According to TU Portfolio has 2 accounts. HSBC (Best Buy) and Cap1. HSBC states "charged off" and "Purchased by another lender." Portfolio calls themselves a "Factoring Company Account" for the HSBC debt and states the debt is "In Collection" and under remarks: "Placed for Collection" Cap1 says "Charged Off" and under remarks: "Account sold to Portfolio" First of all, what is a "factoring company" exactly? It seems to me Portfolio simply bought this debt and thus is a JDB. Wouldn't stating "factoring company" under the "Loan Type" imply that this debt was current (in other words, they are re-aging it). The last date of payment for both was 2009 (I thought it was much longer ago than that), both accounts opened in 2006. Looks like with interest and fees being driven up both accounts are roughly around 1K. Should I send a DV? This is husband's debt and Portfolio has been calling ME on MY cell using an auto-dialer, but I have not picked up yet (don't have a proper recording device since it is an iphone). We knew nothing about this debt until pulling the CR last week. Since the dog isn't sleeping anymore I'm wondering if I should push it or then if I need to worry about them suing. Which also makes me wonder if I should perhaps exercise the arb clause. Thoughts and friendly advice MUCH appreciated! I have more, but I promise to start separate threads.
Nevermind on "what is factoring." Google is my friend and after narrowing down my search some I got a grasp of it. IMHO, I do not think it is appropriate for DJB to be able to report as "Factoring" when that continually hurts your fico score. I believe it is a misrepresentation of the debt, particularly stating the account is "open" when really it is not. I'm curious if anyone has shipped of an ITS using this under the FCRA and FDCA and had any success, even just a TL removal. I also looked into SOL for IL a bit more and it seems to me Open Accounts (credit cards, which this falls under) are under the 5 year statute, not 10 as written contracts are. So that makes me a bit hesitant to really poke the bear, since there is only one more year until they are time-barred. Although, litigation could easily drag out for a year and then I would believe as long as a judgement was not issued, they would then be time barred. Or perhaps I am wrong and once a suit is initiated the clock stops. I guess I have more research to do! Any thoughts on that and/or arb would still be much appreciated. And thanks for taking the time to read!
Once they file, and they're under the SOL, clock stops. Depending on what part of 2009, you may just want to hold off half a year or so for more leverage.
Agreed w/ Mindcrime. I'm always hesitant to - as you said - "poke the bear". Holding off until SOL expires means allowing that bear to hibernate over the winter (hopefully)....
Also agreed. you can do your research now (Bank account statements with payments you made), without poking the bear just thread lightly, even contacting the OC for documents can trigger the CA. I would shift my energy and focus on what you can handle right now without adding the additional stress of a lawsuit. Seems like me you have a lot going on and trust me it's no fun coming home to read bout 4 different situations/scenarios per account. Atleast now the reading is optional with a lawsuit unless you hire and attorney that will be hours of required reading!
