I live in CA, and in 2006, I received a $15,000 loan from MyRichUncle.com. I got divorced in 2010 and had to stop making payments and have not heard about it since. This month (Dec 2019) a collections company showed up on my credit report stating I owe $22,000.
I called the company, and they said it was for a student loan but have the wrong address (claiming I lived in LA…never did) but my name, DOB, and SSN. They claim my last payment was in 2010, and that they spoke to me in Feb 2019. They also said that the Debt Owning Company was taking the debt back and that they will not be reporting on it within a month or so.
Do I owe the debt, or does a Statute of Limitation apply and it can be ignored? Also, can I force it off of my credit report because it is over 7 years old/reported?
I’ve written about MyRichUncle loans. I think there is enough of a concern that these loans may not be able to be verified that you should talk to an expert that can help you legally determine if the loans can be validated and are past the Statute of Limitations in your state.
For this, you need to speak with an attorney licensed in your state. One place to search for such an attorney would be here.
Before you discuss your situation with the attorney I would urge you to not talk to the collection company so you don’t inadvertently restart the clock on the Statute of Limitations.
Removing it from your credit report is one thing but that doesn’t really change anything if someone wanted to report the debt again but report it under a more recent date to keep it on the credit report.
If you want to put this behind you then dealing with the debt validation issue is going to be key.