Bill from OSI for debt charged off in 1991--what to do?
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Posted by Jessie (204.30.200.44) on April 06, 2002 at 19:57:53:
Thanks for the informative message board. I received a bill from OSI (yes, I know what bottom-feeders they are from reading postings on this site) for less than $50 for something charged off in 1991. The bill even states the charge off date. I know the statute of limitations has long since expired on the debt--I live in CA, and legally they can't sue me. Is my best defense to send them a cease & desist letter such as the ones Linda has in her brief case? I also know they can't legally report it to the CRAs, but they probably will anyway and I'll have to go through the tedious dispute process. (Call me a cynic!) However, when reading the FCRA, I noticed the Exempted Cases section, which states that the seven year rule is not applicable when the credit report is used in connection with a credit transaction for more than $150,000. I am currently applying for a mortgage for more than $150,000, does that mean that this $50 debt from OSI CAN be used in connection with a mortgage credit check when it is reported? I'm confused by that exemption. Thanks in advance for your help.
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