[KittieKat]

Yes, that helps alot. In the state where they orginated it is 4 years. In the state I moved to, it's 6 years. I was just curious as I really want to pay these people anyhow. I am assuming that a late but paid account will bring my points up versus a write off or in collections account?

[roxette]

Yes Linda, the first preference is obviously better. Do not let any derogatory remark hit your file. You can pay them in the later period of time but you can't remove the negative info from your file and sadly, it stays there for 7 long years.

And looking into today's credit world, we need to have a good and impressive file.

My debt of 12K is past SOL, and has one year to come off CR. When my mother died, I was put in a financial nightmare, and now although I can afford to pay this many times over, I would be penalized in the credit system for 7 more years. If I ask AAC to validate it, they may sue me, so is it better to wait it out to come off credit report, or still ask for the validation. The account was charged off in 01/00 and they report on CRA as AAC, asset acceptance llc, and as Asset Acceptance. They have not changed the DLA, but adding interest and so forth I can not understand. Does asking for validation even way after the initial 30 days work, and does AAC automatically sue? I don't see how they calculate the interest either on a charged off account. thanks to all.

[LCW]

You can not be sued for asking for validation (though i guess it could be a little like poking a bear with a stick). It is your right under federal law. Asset Acceptance can only report once (though they may continue to update that report over time). You need to dispute with the Credit Reporting Agency (CRA) and have two of their reports removed. Otherwise it is a violation of the Fair Credit Reporting Act (FCRA). IF they refuse to delete the additional reports, then you should file complaints with the FTC, Your State Attorney General.

If you are certain these debts are all out side the statute of Limitations (SOL) then asset cannot sue you over them. However I am concerned, you state the last date of Action is 01/00. Most sates Statutory period is 7 years (coinciding with when negative reports must be dropped). Under the law negative reports can only remain on your report for 7 years, however they may be removed by the person or business that reported them at any time.

Now, ( assume it is also of the SOL), you may be in a better position than you think. From your post you sound as though you want to pay this debt, but are afraid of other consequences. You maybe in a position to strike a deal. You may want to offer a settlement (even if full value), make as a condition of that settlement within 30 days they must remove all negative credit reporting.

Get this agreement in witting so if they do not remove the reports, you can then dispute them and heave them legally removed based on their stated agreement in the letter.
An acceptable alternative may be to have the debt updated to show "Paid" or "Paid In Full" (though less desirable , as they will still show as a collection Item for the next Seven years). But it is better a paid collection than a open collection.

Additionally DO NOT PAY with check by phone, credit/Debit card, Western Union or Money gram. These people have been known in the past to continue taking money out of peoples account with out authorization.

Send the payment in the form of Check or Money Order (cashiers check, etc) by Mail (Certified Mail Return Receipt Requested, or CMRR) or Over night only . The signature receipt or way bill and delivery report from the overnight carrier (fed Ex, UPS, and DHL all have this available on line) along with the cashed check or money order stub will be your proof of payment (in case they refuse to send you a receipt). Since this is a large amount you may want to consult an attorney to deal with them to make sure you are covered.

You are dealing with one of the worst collectors, but talking to them is the best course of action in this case. They are greedy, and may be willing to arrive at a settlement if they know they will get paid.

Congratulations on achieving a position that you can actually pay this debt in full with out a problem.

I hope you are able to resolve this amicable in a speedy manner. Please update us on the situation.

[ben]

Timbo,

12K is quite a large amount and you should give some thought before you make a payment agreement at this situation.

If you agree to do so, make sure that you will continue the payments till the account is paid in full. Since the SOL will already be renewed once you make a payment, the negative remark will stay in your file for another 7 years from the date of last activity.

At this stage, as the debt is past the SOL period, you can neither be forced to pay this debt nor there can be any lawsuit against you. And since you are nearing the 7 year mark, it is better to wait till that time. Right now, your file will be giving a negative view for another 1 year. If you activate the SOL and somehow fail to make the payment, its impact will be longer.

I will always recommended to pay the past debts but looking into the present situation you are in, I will prefer to wait till the time it is removed from the CR. And remember, you are dealing with a collection agency that has the worst feedback from the consumers. So, be careful on this thought as well.

