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ryanvessell

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Help removing an old account in collections.
I have an account listed as "In Collections" from Asset Acceptance. The original account is about 7 years old however it says that AA reported it in May of this year. (I'm not sure why it is just now showing after all this time.)

The account is about $1,030 and I don't mind paying it off but I am trying desperately trying to raise my credit score so I can buy my first house and from what I understand a paid off collections account doesn't help my score at all.

My question is should I pursue having them validate the account and trying to have it removed due to BBB violations (which I hear happens a lot) or send a letter for PFD.

Suggestions and first steps would be greatly appreciated.

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Go to annualcreditreport.com and get all 3 credit reports.  Look them over very thoroughly and file disputes on all erroneous entries (not yours, wrong information, etc) with the credit bureau reporting same.  They have to oinvestigate and either verify or delete said item.

Now that I typed the above, I can address the topic of Asset Acceptance clearly.  The best words to describe them are not allowed in a public place.  They are "junk debt buyers" which means they buy packets of debt that have passed the Statute of Limitations for collections and they try to buffalo people into paying them.  When you said  the account is about 7 years old, it is one of those.  What AA put down was the date they bought the packet.  Look for this particular debt on one of the credit reports.  Read the statements at the bottom of the debt, since it often says when the debt is supposed to fall off the credit report, or the date it was sold or transferred.

You might also want to do a search for Statute of Limitations for Collections because, in my state, it's 6 years, but some other states are at 4.  Nice information to have. If this debt is "out of statute" you can write AA back and tell them purely they must immediately cease and desist all collection activity since the debt is expired and is uncollectable.

The Fair Credit Reporting Act (a federal regulation) is something clearly working in your favor now because all debts have to be reported on credit reports for a total of 7 years and these creeps are trying to collect on a debt that is likely uncollectable.  If you do not find the original debt on the credit report, it would have already fallen off and is clearly a dead issue. No paying it, okay?

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