[firecracker]

A couple of weeks ago I received a letter from Midland Credit indicating a Spiegel account from my past history is being handled by Midland. The letter was asking for a settlement on the account. Today my credit monitoring services alerted me that I have a new derogatory account on reporting on my credit files. It states the account was purchased by Midland Credit. The Spiegel account is an old account, per my credit reports, opened in August of 2000. My credit reports read as follows:

Experian
Date of last activity Jul 2004
Date of last payment Dec 2003

Transunion
Date of last activity Dec 2003
Date closed Mar 2003

Equifax
Date of last activity Jan 2003
Date of last payment Dec 2003

Has the SOL for the state of Georgia expired? If so, how do I proceed in having this information removed from my credit files? I believe the SOL for GA is 4 years for credit card and/or open accounts. Any suggestions or advise is greatly appreciated.

Thanks,
Firecracker

[ScottGem]

Well if the Experian record is correct the SOL hasn't expired. But even if it has, that does not end your obligation to pay the account. Nor does it prevent Midland from trying to collect on it. It just limits the leverage they have.

So I would contact them and request verification of the debt and their right to collect it. You can mention if they can verify the debt you would be willing to discuss a settlement.