ever have an amex either. I would never pay them $6400, but even if I negotiated for some obscenely low amount, it would end up being reported on my credit report as a paid collection. I fully expect the common response is to say screw amex, which has been my mentality, but a part of me wants to resolve it. Any ideas on what I should do?

I'm sorry to bring this back from the grave, but is this still true? Does USAA not pull before closing? I have an approval going with them now and we should be closing within 30 days of application. They state in my conditions that the credit report is good for 90-days. However, I hear rumors of companies checking inquires before closing. Seems like a cost to both them and myself, having another ding and them another fee.

This is my same logic. We weren't interested in purchasing it and the lease is up. MarvBear made a great point that I don't even have the authority to do a voluntarily repo. I should just drive it up there and drop the keys off at the front desk and bounce. After all, I'm in the wrong no matter how I slice it because I can't sign off on the lease either to turn it in.

That's understandable. I apologize for the confusion. Yes, please move it. Thanks

My mother leased a BMW three years ago, in her name only. Unfortunately, she passed six months later. We continued to fulfill her obligation to BMW, without informing BMW of her death. I understand that is a violation in itself according to BMW's lease policy, but let's ignore it for now. Fast-forward to today; The leased vehicle is due for turn-in in Oct. I will hopefully be closing on a home in Oct as well and need all the cash I can get my hands on. I haven't paid the final two payments on the BMW because of this, which means I owe roughly $1100 to BMW right now. There is no money in her estate to sue for, so I am almost considering just doing a voluntary repo. What's the worst that can happen? Any suggestions would be appreciated.

No one has any suggestions?

I submitted a dispute, via certified mail, to Equifax disputing an Asset Acceptance account. In this letter, I disputed the account like this: Aac - Asset Acceptance Corp - The date opened is not listed and should be stated or delete this trade line. - The account number is not reported. Please correct this or delete this trade line. - The status is showing 120+ Days Past Due and I have never had a payment arrangement with this agency to be late on. Please correct or delete this trade line. - The date of the last activity is listed as Jul 2002, when in fact it is Mar 2002 (documentation included). Please correct or delete this trade line. - This account has been erroneously reported and I have had it removed twice, yet Equifax continues to re-report this account. I included a letter / statement from Asset Acceptance stating my last activity date is 3/28/2002. 30 days later, I get the (digital) acknowledgment of the resolution to see it has been verified and not changed. I called Equifax and the agent said I did not dispute the last activity date, only the status. Needless to say, I was furious! However, I re disputed online, this time ONLY disputing last activity date. Today, 30 days later, Equifax claims they have verified with Asset Acceptance that my last activity date is 7/2002. What are my options here? My score is in the 700s, but it's mere principal at this point. I have had it with this company (AAC)!

Nice, I like it! Thanks

Sounds good, but what legal document and section can I refer to?

I read once that an agency reporting past dues on a collection account is incorrectly reported if you have not made payment arrangements with them. Is this true? The situation is that I have an account with Asset Acceptance, to whom I have never paid, nor made arrangements with. I disputed every line item on the account and included disputing my 23+ 90 day past dues. They came back verified and then increased the last activity date by almost 3 years. I have a letter from Asset Acceptance stating my last activity date is 2/02, but I don't know how to attack the past dues. Any help with wording would be greatly appreciated!

Here is my follow up letter: Chexsystems 7805 Hudson Road Suite 100 Woodbury, MN 55125 1-800 513 7125 My Name Address City, State Zip Date: CMRRR #XXXXX Dear Chexsystems: After reviewing the file that you maintain under my ss# XXX-XX-XXXX and your response claiming verification, I see that you are still reporting incorrect, or inaccurate information. Please delete immediately. Name: Bank of America Date reported: 09-15-2004 Account Number: XXXXXXXXXX You state the account was verified and updated, yet you did not provide me with the documentation used to verify this. Further more, you completely disregarded the "reason" for closing. It currently states that it was closed for "Account Abuse", yet there is no justification for such a status. This should be removed immediately as it is preventing me from opening a bank account. You have 30 days to verify this information and to provide me with a document bearing my original signature. If you cannot, I am demanding removal under the FCRA. Sincerely, Good Luck!

That wouldn't be legal. The 7-year reporting period starts on the date of first delinquency with the original creditor. It isn't reset by payment, partial payment, settlement, assignment or sale to collections, etc. I always though it was based on last activity date. Maybe the last activity on the primary?