I was just thinking about what could be gained by having a sweet & perhaps short "blow by blow" protocol list regarding how to deal with collection agencies. Is that possible to get & have "Stickied"? ie. 1. OK, A CA is calling & sending mail... What do I do? -Responsive behavior -Responsive proactive planning -What to Expect -Etc, Etc, Etc Also, Perhaps advantages/ disadvantages to Cpt 7/13 vs. Dealing Outright With The CA's Just A Thought, Thanks!
I will enter a reply to the extent of clarifying the FCRA law on CA reporting: FCRA Section 605: (c) Running of reporting period. (1) In general. The 7-year period referred to in paragraphs (4) and (6) ** of subsection (a) shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action. Collection Accounts can thus only report for 7 1/2 years. The running of this time limit is the same as with charge-offs. The date of delinquency still refers to the original delinquency with the original creditor, regardless of when the collection agency began calling for payment of the debt. Collection agencies cannot legally "re-set the clock," and payment or lack of payment activity on a CO or CA account has no affect on that date.
Is this a recent default? Still within SOL (Statute of Limitations)? Has the collection agency sent you a letter. You can send them a request for debt validation, usually you want to get that in the first 30 days but you can still send in after that time. Sometimes collection agencies will not respond. If timely then the collection agency will cease collection efforts until they get back to you with their response. The credit report should update to show disputed by consumer. If they can't verify then they should notify you of an update to the credit reporting agency to remove. If they verify and it is still within SOL then they basically got you and if they go to court they can file for a judgment. If it is out side of SOL then you have to decide how bad you want it off of the credit report, you can dispute it with the credit reporting agency. If that don't work, you can always offer payment for deletion, if that don't work, paid is better then nothing, but always try for deletion and keep trying to dispute. If you can't get it off it can technically report 7 1/2 years.
Where is it that CA TL can be on for SEVEN AND A HALF YEARS??? Also is it DOLA or DOFD that one would go by? Woofer
