statute of limitations

i filed for bankrupcy, my court date was december 16, 1990, it still shows up on my credit report, i thought after 7 years it was removed?

Hi ginnie

As per the fdcpa laws, negative information is removed from the credit report after 7 years reporting time. If bankruptcy is shown in your file as of now, it might be a possible error by the bureaus. Send a letter of dispute highlighting the item.

The bureaus will verify it in their records and update your file. They will also send you a free copy of your report at your mailing address.

Regards
Roxette

I have been contacted for some time now by Assest Acceptance regarding a supposed credit card that was turned over to them for collection. They have informed me, in March of this year, that this account was for citibank credit card that was turned over to them in 1997. I do not even remember having such credit card. However, I am wondering what the SOL is on such a collection. From reading this website, which I stumbled on by accident, I am by far not the only one who has had trouble with this company. They have even contacted by parents, as the last phone number they had, I guess and asking how I can be reached. Is this legal, I am not sure of SOL laws in my state---Illinois.

I forgot to tell you that I have had a credit report completed in the past 6 months, to obtain a home loan. Reports from all three agency's did not list anything from assest acceptance. Do I need to worry?

Need assistance with the above entries...still waiting...

I am the cc posted above, not a guest have joined the membership enrollment!!!!

Hi Cindy,

Sorry to keep you waiting for some time.

As I have replied all these queries in other thread also where you have posted earlier, you don't need to worry at all as long as Asset Acceptance cannot prove the said debt legally. If they are holding the debt genuinely, they will need to provide the necessary information first hand. Also, I have posted the physical address of them so that your certified mail is acknowledged.

In Illinois, the Statute of Limitation is 5 years on open contracts and 10 years on written contracts. So, it appears that the said debt is past the SOL period also. If situations still remain the same, you might think about hiring an attorney.

Regards
Roxette

What is the SOL for NYC? and if the debt was incurred in NYC then I moved to Florida, and there has been no activity on the account since 1994 has the SOL expired. Which would apply if no suit was filed?

Hi Jackie

Welcome to the forums.

SOL for a particular debt usually expires if there is no activity for such a long time. However, in specific terms, in which state did the account showed date of last activity? If it is New York, it is six years and if it is Florida, it is 5 years.

This account should also not appear in your credit report as it has passed the 7 years reporting period as per the FCRA laws. Check your latest credit copy and verify this account.

Regards
Roxette

I also have Asset Acceptance contacting me regarding two credit cards that defaulted from 1995. I am trying to clean up my credit report and contacted Asset Acceptance to make arrangments for a credit card they are listing on my credit report. When i contacted them they informed me they had two files, the second one being the credit card that was charged off in 1995. I made verbal arrangment to make payment on the one that they have listed on my credit report but now don't know which one is legal. So my questions is are these open contracts or written contracts? also if they have exceeded the SOL (Illinois) can i have both of them removed from my credit reports - one listed as a 1995 charge off and the one with Asset Acceptance. Both cards were defaulted in 1995.

Hi KarenMarie

Welcome to the forums.

Your debt accounts have shown the date of last activity in the year 1995. This means that they are out of the SOL period and Asset cannot force legal actions to pay it.

By this time, these accounts should not be listed in your credit report also as they have passed the 7 years reporting time as per the FCRA laws.

Check your latest credit report and see if the collection agency has hit your file and put any negative information on it.

Some companies try to re-age the debt accounts by changing the date of last activity so that the negative information can be kept in your file for longer period. This is violation of Consumer protection afforded by the FCRA Section 605 and you can file charges on the company if it is done.

Send a letter to Asset Acceptance explaining the status of the accounts and therefore stop all collection activities. Also, if they have reported anything on your credit file, it needs to be removed urgently.

Regards
Roxette

I have copies of two of my credit reports just pulled within the last two months. Asset has one of the cards listed on both reports - one report has n/a on the Date Opened the other report has 6/2002 as the date placed for collections and the lists 8/2005 as the updated date. The calls from Asset are coming two times a day now - I have sent a letter of validation that you have in your Sample letters but i don't know what to do now... Thanks for help....

Hi KarenMarie

Please send a letter to the credit bureau that is reporting this account. Highlight the entry and request for a thorough investigation.

Upon verification, if your dispute is found valid, the incorrect information will be removed from your file and you will be sent a free copy of it. You can also send a copy of it to the collection agency and urge to update your accounts by giving a trail of the fdcpa law. Please do mention in your letter about the SOL expiry.

Thank you so much for your assistance - I have made an appointment to speak with someone this evening -

One more question.... I'm being told that the SOL is reactivated each time my account is sold to another collection agency??? Is this correct??? That means a collection agency can hold on to my account for a few years and then sale it and the SOL dates is changed again?

No, this is not correct. SOL is renewed only when you make payment to the delinquent account. The statute of limitation is calculated from the date of last activity in your account and if you make payment again, the timeframe starts from the beginning.