Heres the deal: received a letter form RMA stating i owed money. They told me they obtained info from equifax, checked online aqnd also called equifax, no RMA is being reported ont eh credit report. Today, received a settlement offer from RMA. the letter specifically staATES: "aS YOU ARE AWARE WE HAVE PURCHASED THIS ACCOUNT FORM CITIBANK AT THIS TIME WE ARE MAMING A GENEROUS SETTLEMENT OFFER TO YOU....... It doesnot mention in lieu of full payment. is this a trick? the oroginal account was citibank, back in 1996 or 1997, and i guess these guys bought it from them. If the 7 year SOL is over can the CA report the account ???? Should i settle or validate the debt first? i am concerned if it comes back validated, then they wont settle. Thanks for the help.
VALIDATE FIRST. LOL. yeah right, Scum collectors will get whatever they fell they can get. They will still settle with you. So Send them a Validation letter, and follow what poeple have said on here. KEEP a paper trail and save everything.
well my concern is : may be due an internal system glitch, the CA is not reporting this to the CRA. If this debt is validated they will just update the CRA ith new information. My impression is : it doesnot matter if citibank was the original creditor (>7 approximately). The CA pruchased it from citibank and now they hold the debt so iguess they can report the account. IS this asasumption true? i am going to validate the debt first anyways. then negotiate a settlement. any thoughts?
There buying this debt does not restart the clock, they must report the same info as the original creditor. Tac
Tac is correct. Now, what state do you live in and, when did you last pay Citi? The SOL may well have run and all you need do is send an SOL and don't bother me again letter.
The SOL doesn't matter for reporting purposes. What matters is the date of last activity (which is the last date on which the account was current plus 180 days at most), a date which does NOT change just because somebody else buys the debt. They can report for 7 years after the date of last activity. The SOL may not be 7 years, and is likely to be less. You can get them to stop bothering you if it's beyond the SOL, but that doesn't stop them from reporting if the 7 years isn't up. But do the validation route and check whether they are properly reporting the tradeline (if they do). You may not have to see this reported at all.
Call Citibank and ask when your last payment was received on the account. The following month (when you missed a payment) would be your date of last delinquency. RMA will try to claim that citibank's date of chargeoff is the DOLA. This is BS and they know it. Attempting to use the chargeoff date gives the CA an extra 6 months or so to collect the debt. RMA backs down REALLY fast. Once you send the validation letter, I'll wager you never hear from them again. They will pass it on to some other bottom feeder CA who will annoy you with junk mail. Don't pay these clowns a thin dime. Doing so will potentially trash your credit report with a "paid collection" account for 7 more years.
1*back in 1996 or 1997, and i guess these guys bought it from them. 2*If the 7 year SOL is over can the CA report the account ???? 3*Should i settle or validate the debt first? 4*i am concerned if it comes back validated, then they wont settle. screwed | ===================================================================================================================== 1*if it was 96 the 7 yrs are up and it ought to be deleted this year. 2*no because the 7 Yr.; reporting would be over also. 3*Why do either if SOL is over? Why would you even consider paying anything on something that is beyond the SOL. 4*If it's beyond sol it can't be validated or it makes no difference it they did. Why settle on anything you don't have to pay b/c it's past sol??? The END ************************* LB 59
