Hello Everyone. There seems to be a lot of great advice on this site. Try this one... I am trying to by a house and a collection keeps popping up. When I was in college there was a discover booth shoving credit cards into students faces at the dining hall. I took one and had a line of $1000. It went into default before 2001 when it was sold. I paid nothing. I don't consider myself a credit criminal, but i was young and blew it off. This was a discover card and they currently have no files of me and i disputed it off my reports. Two years ago i disputed it and asked Credigy to provide me with the agreement i signed with discover in order to validate the debt. they sent me a halfassed letter just listing the history of the debt. like i said, buying a house is hard with this on my experian report. One other credit bureau told me it was going to come off my report, and it has. Except for experian. credigy has since sold it. i can't get through to experian. does credigy and the company who purchased it need to provide the signed agreement with discover?? can i fight this?
Hi Walnut
You should send a debt validation letter by certified mail to be sure whether the collection agency which is claiming the outstanding debt from you on behalf of Discover cards actually bought the debt from the original creditor. Just sending you details of how much you owe then is not debt validation. Debt validation should also include the documents in support of the proof that the debt has been sold off to the CA. If they cannot properly validate the debt, you can send dispute letters to the credit bureaus asking them to remove the listing from the report.
Hi walnutcreek
Can you be specific about which state are you in, so that I can help you out with the Statute of Limitation. If the statute of Limitation has expired, then you are no longer required to pay back the debt. Moreover, the seven year listing period in you credit report is also about to expire soon and your credit score will start improving. However, you should note that SOL ranges from 3 years to 10 years depending on the state you have signed the loan agreement. If your SOL has not expired, then even if the listing got removed from your credit report, the creditor can sue you and bring judgment against you.
Even though this debt may still be in statutes it has to falling off the posters report real soon. He said the debt was occured before 2001 so if you figure 7 and a half months it should either have fallen off or VERY close to it.
should, however I would monitor it very closely to make sure.
Hi walnutcreek
I too think that the SOL for your debt might have expired since it is a credit card debt. This is because in most of the states, the SOL for open ended accounts ranges from 3 years to 6 years, except for Wyoming where the SOL for open ended accounts is 8 years. Moreover, your seven years period of listing in your credit report is also about to expire and so you need not pay back the debt.
Walnut...can you give us the state you are from and we will look up the Statute of limitations for that state? This will help us in knowing if the SOL has expired. If this is the case you should definately NOT make any payments for you will restart the SOL time clock. By doing that you will risk being sued legally for repayment of the debt.
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