Can being chased by a DCA (for a very old debt) affect your credit rating?

Jeekah

As I have explained in a previous thread, I am being chased for an alleged old debt that goes back to July 2002. Years ago I got myself into all sorts of financial trouble and owed money left right and centre but I paid it all (or so I thought) learnt my lesson and for the last three years had no problems getting credit.

Earlier this month, I got a letter from a DCA claiming that I owe money on an old CC and today one of my current credit cards (who I have never missed a payment on and have had for over a year) has today sent me a letter saying that they will be reducing my credit limit as of immediate effect after receiving information from credit reference agencies. Do you think the two are connected in any way? Are the DCA allowed to put this on my file without even speaking to me?

I am going to send them the standard letter and postal order requesting my credit agreement in 12+2 days but I am really worried that my credit file is now being ruined and it is going to cause me all sorts of problems.

I know I could check my credit file, but I did not want to do that until I had lived at my present address for 6 years (been here 5 and half years) as I did not want my old address to be linked to this one and you have to state where you have lived for the last 6 years, as I did have some serious financial problems when I lived there.

Any advice on this would be great as I am very worried

Thanks
J

rayday2

A lot of card companies are doing this, do you pay the amount off every month?

Some card companies are doing it if you don't regularly pay the whole balance off or if you have been late a few times or even once! This is more to do with the fact the fianance market are finally being worried about lending!

stapeley

It is under six years old ,the debt will still be on your credit record .

Jeekah

Thank you for your reply Rayday.
No I have not been late but I don't pay the whole balance of each month as I never use this card, I got it only to take advantage of the o% balance transfer. I do try to pay more than what is asked though when ever possible to try and clear it, which is why I was so worried when I got the letter from them.

I am relieved that you don't think it is connected to the DCA though.