Is there Permissable Purpose for this soft inquiry on my Experian credit report? It appeared on my report July 7. MERCHANTS CR GUIDE CO Address: 223 W JACKSON BLVD CHICAGO IL 60606 I got a letter today, July 12, from Merchants Credit Guide Co. attempting to collect a debt for CFB Financial, LLC. The original creditor is listed as G.E. Capital. My records indicate the Date of Last Activity for this particular account is February 1993, which is way past the Statute of Limitations. There was no judgement and the validity of the debt is questionable. It was for one of those no interest for 12 months deals. I paid before the end of the term, but they charged the interst anyway. It is not on any of my credit reports. But, I do believe there is no Permissable Purpose for the inquiry. Could one of you kind hearted people validate my thoughts, point out a good letter, and remind me which FTC opinion letter covers this topic?
Unfortunately, SOL doesn't affect the PP for collection activity. As long as $ is allegedly owed, then there is a PP. I would just send a time-barred C&D letter to them.
Doesn't the Benner FTC Staff Opinion Letter apply here? Section 604(a)(3)(F) http://www.ftc.gov/os/statutes/fcra/benner.htm I do have proof that this debt was paid. I doubt these bottom feeders have anything. I don't want this Zombie to continue to be resold until I am a very old man.
The problem is that if the account (even because of a billing error) is still showing a balance, then it was not closed in a way to take away the collector's COLLECTION PURPOSE. I would suggest simply time-barring them with a time-barred C&D letter like WhyChat's, and be done with them. WhyChat http://whychat.5u.com/ If you demand validation, they won't be able to provide anything from a decade ago, and it won't really provide proof that there was a billing error, it'll be your word (that it was a 12 months no interest deal), against theirs (that it wasn't). Also there is almost always fine print on a 12 mo no interest deal, that if it isn't paid in full before the 12 month is over, that the interest could be charged.
