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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

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.

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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.

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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.

Damon Day - Pro Debt Coach

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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.
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