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American Express Credit Report Issue by Asset Acceptance. – Bibi

“Dear Steve,

Hi Steve!

So, I ran my report and saw Asset Acceptance is reporting 3 account balances. I believe they are old Amex accounts that went unpaid. I also believe these accounts are about 7-8 years old.

Is there a way I can find out when was the last time these accounts had any transactions? I read somewhere that if you don’t do anything to the account (dispute, pay, etc) to the account for x amount of years, the date last reported should be the date where you calculate how many years the account has been closed…is this right? is there a way of checking to see if the SOL has ran out? Also, is there a way of disputing this with Asset. If not…does Asset accept settlements? thanks! – Bibi


Dear Bibi,

Thank you for sending along the credit report.

It’s not at all clear that these are not three different accounts. While they have the same open date that could just be a default oldest date you first had an account.

What is interesting is that the initial balance reported by Asset Acceptance is different for all three accounts and two of them have a first reported date in 2010.

Additionally, they all report different starting balances.

If I had to place a wager I’d say they look like three different individual accounts that were opened over time.

The debt should come off the credit report after 7.5 years from the date first reported delinquent. The report says they will come off in May 2014.

You’re asking if the debt will become time barred or fall off under the statute of limitations. It will but it all depends on the state you live in. You should talk to a local attorney about specifics regarding your debt.

But even if a debt is out of the time limit it does not mean the creditor can’t still try to collect it, just not sue you for it. They can try to collect as long as they want to try.

So what is your intention regarding this debt? Do you have cash on hand to settle it or do you just want to wait till it falls off your credit report.

Please your answers in the comments section below.

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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • Brahman

    i think i’m going to wait a little till i have some money i can offer to settle with them.  my next question is…would this hurt my score again since i’m refreshing an old debt by starting payment?

    • Steve Rhode

      It can’t extend the clock on reporting but in the long run it will get resolved and that’s what’s most important to you. If you are looking for a company you can trust, try one of these debt settlement companies.

  • Brahman


    thanks for replying to me.  I don’t know what to do.  Yes, they are all 3 different accounts.  I’m wondering what is the best thing to do.  No, I don’t have the cash to offer a settlement for each one right now.  2014 is a long time for this to come off my report as I’m trying to repair my credit to hopefully purchase a home by 2013.  another thing is by making a payment on each account…does that hurt my score to bring up an old debt?  as you can see on my report, looks like Asset Acceptance didn’t report anything since April, 2011.

    • Steve Rhode

      If you are planning to buy a house you are going to have to deal with these accounts. You’ll either need to pay them off or settle them. Your mortgage company isn’t going to be happy to see them there.

      If you made payment arrangements would you be able to pay them all off in two years?

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