Supposedly I owed US BANK $681.00 from 2005. I saw on my credit report that on 11/01/2012 a collection agency had reported 2 opened accounts (1 of the accounts was for $681 and the other was for $781.00). I called the collection agency and they said the $781.00 was interest from 2005 until 2012. The collection agency did not have any of my 4 previous addresses or any phone number to contact me so they reported it to the credit bureaus. How can US BANK turn the account over to this collection agency and not give them an address or phone number? Also, the 2 accounts in collection are for the same (original) US BANK account. I thought they could only report it to the bureaus 1 time. Why did it get reported twice. I disputed it because I didn't know what it was before I called the CA.
Debt Collection Attorney
The Statute of Limitations is probably no more than 4 years. If so, they cannot successfully sue you. However, they can report the account to the credit reporting agencies for 7 years. If you pay anything, even 10 cents, the Statute of Limitations starts anew.
If you are concerned about your credit, you should get a copy of your credit reports from each of the three agencies and then meet with an attorney who is knowledgeable in the area of credit reporting. Did US Bank report the account(s) or did the collection agency?
You can dispute the reporting with the credit reporting agencies involved. In order to set up a lawsuit for any credit damage, you should have an attorney assist you in communicating with the credit reporting agencies and with the debt collector.
Unfortunately the information between the original creditor and the collection company it was turned over to is not always coordinated properly. The debt may have been sold to the collection company and all of your contact information may not have been reported.
From my understanding the accounts can be reported in this manner since the report from the collection account is not treated as duplicate account but a continuation of the original account. The original account should state charged off and shouldn't be treated as an active debt.