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im a little confused since i started the debt reconciliation process. i have an old account with the old mbna before it was bought out by someone. well they sold it to someone else who apparently sold it to someone else. this debt is originally from like 1998 and i cant figure out for the life of me how it keeps staying active. it seems like everytime someone buys it the thing gets a new lease on life. not to mention its gone from being 1800 to almost 5000$.

everytime one of these junk collectors buys a debt does it renew itself or something? i live in pennsylvania and according to the law here this thing should have been done with a couple years ago. sorry if its a dumb question im just confused and overwhelmed by all of this.




Do what???

Sub: #1 posted on Sun, 08/24/2008 - 19:21

unclewulf unclewulf
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(Posts: 3173 | Credits: 315.03)

I was looking for help to take care of my debt that I owe and then i see a comment like this from a "MODERATOR" and this site says to watch out for the way debt collectors treat you ????
OK, buddy... More clarification need here, for the intellectually-challenged

I think I will find somewhere else to get help because I dont think I want to be treated this poorly by a "moderator" who claims to be here to help

Sub: #2 posted on Sun, 08/24/2008 - 19:13

Unregistered


??
Charge off/repo/foreclosure?

Sub: #3 posted on Fri, 03/28/2008 - 02:18

Morningstar Morningstar

(Posts: 1634 | Credits: 124.78)

[quote=DebtCruncher]Oops, you jumped in while I was editing in some finishing touches.[/quote]


timing is everything........

Sub: #4 posted on Thu, 03/27/2008 - 09:29

unclewulf unclewulf
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(Posts: 3173 | Credits: 315.03)

Oops, you jumped in while I was editing in some finishing touches.

Sorry to hear about your friend. Definitely when your up for it, give me a PM. Meanwhile take care of yourself.

Sub: #5 posted on Thu, 03/27/2008 - 09:07

DebtCruncher DebtCruncher
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(Posts: 2296 | Credits: 269.79)

Thanks, man! I think I kinda almost understand what I thought you said, but...

Seriously, I have some other Qs related to this. I'd like to revisit it later via PM or email. I lost a close friend first of the week, and I fear I'm somewhat distracted just now.

Thanks

Wulf

Sub: #6 posted on Thu, 03/27/2008 - 08:49

unclewulf unclewulf
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(Posts: 3173 | Credits: 315.03)

No problem. DOFD is more or less a pointer, or reference, to the starting date of a delinquent status. If you were to say "this account has been delinquent since ...x... " then X is the DOFD. So when does delinquency start?
An account becomes delinquent when a minimum payment is not received on its due date. At any time thereafter, the account remains for all purposes delinquent until the all required payments have been received. So the DOFD references the first-missed-payment's due date. Even a payment one day late, is nonetheless, one day past-due (DOFD+1).
Negative information does not get reported to the bureaus until an account is 30 days delinquent(DOFD+30).
I could come up with a million different examples, but the main point is that if a creditor is going to report your account with any deragatory status for that month, then the DOFD is the first missed payment that led to that particular status. Bad items will come off your report 7 or 7???? years after DOFD.
Citation: ????605 of the FCRA (15 U.S.C. ????1681c):
??
A new thing I learned just by looking up my citation, those extra 180 days only apply to major derogatory items. 30/60/90-day lates get a flat 7 years.
Hope that helps. If you need anything else, give a yell.

Sub: #7 posted on Thu, 03/27/2008 - 07:25

DebtCruncher DebtCruncher
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(Posts: 2296 | Credits: 269.79)

[quote=DebtCruncher]The 7 year + 180 day clock starts ticking on the Date of First Delinquency (DOFD). In most cases that probably is the last date of activity, so your example works.

But suppose I open an account July 2005 and make on-time payments until Jan 2006. Then the account becomes delinquent. Suppose by May 06 I am past-due $500. I might pay $100 then, but that won't restart the FCRA clock because I didn't bring the account current. Even if I continue paying $50/mo, if I never bring the account current, then Jan 2006 will still be the DOFD.[/quote]

OK, buddy... More clarification need here, for the intellectually-challenged.

What, precisely, constitutes 'delinquent' here, for the purposes of DOFD? A few days? 30 days? 90? More? And can you locate me a citation for that [law, regulation, etc]? Not at all meaning to bust on you here, but this bears directly on something I'm currently working through. Any help appreciated.

Sub: #8 posted on Wed, 03/26/2008 - 22:26

unclewulf unclewulf
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(Posts: 3173 | Credits: 315.03)

??
Thanks, bud! That's what I was hoping for, was clarification from the more-knowledgeable.

Sub: #9 posted on Wed, 03/26/2008 - 22:16

unclewulf unclewulf
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(Posts: 3173 | Credits: 315.03)

I'm sure I could gather more information from my files, just I am at home and not work.
Anyway when you dispute any tradline on your credit report, it gets turned into an electronic ACDV and sent to the creditor for verification. Below are "instructions" that appear on the creditors' version of your dispute (to make sure we follow the directions):

Sub: #10 posted on Wed, 03/26/2008 - 18:21

DebtCruncher DebtCruncher
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(Posts: 2296 | Credits: 269.79)

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