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1) What is account re-aging and how does a collection agency do this?
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Illegal re-aging is when a collector tries to 'run the statute' on a debt by changing the date of last activity to keep a debt on your reports past the legal limit of 7-1/2 years. No collection can outlive the obsolescence of the ORIGINAL debt. The DOLA MUST be be reported as the same date reported by the original creditor.
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2) I recieved a collection letter on old credit card debt from 1995/96. The letter is from Merchant Credit Guide Co. The amount is doubled. Should I send a letter requesing verification of the debt or should I send out a Cease and Desist? Can they still report Credit Card debt over 7 years old to my Credit File?
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NCO bought MILLIONS of old debts from the now defunct CAMCO. They have assigned huge portions of these dinosaur debts to MCG to collect. A debt that was last paid on in 1995/95 is way, way past the SOL. Send them nothing more than a cease and desist letter telling them to get lost, the debt is time-barred. There is no reason to bother with validation at this point.
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3) What is the SOL on judgements in Massachusetts? Can this continue to be reported on my Credit File forever?
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According to the FCRA, unpaid judgments CAN stay on your reports for as long as they go unpaid. In reality though, they are usually removed at the same 7 year mark as other negatives. SOL on judgments in MA is 20 years and presumed satisfied after 20.
01-06-2006, 07:49 PM
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