I had a debt that went bad and was charged off with Orchard Bank which is a subsidiary of Rennaissance Bank back in 98. It's been on my credit report all these years and is going to fall off in October. Well Capital One bought it, re-aged it and slipped it quietly on my credit report. Then I got an offer from them to open a credit card account with the balance they bought of $1022 automatically charged on the card! To add insult to injury, I would be given a limit of $ 500 dollars at 19.5% intrest!
They are obviously doing this to lots of folks, so I just wanted to warn everyone not to be intimidated by them. They have some sleaze collection company calling me on their behalf. If you have old debts, please be aware of your rights under the FCRA! Re-aging old debt is ILLEGAL! I am in the proccess now of getting this thing off.
If it happens to you, write Capital one or the collection agency they are using and request a validation of debt. If they cannot prove the date of last activity and that the statute of limitaions has NOT passed then it has to be deleted from your report. Get the collector to say some crazy stuff to you on the phone and record it! Sue them in small claims court! Do not pay old debts!!
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