Is there any part of the FDCPA or FCRA that dictates the elements of an "open" account? LVNV has evidently acquired a debt of mine (no further info at this point) and is suing, stating the account in question is an "open account" (virtually impossible given that I haven't paid on any credit card accounts in 3-4 years). Do you think it means that they don't have a copy of any underlying contract and are trying to say it's an open revolving account for purposes of meeting the SOL? Presumably if this goes to court (no settling), they'll have to produce something to prove it's a currently open account? Any feedback welcome.
Check your state SOL laws. IF they're suing and it's outside of state SOL, you have an affirmative defense.
Are they claiming is "open account" as in the account is not closed, or "open account" as in "open end credit account". Open end credit accounts are defined in the Truth in Lending Act which, along with FDCPA and FCRA, is part of the Comsumer Credit Protection Act. http://www4.law.cornell.edu/uscode/html/uscode15/usc_sup_01_15_10_41.html Open end credit is defined here http://www4.law.cornell.edu/uscode/html/uscode15/usc_sec_15_00001602----000-.html (i) The term â??open end credit planâ? means a plan under which the creditor reasonably contemplates repeated transactions, which prescribes the terms of such transactions, and which provides for a finance charge which may be computed from time to time on the outstanding unpaid balance. A credit plan which is an open end credit plan within the meaning of the preceding sentence is an open end credit plan even if credit information is verified from time to time. If they are saying the account is not closed, they are in violation of FDCPA for false and misleading statements under 807. The account cannot be open and a collector cannot be a lender or credit provider. The SOL is normally started at the time of default and usually has nothing to do with the status of open or closed.
"Open" as in just "open account" (listed on TU) with no closing date and "factoring company account" noting "12 household best buy" as "collateral". On Experian, it is an "installment" account with minimum monthly payment terms of "1 month".
