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clevecotton
Joined: 07 Jun 2009
clevecotton's page
Posts: 1
29 Magic Points
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Subject: transferred-purchased by another lender
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Sun Jun 07, 2009 4:15 pm
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| I have a question I was looking at my credit report and I had an old account with capital one, on the report it says date opened 1/02 reported since2/02 date of status 4/09 and creditors statement I guess was purchased by another lender. Should I pay this or will it fall off my report the actual balance on the card was for $350.00 now they have added $1773 in interest.Thanks for any advice. |
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LT
Joined: 30 Jan 2009
LT's page
Posts: 64
2176 Magic Points
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Mon Jun 08, 2009 3:42 am
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| You can dispuite the debt with the credit agencies since the debt has been sold. This will at least show that account with the original as a $0 balance, then you only have to worry about the collection company. |
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rachael
Joined: 11 May 2009
rachael's page
Posts: 244
6581 Magic Points
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Mon Jun 08, 2009 7:51 am
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Hi clevecotton,
I think you should check the Statute of Limitation (SOL) of your state. If the SOL period has expired, then the creditor cannot sue you for this debt. To remove the debt from your credit report you should send a "Dispute Letter" to the credit bureaus. You can attach a copy of your credit report, encircling the item you are disputing. Send your "Dispute Letter" via certified mail with a return receipt requested.
If the debt is within the SOL period, the creditor can bring judgment and sue you for not paying. The best way to avoid judgment is to pay off the debt. You can request your creditor to reduce the amount, if you cannot afford to pay down the debt. You should send your creditor a "Pay for Deletion" letter, before making any payment. This letter will ensure that your creditor reports to the credit bureaus, to remove the debt accounts from your credit report.
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Looking forward to a debt-free life. |
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