I had a CO from January, 1996 on a First USA CC, the balance at the time of CO was $2419. This item on my credit report hit 7 years in 2003 and fell off my credit report in 2003, as it's not showing on my recent credit report from February, 2004. I just received in the mail today a collection letter from "Arrow Financial Services" in Illinois attempting to collect this debt! They show the current balance to be $3163.66. I'm totally confused why I suddenly get this letter in the mail, anyone have some advice/suggestions? I'll provide any more info if needed. Thanks in advance!!
Hi Scott, I wouldn't even worry about it. There are a lot of "junk debt buyers" out there who specialize in buying old (Post SOL) debt for pennies on the dollar and trying to collect. What state are/were you in? .
I am in Florida now (born/raised here). I was stationed in the military in Kansas when the account was charged off, if that changes anything.
It's past SOL for them to sue you to collect, it's also past the 7 year reporting period. The answer to your question is to IGNORE it. Don't waste the $.37 sending them a letter asking for validation. They can NOT place it on your credit report. I say only consider a C&D if they start calling you up as well, but for now throw it away. The junk debt buyers won't likely send more than 2-3 letters total before writing someone off.
