When a CA purchases an account does the 7 year period for reporting start over or should it always be from time of past due from OC?
When a CA purchases or is assigned a collection account the 7 year reporting period does not restart. Otherwise, a debt would/could be reported on your report forever.
What about in this situation? The OC sold to FNB Brookings to collect. I have a listing from the OC and FNB brookings. I received a letter from the Credit Store after I sent validation to FNB that I apparently settled with FNB by agreeing to transfer this debt to a credit card FNB issued which the Credit STore owns. They are also showing a listing of this same debt. The OC debt was from 1/96 and due to fall off at the end of the year, however the FNB and Credit Store have dates in 98 and 99. So if I really did sign to transfer this to a credit card( I don't remember) and they claim it was a negotiated settlement, can they start the date over again?
This is really tricky, but I don't think so. When you accept the card with the balance owed transferred over to the card account, you waive your rights to SOL defense, but I don't think the reporting date can change.
