Asset Acceptance - SOL - Military
Date: Tue, 02/14/2006 - 08:37
Problem is for military clearance I have to list debts as it will show on CRA when they pull report which will be before 01/07. If I pay AAC now, it will screw me for 7 more years. I am not legally liable but they are not reporting a charge off at 0 balance like Household. (I would have no problem, then). They are reporting as if it was never charge off and I owe the 20K. It is catch 22, as I have to go through this process now.
Can I still ask for debt validation after 6 yrs 2 mos on this? If so will it trigger lawsuit from them? I just want it to show as charge-off, 0 balance or eliminated, but they won't do that until 01/07. Any help appreciated
Asking for validation could retart the statute of limitations al
Asking for validation could retart the statute of limitations all over again. You may want to contact an attorney for guidence on this one. If it is past the SOL, but less than 7 years it must remain on your credit report for 7 years per Federal law. Just becasue Household sold them the account, does not change the stautory date of last activity.
It sounds like Asset Acceptance may have illegally tried to re age the account. Consider consulting an attorney who specialized in FCRA, as well as filing complaints with the State attorney general, and FTC.
You may want to dispute the report with the CRA , (which would not restart the SOL clock), then when they investigation is complete (assuming the debt is validated by them), request their documentation from the investigation. In any of these circumstances , yo rishk poking a sleeping dog with a stick and its consequences.
AS a last altenative, you may have to list this account with the military then try to expalin the situatuion surrounding it.
Quote:Asking for validation could restartt the statute of limita
Quote:
Asking for validation could restartt the statute of limitations all over again |
SOL is affected only when a payment is made towards the account or a promissory note is signed to pay the debt. Asking for debt validation will not restart the SOL unless you make a payment agreement. You have the legal rights to know about the details of the debt for which you are being contacted. After reviewing, you will consider if there is a need to dispute on it or to make a payment arrangement.
Trayetravel, when a creditor has sold the account to a collection agency, the account is reported as zero balance. This means that the debt will now be paid to the CA instead of the OC. In your case, it can be possible that Household has hired Asset to collect the money from you and that is why it has not been reported as expected. To get confirmed on this, contact the OC and get the actual status of this account. If you have a paper trail from your creditor, your approach will become stronger. With the help of your lawyer, you can file a case against the collection agency for marking derogatory information in your file.
You can always ask the CA on how the 15K debt summed up to 20K. Send a debt validation letter through certified mail so that your basis gets covered. In some cases, CA files a case against the consumer for not taking the responsibility to pay the debt. It is important that you show your response to the contact placed to you.
