CAMCO - Captial Acquisition And Management Co
Ripoff What you need to know and what you can do if they call you. Don't just pay them what they ask

"Collectors tend to focus on fear and intimidation, since those things can work much more quickly, cheaply, and efficiently than legal action." (source: CardReport.com)

Here is what you need to know when these people call you. I've done quite a bit of research in the last 2 weeks since they called me on a debt that I paid off 9 years ago with another collection agency.

CAMCO is in the business of buying what are called "out-of-statute" debts. These are debts that have exceeded the 7-year statute of limitations. What this means is that it has been 7 years since the original creditor wrote-off the debt due to non-payment.

Now I don't care if you've never heard of the debt they are referring to, the debt is paid off, or you really still owe the debt. I am going to tell you what little they can do concerning "out-of-statute" debts.

#1) They CANNOT put this on your credit report even if you still owe the debt. The Fair Credit Reporting Act prohibits Trans Union, Equifax, or Experian from showing debts that have exceeded the 7-year statute of limitations since write-off (From what I see from the complaints, I've seen mostly pre-1997 debts which all fall under the protection of this law). However, they can still request of copy of your credit report, but that is all.

#2) They CANNOT put a lien on any of your property or take money out of your bank accounts without winning a civil lawsuit against you (see #3 about lawsuits).

#3) They can file a lawsuit but their chances of winning on "out-of-statute" debts is pretty impossible. After the 7-year statute of limitations (in some states it is a shorter amount of time). NOTE: Just because they bought the debt last month does NOT renew the statute of limitations on this debt. That began back when the debt went deliquent (There are exceptions to this if you have made a partial payment or agreed to pay the debt). NEVER agree to pay a debt with this company without knowing your legal rights.

"The fact that the SOL (statute-of-limitations) has 'run' (expired) on a particular debt will not necessarily prevent a lawsuit from being filed (via a Summons And Complaint), but the defendant can have the suit dismissed on this basis." (source: CardReport.com)

Hopefully this helps everyone.

Sources:
CardReport.com
Fair Debt Collection Practices Act
Fair Credit Reporting Act

Company: CAMCO - Captial Acquisition And Management Co
Country: USA
State: Illinois
City: Rockford
Address: PO Box 5087
Phone: 8772980845

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