Purchased accounts for collection

I think the first step would be to send each of the collection agencies claiming your account a debt validation letter. In order for them to collect, they have prove that this debt is accurate and belongs to you. If they are unable to do this, you can contest these accounts with the credit bureaus to have them investigate.

I'm sure someone else will come along with more specific advice :)

Have you checked to see if it is past the statue of limitations? 10 years seems like an awful long time to me.

Dear Whodette,

Before making any sort of payment, please check out the Statute of Limitation (SOL) period of your state. By the way, in which state do you live in?

Generally, unsecured debts like that of credit cards have a SOL anything between 3 to 6 years. Hence, I think that your SOL has already expired (10 years).

But let me tell you that SOL can restart under the following circumstances: -
??????? If you have made any kind of payment to the collection agency or the creditor, either within SOL period or after it????????s expiry, or
??????? If you acknowledge to the creditor or a collection agency that you had actually taken the credit, or
??????? If you make a promise to pay the debt by signing a promissory note.

So, be cautious before going to make any payment and should check with your state laws whether the SOL has expired.

I think that the collection agency is trying pressure tactics to make you pay for that old debt (even a Token-amount) so that the SOL starts again and they get the chance to seek judgment against you.

Regards,

Phoenix

10 years...it shouldn't even be on your credit report since that can only stay for 7 years. Definately DV these people and force them to prove this account.