This is very confusing, but here goes. I had an account with BofA that (listed as closed on my credit report on 2/2006, due to non-payment, 18,000) was some how transferred to another BofA account (different account number) with a higher balance, 25,000. It's the same account as indicated by both acknowledge the open date as 11/1986. Then the account was sold to a credit collector (Asset Acceptance) that uses the second BofA's balance information. I phoned BofA and was told the first account was closed in 7/2006 and sold to the credit collector in 2008. During the conversation with BofA, I asked about the second BofA account and was told it was re-assigned a different account number. As I said, very confusing. Can any one please give insight if this is legal for BofA to re-assign an account number and raise the balance? And, what should I do to correct this on my credit report. Now, Assest Acceptance has sold to Monarch Recovery (formally Academy Collection) who has recently sent a collection notice. I know statue of limitations for Texas is 4 years but federal remains 7 years. Both Asset and Monarch list the original creditor as the second BofA account number. Any insight would help, Thanks, gin
Don't confuse the statute of limitations for reporting with the one for collecting. If your state's SOL is 4 years, then after that if you are sued you go to court and raise the defense that it is past the statute of limitations. The 7-year SOL is how long it can be reported to the CRAs. Federal law doesn't state how long they have to collect, that's governed by state law.
Thank you very much for the SOL information. Could you please direct me to any posts that address legally re-assigning an account number to the same credit card account reported on the credit report sites. Thanks for all your help, gin
I wouldn't worry about the SOL or any of that. I would just dispute it with the CRAs stating that it's the wrong account number. It might even get deleted after that. Then, if that doesn't work, request validation of the debt from the collection agency. They won't have the records because it's been sold so many times and more than likely it will be removed then. Next, dispute it with BoA and request an investigation (not validation). If that doesn't work, threaten to sue them.
