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Purchasing Account From Original Creditor - SOL
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Posted by Whatchamacallit
(64.83.13.7) on June 08, 2003 at 02:18:23:
I have two old accounts (First National Bank of Marin) on my CR that went deliquent in late 1995. The accounts remained dormant over the years. (i.e., I never heard from the creditors after the first year) In July 2002, I obtained a copy of my credit report and learned Arrow Fin Svcs had posted on my CR a collection debt equal to the amount of both of the Marin Bank credit cards. Both old accounts, however, remain on my CR. i sent a validation letter (Cert. mail) to Arrow Fin and never rec'd a reply from them. What is my next step? Also, how can a collection service purchase an old account and then post on one's CR without even contacting them. What happens if they sell the account 6 yrs and 10 months later, can the new CA then post it on one's CR for another 7-years...and on and on? I thought the original account must be dropped after 7-years, but how can that be if a new CA buys and sells an existing account. Advice please...I appreciate all your help.
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