Camco news story
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Posted by observer
(152.163.252.134) on November 08, 2003 at 09:38:16:
Posted at creditboards this morning. -------------------------------------------------------------------------------- BOSTON -- When a bill comes in the mail, your inclination is to pay it, but NewsCenter 5's Consumer Reporter Susan Wornick warns: "Payer, beware."
A Saugus, Mass., woman received a collection notice in the mail on a debt she supposedly owed for 15 years -- a debt she didn't remember and a debt without any proof. Camco Capital Acquisitions & Management, of Illinois, sent the notice in an attempt to collect $1,449.04 from an unpaid account at Fashion Bug in 1988. When the Saugus woman called Camco, they quickly agreed to drop the amount to $310, but they refused to provide proof of the debt. The consumer then called Fashion Bug, and the store had no record of the debt. She finally checked her credit report and it did not show any outstanding debts. This is not an uncommon problem. Often it's a company simply trying to convince people to pay money they never owed, but sometimes debt collectors will buy lists of people who owed money years ago and try to pressure them into paying now. Either way, there are laws to protect consumers. There is no statute of limitations on legitimate debt, but an old bill can't haunt you forever. An outstanding balance can affect your credit for only seven years and after that, it should no longer be listed. The Saugus consumer was smart. She checked her credit report to make sure she was clean, and you should regularly check yours too, just to know that it is accurate. According to Massachusetts law, consumers are entitled to a free report annually from each of the major credit-reporting agencies. Keep in mind their is an SOL for legal action. The story sort of confused that point.
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