If the collection agency reports a balance the original creditor must report zero balance they can't just duplicate the account. My comment about SOL was only intend to point out that many CAs use to answer a validation letter with a lawsuit if the letter is sent before expiration of the SOL, some CAs answer with a lawsuit anyway even with the SOL expired wich is a violation of the FDCPA, when they do in the hopes of dealing with an ignorant consumer you can have the suit dismished and contra-sue the CA for FDCPA violations.
This whole thing is based on the fact that banks are required by law to keep records on closed accounts for only 18 months. Keeping records cost money. To my knowleage only Capital one keeps recods forever 99% of the banks get rid of them in two or three years.
Alana needs first to check what is the statute of limitation for open end credit contracts in the state she or he is living at and what is the first delinquecy date of the account
If the SOL is over start by disputing both accounts with the CRAs
When the disputes come back as "verified stays as it is" or "updated" send a FACTA investigation letter to the Chase and a FDCPA/FACTA validation letter to the CA
At this point if Chase doesn't have copies of the signed original application for credit and the last statements they will delete
The CAs use to be a little harder to get rid of, after 15 days send them a follow up letter to remain them that under the FCRA they must respond in 30 days.
Most likely they will not respond but you can not sue for that, there is no private right of action under that part of the FCRA.
Next, you send a cease and desist letter to the CA, since they had no validate the debt they can't report, at the same time file complaints on line with the better business bureau and attorney general and put the account in dispute with the CRAs
They will respond this time to the BBB and AG with some kind of bull, but at that point the account will be gone from your reports. The whole process takes about 3 months and about maybe $50 in certified return receip letters
Under American consumer laws if there is no Signed Credit Agreement to prove that you borrowed money and last statements from the OC to prove how much you own there is no way to legally report anything to the CRAs or collect anything, only the ignorance of the average consumer allows the collection agencies to do business in the way they do
It is simple as that, I managed over the last 3 and a half months to get my FICO score from 570 to 778, it took many certified letters and a $1500 payment on two of my good open accounts, just to reduce the debt/credit ratio under 17%.
Now there is no derogatory info in my reports at all, all the charge off were from 2004 when I had a hard time with my company.
Carl.-
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