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I am trying to clean up my credit so that we can buy a car in a couple of years. However,I am not sure about how to proceed. I have 2 old Capital One accounts that have a DOLA of October 2000. They are with collection agency that shows a DOLA of April 2003, but this particular agency has held the debt since June 2008. I am quite confused as to what type of activity "restarts the clock" and what to do next.
Please help
Thanks
Hello Paul, If you make any payment on this debt it will reset the SOL. If Capitol one listed the DOLA as October 2000 then this debt by rights should have fell off by now. Even with the collector reporting a DOLA of April 2003 then this debt should fall off this year. Did you pull your report and see when it is scheduled to quit being reported? Debts (and also postivie remarks) all have a date that listed with them on your report. It will say under that debt listing, scheduled to be reported until...then the date. Look and see what that date is.
My only confusion is why there is such a difference between the collector and the original creditor.
statute of limitations
Hi Paul,
The Statute of Limitations is considered from the date of first delinquency. When statute expires, and you make a payment agreement or any other activity referring the account, you restart the clock. If the collection agency holds the debt from June 2008, then they can't report the date of last activity (DOLA) as April 2003. Re-aging of debt is considered illegal if not done with the consent of the debtor. Thus, you can dispute this with the credit bureaus. Along with the dispute letter to the bureaus, you need to attach the proof of your last payment.
You will get a sample dispute letter at http://www.creditmagic.org/repair/dispute-letter.html.
Thanks,
Aaron
what state do you live in? even 03 is too old to show on your report. If they can't report and they can't sue you then, frankly I see no reason for you to pay this. Send a cease and desist letter so they stop contacting you.