It is listed as having been bought by lvnv collections, and they are listing it on my credit report (they keep re-reporting it as an open collections account, as recently as last month, but I have made no payments on it recently). I am not disputing the debit, but I think it should be much lower than it is. I had some particularly nastyness in my life when I first defaulted on this, and later was working on paying it. The net results is many of my records were destroyed. I think that I had gotten the debit down to about $150.00, but LVNV is now listing over $900.00 to the CRA's. I do not believe I have ever been contacted by LVNV.
I live in WA, and I had the CC in WA. Bank of America closed the account in early 2002 as transferred or sold. When I look up the SOL for open ended account, it lists 3 years. Does this mean:
a) That they do not have a right to collect it.
b) That I am likely to be able to use this as further leverage to have them list the debit as paid if I offer a settlement.
While I could be wrong, LVNV is a collection agency that is permitted to charge interest pursuant to the original credit agreement...therefore, the debt could still be growing. Demand validation from the collection agency--get a good breakdown of the balance.
a) No. Debts do not go away with time. SOL means that you could raise SOL as a defense if you were sued over this debt.
b) Quite possible. If you go this route, get it in writing before you pay.
Ok I thought as much with the first question...
For the second, if one has requested validation, will that weaken ones position in negotiatin the terms in the second question?
In the end, all they want is money...I wouldn't worry about it much. You do need to make sure you're not getting ripped off.
account
First things first...........get a copy of your credit report. Lok and see if that account is being reported as an 'open-ended' account. USUALLY, with 'charge-off' accounts, that means the account was sold to someone else ( the company or people) you had the account with assumes, by this time, the account will not be paid for. In THAT case, it will be on your credit as a 'deliquent/charged off' account. IF it is, look at the 'drop off' date ( listed to the right or the bottom of the account name) nad see when it will come off. From personal experience, I'm just giving advice. Hope this helps.
It doesn't list a date that it will fall off.
And it shows as reported as receintly as last month. but it is still showing as open.
credit report
Ok...if it is still an 'open account', it won't have a 'drop-off' date. If you have proof that the account is paid off, I would send a copy to the CA and a copy to the Credit Burea ( so they have a record of it). Then 'dispute' the item. The item may not 'drop-off' right away, because the account was just updated, but, it will appear as a 'closed account'. If it is a 'closed account' , THEN it should have a 'drop-off' date. Hope this makes sense and helps a bit.
Yup that certainly does help!
credit
Good..I'm glad it does. I had to this, on an account, that a CA said I STILL had opened. I sent a copy to the CA and a copy to the Credit Bureau.The account is still on my credit, but, now...it has a 'drop-off' date. Good.I'm gald I can help you.
So that account of yours had been paid off?