Hope to buy a house in the summer. I just got my experian report with a score of 637 and e-loan 605 still waiting for the other two. I plan to send a verification letter to Asset Acceptance tomorrow on an account that was removed from my credit report a year ago because it was over 7 years and then now the say I owe them. Has anyone had any dealings with them. The account they are trying to collect on was from 1990 to be paid by 1993. Has the sol ran out and can the collect on this.
The SOL depends on the state you are in. Where are you? They can always try to collect, but that does not mean you have to pay. A lot of them will buy large blocks of old debt for next to nothing and try to get something for it.
If you can search check out other posts on Asset... from what I've seen they are a huge pain in the butt.
Who is the original creditor on the collection account or, do you know, for sure, when the last date of activity on this account was? If it was prior 1993, then the longest that it can remain on your credit report is 7 years + 6 months from the first date of delinquency that led to the collection or charge-off. If the debt is older that that, it should, by law, be removed. They CAN try and collect it, but they'd be hard-pressed to. You aren't obligated to pay it once the Statute of Limitations has passed. BTW, when I say that they can still try and collect, I mean that they can ask for the money, and if you pay it, GREAT. However, they CANNOT report it on your CR after the 7 years + 6 months has passed.
