[350Zed]

Hello,

I bought furniture from Rooms Today in November/December of 2006, I financed and they used American General Financial Services as the finance company. I made two payments and then paid it off in full in March of 2007, which is the date of the last activity on that account.

Now over a year and a half later, I am receiving a notice that my account with American General has been transferred to Equiant Financial Services. The total due is $1,328.93 and its due on 7/14/2008 in full. What are they talking about? Is Equiant a collection agency?

I have a Equifax credit report from myfico.com from January of 2008 and the account reads as this:

Status as of Dec 2007
Date opened Dec, 2006
Date of last activity Mar, 2007
Date closed Not reported
Account number Not Reported
Loan Type Not reported
Credit Limit $2,000
Largest past balance Not Reported
Terms Not Reported
Account Type Revolving
Account holder Individual
Scheduled payment amount $0
Account Status Account is Open

Balance $0
Current Status Pays Account as agreed
Past Due Amount Not Reported


I am not sure what to do, unfortunately, the account I paid this with was closed when I moved the first time in the past year and a half, so I dont have the documentation, but shouldn't my credit report be enough proof?

I have not contacted them because I wanted to get advice prior to doing so, any advice would be greatly appreciated.

Thank you in advance.

[Hedwig]

Did you pay them by check? Even if you've closed the account, you can probably get a copy of the check, but you'll probably pay a fee.

If you have your check register and bank statements, you'll know what the check number is. If you have statements you should know when it cleared the bank, which should help in getting the copy.

[350Zed]

It was not by check. Debit card, I usually shred all my bank statements after tax season. So I know I don't have it, and I am not sure how long that bank keeps it in there system its been over a year and some change. But shouldn't they have some type of docs, especially since they reported I owed nothing on my credit report!?

[centex]

Banks usually have the information, but you WILL probably have a small price to pay for it.

As an aside, bank records should be retained at least for the duration of a period in which an audit could occur.

[Hedwig]

That's true. And the audit period is three years from when tax returns are due or filed, whichever is later.

So you should be keeping all records for at least four years.

I probably have every bank statement I've gotten for at least 20 years, maybe more.

Now with more and more accounts being paperless, I pdf the statements and retain them on a separate drive.

[350Zed]

Ok, thank you I will try and get the statements. What should I do after I get them, and what if I cant get it? Please advise.

[jlynn]

Equiant *may* be a collection agency, dependent on the situation, but they also can be an example of a true Factoring Company. (Buyer of current active receivables from business).

Have you called and talked to them? Before you panic spending money to get old statements and such, it might be something that can be cleared up by communicating with American General and Equiant.

Just make notes, of dates and times called, who you talked to, and what they said.

[Dixiedrifter]

Actually the best thing to do is to contact them via mail and inform them the account has been paid in full.

Dear Equiant Scumbags,

This letter in regards to a bill your company sent me on xx/xx/xxxx for $1,328.93.

Please be advised that your assignor, American General Finance Services was to my knowledge paid in full in the amount of $999 on xx/xx/2007 and I have made no new charges nor recieved any further bills from them.

I would appreciate it if your company would double check its records before taking any further adverse action.

[centex]

going off half-cocked is not generally the best approach...or should we say is not the approach recommended by THIS site.

[Enigma]

Read the fine print of your contract. It have required you to make equal monthly payments in order to retire the debt without interest accruing. It appears the amount they allege is due is the interest component.