Hi...First time visiting this site...It's very informative Well, I need your advise.... about 7 years ago I went to a nasty divorce which I stopped paying my credit cards. Recently, I pulled my CR there are about 6 collections/charged off accounts which (2) of the accounts where deleted after disputing with the CB and the others where trasnfered to Arrow & Assesment collection agencies. Is it legal that after 7 years witht he original creditor the account be transferred to a collection agency? I live in Florida.... I disputed with CB twice and up to this point they stated that I needed to dispute directly with the collection companies.... What should I do? Should I dispute these collections that are 7 years old or should I settle? If I settle, it will remain on my CR for 7 years as Paid collection accounts and it's like starting all over again... Please help! Thanks!
Try reading the top 3 threads. This will help you tremendously. If I were you, I would not settle. First of all, you need to find out what the statute of limitations for Florida are. I show: Promissory=5 yrs Oral=4 yrs Open Ended=4 yrs Written=5 yrs I do believe that credit cards are treated as open ended accounts. Do you have your documentation showing what the date of last activity is? This will help you tremendously. Do you have old credit reports showing the actual charge off dates that the original creditors reported to the CRA's? This will also help you. Do your current credit reports show new dates of last activity? This will help you also. Do not talk to any of these CA's on the phone. Do everything per written correspondence CRRR. Keep all documentation. And again read the top three threads. I'm sure that someone else will have good advice. This is just my input. Good luck and keep us posted!
7 years from chargeoff, all that stuff should fall off your reports. Also, the SOL has run as well. Just dispute as out of date. No need to contact the collection agencies.
Hi.. Thank you for your input, however how can I dispute the collection accounts when the last activity on my CR show 04/2002?. The CB investigated w/ the collection companies and came back "verify". I mailed a letter on 4/14/03 validating the debt....still waiting... Once again thank you!
Hi, Thank you for the advise...It makes sence... I do believe I have copies of CR from back 2000. However, If not what would be my next step?? I wrote validation letters to the collection companies on April 14th..... Is there a sample legal letter that I can use that states the limitation limit to be send to the collection companies or better to the original creditor? Once again, I really appreciate your advise!!
