desperate need of help!

Hello, I'm new to these boards and am hoping I can get some help. Have had a past cc debt of about $1,015. that was never paid off and showing as closed in 1998. Was charged off in 1999 as bad debt. That was the only listing for that debt in my credit report for the last few years.

Just received an updated copy of my credit report with that same debt, but also a new collection record by NCO financial. This record showed as "placed" in 2003 for $1015. and is updated with a March 2004 balance of $1550. As I'm a lil clueless with these reports, I at first thought that it was identity theft because I haven't had a debt for that much since. Then I realized that this must be the same cc debt from 1998. This is listed as an "OPEN" account and lists "NCO Assignee of xcntrybk".

I don't believe I have EVER been notified that I had this collection account by NCO, by mail and certainly not by phone. Till last week I didn't even know this collection account existed.

Can they legally report that information on my credit report without even contacting me that I had a debt in the first place?

Can they take over a debt after it has pretty much been dormant for over 4 years?

Can they add fees and or interest (it was placed at $1015 and in a year has went up to $1550), once again, without even notifying me that I have this debt in the first place?

And lastly, have read a little bit about this validation process, since they are listed as "assignee" in my credit report, should I follow the steps to have them validate that they own the debt?

Any advice would be greatly appreciated!

Thanks,
gg

 

I have read in the posts something about validation must be done in 30 days of notification from the collection agency, well, as I stated I was not notified. When requesting validation, is it okay to ask why I was not notified of this activity when it was placed in 2003 and state that I only found out about it last week because I saw it in my credit report?

Who should I request the copy of my original cc signed application/contract and terms from, the original creditor or the collection agency? I would like to find out if it is legal for them to continue to add new fees to this.

Even though the new collection account was placed in 2003 for a debt which originated in 1998, will they have the same rules as the original creditor and have to stop reporting in 2005? Maybe xctry bank and the collection agency only added this last year, as a way to continue to report it for another 7 years, since the original xtry bank account will no longer be able to be reported after 2005, and after all, as I stated before the collection agency hasn't even contacted me trying to collect this debt. If this is the case, what's to stop the collection account from being assigned into a new account in another 6 years, and so on and so on.

I'm sorry for the naivety and confusing questions, and I know we all have a story...I just can't afford to payoff these debts from 6 yrs ago. I have since started rebuilding my credit and will not be making the same mistakes as the past when I fell on hard times.

 

searching through the posts I still can't seem to find the answer to some of my questions posted above...main one being **I was never notified about the placement of a collection account last year, based on an account closed 5 years ago. I know it's supposed to be within 30 days but since I wasn't notified, can I still request validation?

Does it drop 7 years from last activity of original debt or from date of new collection account?

I am trying to get low income housing and have been denied because of this rehashed account, which original ccc should be dropping off next year.

Any help would be greatly appreciated...gg

 

btw...jlynn..was in such a haste, forgot to thank you for earlier reply.

 

thanks goldhummin, I already was rejected because of the debts in 2003, so I'm hoping to fix in time for 2005 housing.

I'm postive there were no payments made to the original credit card account after Aug. 1998.

 

Thanks crowmom, I am in california, after reading more I guess the SOL has past, if the only determination is the dates with the OC. What and where should I look for the specifics of the NCO account, there isn't much info on the credit report. Is that info that I will get when disputing with CRA, or after I send NCO a request for VAL?

I have a feeling they saw that I have been maintaining my recent credit well in the last couple years..perfect history w/ car payments and w/ couple of small credit cards. Is that maybe why they're trying to rehash this...hoping I'll pay them on these old accounts because I don't know any better?

I have 2 of these old cc debts, almost same in amount owed and both have been delinquent with no activity since 1998. I hope another CA doesn't try to start up with the other account.

 

Re: Re: desperate need of help!

I guess I'm not the only one with this specific problem. Discovered from another post on this board, that due to NCO's misleading credit reporting, there is a class action suit against them.

I would guess the CRA knows about the suit, in that case maybe it would help me get the info removed if I file my NCO disputes with the bureaus right away??? There are so many possible steps, not sure which to work on first...but at least I'm seeing a light at the end of the tunnel