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. Rockford Illinois
"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
Greg
Maple Grove, Minnesota
U.S.A.
5 Updates & Rebuttals
Scott
Akron,Ohio,
U.S.A.
Although I appreciate your effort your 2 weeks do not quite equate to my 2 years of fighting this scam company.
#6Consumer Suggestion
Wed, January 28, 2004
Also, your post is rather confusing. You do mention it can be less than 7 years on the sol but I think you are somewhat confusing the legal sol with the reporting sol which is 7 years. In fact, there is not a single state who has a 7 year sol for credit cards. Many of them are 3-4 years with very few extending farther than that. You may see my post somewhere below that has a list of every state and the related sol for credit card debt. Of course, written accounts can be different but credit cards are not written no matter what the collector may tell you. they are open ended accounts. Keep up the effort though. IT is always nice to see others involved in helping themselves and others against criminals.
Scott
Akron,Ohio,
U.S.A.
Although I appreciate your effort your 2 weeks do not quite equate to my 2 years of fighting this scam company.
#6Consumer Suggestion
Wed, January 28, 2004
Also, your post is rather confusing. You do mention it can be less than 7 years on the sol but I think you are somewhat confusing the legal sol with the reporting sol which is 7 years. In fact, there is not a single state who has a 7 year sol for credit cards. Many of them are 3-4 years with very few extending farther than that. You may see my post somewhere below that has a list of every state and the related sol for credit card debt. Of course, written accounts can be different but credit cards are not written no matter what the collector may tell you. they are open ended accounts. Keep up the effort though. IT is always nice to see others involved in helping themselves and others against criminals.
Scott
Akron,Ohio,
U.S.A.
Although I appreciate your effort your 2 weeks do not quite equate to my 2 years of fighting this scam company.
#6Consumer Suggestion
Wed, January 28, 2004
Also, your post is rather confusing. You do mention it can be less than 7 years on the sol but I think you are somewhat confusing the legal sol with the reporting sol which is 7 years. In fact, there is not a single state who has a 7 year sol for credit cards. Many of them are 3-4 years with very few extending farther than that. You may see my post somewhere below that has a list of every state and the related sol for credit card debt. Of course, written accounts can be different but credit cards are not written no matter what the collector may tell you. they are open ended accounts. Keep up the effort though. IT is always nice to see others involved in helping themselves and others against criminals.
Scott
Akron,Ohio,
U.S.A.
Although I appreciate your effort your 2 weeks do not quite equate to my 2 years of fighting this scam company.
#6Consumer Suggestion
Wed, January 28, 2004
Also, your post is rather confusing. You do mention it can be less than 7 years on the sol but I think you are somewhat confusing the legal sol with the reporting sol which is 7 years. In fact, there is not a single state who has a 7 year sol for credit cards. Many of them are 3-4 years with very few extending farther than that. You may see my post somewhere below that has a list of every state and the related sol for credit card debt. Of course, written accounts can be different but credit cards are not written no matter what the collector may tell you. they are open ended accounts. Keep up the effort though. IT is always nice to see others involved in helping themselves and others against criminals.
Greg
Maple Grove,Minnesota,
U.S.A.
After the 7-year statute of limitations
#6Author of original report
Tue, January 27, 2004
Correction to sentence above.
After sending my advice above I noticed a grammer error in #3.
"After the 7-year statute of limitations..."
What I was going to state was...
After the 7-year statute of limitations (in some states it is a shorter amount of time) they have little or no legal options and legal action for such small amounts ($1,000 - $5,000) when they have no chance of winning is expensive. They'd rather go after people by threatening them.