Re: Question about Re-Aging and Asset Accpt
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Posted by Judgmental
(12.228.105.154) on January 12, 2004 at 13:14:31:
In Reply to: Question about Re-Aging and Asset Accpt posted by NewMom on January 12, 2004 at 12:42:21:
Whether your husband "should" be paying Asset Acceptance or not is difficult to answer. Does he want to pay? If Montgomery Ward is no longer in business and they charged off his account and sold their charge-off portfolio to Asset Acceptance, then the CA owns the debt. This could be a very good thing if you can't or simply don't want to pay. A great many debt purchasing agreements have a clause that basically says: "If you buy this portfolio, you buy it as-is. Don't call us back asking for more information about the debt to help you collect on it, because we don't want to be bothered. Calling us would be a breach of this contract and we'll sue *you* over that. So, good luck." I'm dead serious about this. This coupled with the fact that Mont. Ward is finito means they probably have no "media" (contracts, applications, or proof of any kind) and can not validate the debt. If you try the validate -> dispute route with the CA, you just might get rid of both entries. Ka-chingo for you. Updated is not re-aging. It just means that they are reporting current information on the debt. Re-aging refers to the changing the "birthdate" of the debt which will affect how long it stay on your report.
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