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Question By
Cmbocian

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Collections - CA - SOL - Pulled credit and saw $96 c/o for debt in 5/1/13. Original debt '08. Help?
Pulled credit report today, found I was hit with a chargeoff for small sum. Debt was reported as being open 5/1/13 and charged off 3 months later. Debt was sold to agency on 5/1/13. Date of original breach was August 2008.

Can the collection agency have the right to buy the right to buy the debt and subsequently report that to the CRA's? I dropped nearly 100 points. I will definitely not contact the debtor or original agency.

Never received any letters, phone calls, and nothing on credit report until today. Am I...SOL?

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If you do not contact them then how will you ever get this resolved?

One reason for this could be that a consumer did not keep his address current with the original creditor and attempts to skip trace to locate you failed. The fact that it appeared on your report and you saw it means that reporting the information did what it was designed to do. Locate you and ask you to pay your debt.

Although it appears that the federal laws are absent a purchaser of a debt instrument being required to notify a debtor that the debt has been sold or that a new servicer is now collecting the debt your state may have laws requiring this.

I would immediately dispute the debt in writing which would then require them, if they intend to pursue this, to respond with the name of the original creditor and the amount of the debt. Using that information you can negotiate a payment with the possibility of them removing this from your report.

Reply by
Cmbocian

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Thanks.

I wasn't avoiding a debt. After I filed the dispute, I found out that the first deliquency was October 2008 and from a class that I ended up dropping.

My current understanding is that the collection agncy (or the original creditor?) doesn't have the right to collect the debt (I'd hstill have to go to court to show 4 years+), but the CRA's will still report for 7?

I wonder why they wouldn't have called, emailed, or mailed me...thanks for the advice.

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