First Nat'l Collection Bureau, Inc.

[JessD]

What is the name of your state? AZ

As stated in a previous post, I did my credit some injustice during my college days. Anyway, I AM working on trying to rebuild it. I requested my credit reports and looked over them to see what I needed to tackle next. I had a clothing store credit card which I opened 09/1997 in IN where I was in school. I was a resident of NC at the time, but am now a resident of AZ. The date of my last payment is listed as 11/1999. Today I received a letter from a collections agency named First National Collection Bureau, Inc. telling me about the debt. On my credit report, the original creditor appears and states that the status is "charge-off". Is this the same as "write-off"? Is there a staute of limitations? If there is, which state do I go with? Has anyone ever heard of this collection agency before? If you have, do they play dirty or will they actually work with you and set up a payment plan? Thanks in advance!

[cmorris]

Originally Posted by JessD

What is the name of your state? AZ

As stated in a previous post, I did my credit some injustice during my college days. Anyway, I AM working on trying to rebuild it. I requested my credit reports and looked over them to see what I needed to tackle next. I had a clothing store credit card which I opened 09/1997 in IN where I was in school. I was a resident of NC at the time, but am now a resident of AZ.

**They will probably go by the IN SOL because it is the longest (6 years).

The date of my last payment is listed as 11/1999.

**You are still within the SOL.

Today I received a letter from a collections agency named First National Collection Bureau, Inc. telling me about the debt. On my credit report, the original creditor appears and states that the status is "charge-off". Is this the same as "write-off"?

**Yes.

Is there a staute of limitations?

**See above.

If there is, which state do I go with?

**IN because it has the longest SOL.

Has anyone ever heard of this collection agency before?

**No, but they are satisfactory with the BBB.

If you have, do they play dirty or will they actually work with you and set up a payment plan? Thanks in advance!

I have no idea if they will work with you or set up payments.

[JessD]

Thank you for your information. Could you explain what a write-off is? Thanks!!

[cmorris]

When you have a credit card or some other form of credit that you do not pay on for a period of time, the company does a charge-off/write-off. This means they do not expect to get paid. They submit the information on their taxes for a "break" (it is a loss). After it is charged-off, it goes to a collection agency, who will try to collect the amount. At this point, the original creditor is usually out of the picture.

[JessD]

So does the original creditor get any of the money that the collection agency collects? Can the collectiona agency still collect on a debt that has reached the statute of limitations? I also paid a debt that was sent to Asset Acceptance. I paid the debt off around the end of July and begining of August 2004. Asset is still listed in "open acounts" and as being "120+ days past due" in the status area. Shouldn't it be listed as current or at least as being paid? If so, what should I do to get it updated or corrected?

[cmorris]

Originally Posted by JessD

So does the original creditor get any of the money that the collection agency collects?

**If the collection agency (CA) bought the debt, like I suspect they have, no. The CA already paid for the account and now they are trying to recoop their costs and make a profit.

Can the collectiona agency still collect on a debt that has reached the statute of limitations?

**Yes. BUT they can't successfully sue you as you would have an affirmative defense.

I also paid a debt that was sent to Asset Acceptance. I paid the debt off around the end of July and begining of August 2004. Asset is still listed in "open acounts" and as being "120+ days past due" in the status area.

**They are violating the Fair Credit Reporting Act (FCRA). You need to send a validation letter to Asset, certified mail return receipt (for proof). When you get the green card back, send a dispute the credit bureaus. If they verify, you have them for sure on violations and can sue them.

Shouldn't it be listed as current or at least as being paid?

**Should state closed and paid.

If so, what should I do to get it updated or corrected?

See above.

[JessD]

THANK YOU for all the great advice!! I appreciate this so much!! I am currently working on getting a "collections" off my report now. The company is JBC & Associates. It was for a bounced check. I paid this debt in February 2004. It is still listed as unpaid. Do I do the same for JBC as you advised for Arrow? Thanks!

[cmorris]

Yes. Even thoughh you paid it, you want them to send you proof. Disputing with the credit bureaus puts them on a timeline. They have to send validation before verifying with the credit bureaus, or that is a violation. This process may help you to just get these deleted from your reports.

Remember, always send everything certified mail return receipt (for proof!).