The statute of limitations to collect a debt has no bearing on the time an account can be reported. Therefore, requesting to have it deleted from the credit reporting agencies is a waste of time. Kindly refer to the Fair Credit Reporting Act for more information.

Thanks for the quick replies. It will drop off CRA in in 1 year so I think best to wait it out. Thank you Clay and Ben and others. It is definitely past SOL and
13 months to go on CRA till 01/07. Reading the stories on here, I don't want to even deal with them. I am like most people who got in a financial jam when my mom died, but I have to look at it from a business end, and let the clock run out. I fly from overseas to home tomorrow and wish you all good wishes during the holidays. I read this column and have successfully deleted entries from sixty down to five, and only one derog. (Asset, of course). I normally don't post, only read, so thank you all for your advice on this remaining black mark. For the rest of you, keep your head up and persistent on making things accurate, I did it, it takes a while, but the things I have learned, many from this site are invaluable.

[roxette]

Hi Timbo

Make sure that you place the account on dispute every time you are contacted by a CA. If you do not respond to the collection letter or do not place it on dispute, things can take a negative shape. The collector will assume that you are avoiding the debt and as a result take the matter to the court. The judge will also take the decision in his favor after failing to see your defense. So, a written dispute from your side is very important. We all wish happy holidays to you too. Take care.

There is an entry on credit report by Asset Acceptance for a debt owed to GATEWAY. First of all, I have never knowingly done business with this company ( who lists orig debt of $2700, which has grown to $3200 since). I have asked for validation, yet none has been sent by CA, instead I am told to contact GATEWAY for verification of this account. This has cause some credit issues for me and I could use some advise.

[david]

Carl,

Do you have proof of the date when you sent the validation letter to Asset Acceptance? By law, after you have asked an agency to validate the debt in writing, they are required to serve the details within 30 days. If they do not respond with proper details, you can inform the CRA about their failing attempts. The CRA will verify the matter and remove the item from your file if your dispute is found correct.

Have you contacted GATEWAY about inquiring this account? Legally, the CA is required to serve the details once they are holding your account. If you have anything to dispute over, it is their responsibility to verify it with the OC and serve you the details.

Send all your letters through certified mail with return receipt requested. Keep everything documented in a file so that you have proof of all your actions taken.

What about jerks like those at Primer Credit Managment, 866-808-7175, who keep calling claiming people who owe debts live here when said people don't live here? And they get cocky and all smart ass and resist when you ask for a supervisor and the even when you finally get a supervisor they too are smart ass and start accusing you of "threatening" their employee when the only 'threat' made was that if they don't stop calling you'll file a complaint...then they just laugh.
Ass holes who hide behind phones and harass others with no legal right to do so....I'd love to meet them on the street just once, but then they'd just run and cry to their mommies like stinking democrates

[kscornell]

Hey DebtFree,
Reminder: those "Stinking Democrates" will have control of the House AND the Senate in January!!!!!!!

HELP HELP. I have received a court filed letter stating that Assets Acceptance LLC has filed a law suit against me. I have over $10,000 on a credit card they evidently purchased. Because of circumstances, I am not able to make any payments, and am barly making my ends meet to keep a roof over my head. I have absolutely no money after i pay my neccessary living expenses. What do I do. I put them off thinking they couldnt do anything to me. Now Im concerned about this lawsuit, and if they will be able to garnish my wages, take money from my bank accounts etc. Im in deep trouble, put have absolutely no way of being able to pay any amount to them right now. What can they do to me, and what can I do to prolong their action, or stop it.

So if the Statute of Limitations has run, can the collection agency legally continue to report the account to the credit bureaus?

I have a question, since most of the people in this forum say a negative report can stay 7 years in the credit report. But, if the negative hit was made by one CA, then other two or three CAs took over subsequently...the seven years start from the date the first CA reported it, or it is 7 years per CA?
thanks a lot

[Morningstar]

7 years from the last date of activity. Last date of activity is either usually a payment or charge off (180 days into default). Unless the CA is illegally reaging the debt, then it will stay on for just seven years, regardless of how many CA's touch it (unless you make a payment).