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Credit account sold several times over the years ...

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If debtor demands verification of a 5+ years old debt from the current "buyer" of the account, what are the chances that the original creditor will no longer have any proof of this debt? What if it's been more than 7 years?

Depends on the OC. OC's like Cap1 and AmEx could likely pull everything piece of paper with your name on it because they keep everything. It may be in a million square foot warehouse nd take 6 months of digging to find but they could if it came down to it.

When an OC sells a portfolio of bad debt, they will provide as much info as the can on each account but not full documention. If the 1st JDB in the chain is suing and requests more info from the OC, they are likely to get it, it just may take time. If your dealing with the 2nd, 3rd or 4th JDB, their odds of obtaining valid documentation go down and your odds for prevailing in a suit go up.

Sub: #1 posted on Sat, 08/30/2008 - 17:29

Moderators Cum Industry Expert
(Posts: 4665 | Credits: 308.23)

How about WaMu? I see they were sold several times...currently with a JDB

Sub: #2 posted on Sat, 08/30/2008 - 20:07


Was this a Providian account? WaMu purchased Providian in '03 I beleive.

Sub: #3 posted on Sat, 08/30/2008 - 21:16

Moderators Cum Industry Expert
(Posts: 4665 | Credits: 308.23)

If your debt was originated in TX the Statue of Limitations will prohibit a creditor from collecting the debt if you haven't used the account or made any payments the last 4 years.

Sub: #4 posted on Sat, 08/30/2008 - 21:40


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