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Collection agency reporting money owed after bankruptcy.. What do I do?
I declared chapter 7 bankruptcy almost 3 years ago. After pulling my equifax report last month, a new collection has reported. It reads:
Cavalry Portfolio Services; Collection Reported 7/08; Assigned 5/08; Creditor Class – Credit Union; Client – NFCU; Amount – $7150; Status as of 7/08 – In Bankruptcy; Date of 1st delinquency – 6/05; Balance of 7/08 – $8395; Account number – blahblahblah; Additional info – Bankruptcy Chapter 7; Bankruptcy petition;
What is this? How could this show on my report as of last month? I know I can dispute it, but.. I’m wondering how/why it says in the tradeline, “bankruptcy, chapter 7″.. Should I look into lawsuits about this tradeline?
Yes, this debt was discharged in my bankruptcy,.. So why/how could this debt be bought by a collector?
Was this specific debt discharged in your bankruptcy? It really doesn’t make a lot of sense that a collection agency would buy a debt discharged in bankruptcy, unless it was just part of a large portfolio of debt the credit union charged off.
This debt is still within the 7 year reporting period. So it is perfectly legal for the collection agency to report the item. It will stay on your credit file for 7-1/2 years from the date of first delinquency, just like all the other debts discharged in your bankruptcy.
You have nothing to dispute and no grounds for a lawsuit.
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