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Question
Recently (2010)I received a notice from a collection agency saying they were collecting on a credit card account from 1995. I do not remember anything about this debt and can not find anything on my credit report concerning it. They have started calling and I have stated that I have no knowledge of this and to please send me something in writing from the credit card. They are telling me that is not possible because they have bought the account and I now answer to them. Is there any kind of statue of limitations on old debt, and can the collection agency report me to ie;Equifax?
Today I recieved a letter from the same company that says I offered to settle for $150.00, which I never done. What is going on? Thank you.
Hi Kathy:
You are going to be very vigilant with this creditor as they are already showing significant signs of immorality.
I am assuming this debt is past the statute of limitations in your state - you may want to confirm this. My comments from this point assume that it is beyond the statute of limitations.
What you need to do is send them a certified letter saying you know the debt is beyond the statute of limitations, to cease and desist, and you want all future communication with them to be in writing. They are then allowed to contact you one more time and tell you their intentions after receiving that letter. Basically this should stop the calls. Keep records showing you sent it and any communication from them. In case they do not abide by the law, you can use that to start developing you case against them.
If the letter says something like "unless you notify us within 30 days..." you may want to also ask for debt validation under the FDCPA. You have no legal obligation to pay if it is beyond the SOL, but this is a solid technique that can really strengthen your case down the line. My concern is based on their actions already, you do not know how they will act. If they act unscrupulously, you want to have your evidence and case in line so you can win a lawsuit - if needed - stop them, and possibly collect a handsome some of money in the process.
Again, I believe the first letter will likely stop them, but you never know and want to protect your rights and be ready just in case. You should also periodically check your credit to make sure they are not reporting this old debt as current.
Good luck, I hope this helps.
Regan
REMOVE BAD CREDIT - www.ficofighter.com
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Answers by Expert:
Regan Shinski
Expertise
I can answer questions on collections, repossessions, bankruptcy, credit repair, credit counseling, FICO scores, credit planning, and the cause and effect of credit related decisions. I can also answer questions on collection settlements and preparing to sue your creditors for false debts and credit credit reporting.
Experience
Fifteen years ago I was financially devasted due to severe health issues. I filed bankruptcy, had a foreclosure, car repossession, tax lien, and ruined credit. I immersed myself in credit law. I settled dozens of accounts and had them removed to improve my credit. I personally sued four creditors and collection agencies and won cash settlements for their false reporting on my credit reports.
Since then, I have completely recovered and have nearly $100,000 in revolving credit lines and perfect credit. I have owned a credit repair company for the past five years and have an additional three years of specific work in the collections and debt management industry.
I am fully versed in the Fair Debt Collection Practices Acts (FDCPA), Fair Credit Reporting Act (FCRA), and have used them successfully in collection settlements and lawsuits for myself and others. I am also familiar with and abide by the Credit Repair Organizations Act (CROA).
I have deleted or helped delete literally hundreds and hundreds of derogatory items from consumers' credit reports and helped negotiate many settlements with collection agencies and creditors. I have also advised people on bankruptcy at any stage.
In the current credit market, I have successfully advised numerous people on how to obtain credit and how to negotiate for better terms.
Education/Credentials
BA University of Minnesota
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