 I noticed before christmas that my credit score was terrible. 511 to be exact? |
| So I joined Experian and started paying ALL my bills on time I cleared 2 defaults(partial settlement) and brought a store card below its balance. This has all been shown on my report but the problem ... |
|
 Do you get around w/o having and using a credit card like people did before the cards were invented? |
If you do or don't, can you share how you feel about dependency on credit cards in lieu of cash?
Additional Details
Informative answers are helpful and appreciated.... |
|
 Capital One over limit charge? |
Hi everyone
I am very angry because I am trying to call Capital one.
I cant seem to talk anyone who speaks English without me having to say 'pardon'
I went ... |
|
 How do i pay for somethin on ebay with a money order? |
| hello, well i want to order a cell phone off ebay i did my homework on the product and seems fine. it says accepts money orders which is fine but how does it work??? I make a money order if i win the ... |
|
 Is it true that a debt can dissapear from your credit history after 6yrs? |
| Well I was told by my co-worker from her own experience that she owed credit card companies when whe was 18 and never payed for them.. Well as she told me Collection companies kept calling her ... |
|
 Please someone tell me a way to get out of the payday loan crunch when payday loans eat up a big part of my? |
| I have been in the payday loan crunch for several years now and trying to get out of the trap,need advice on what kind of a loan i can get to totally get rid of this payday disease,it seems to ... |
|
 How can paypal take money out of a closed account ? |
Additional Details
apart from the sign up information where they ask for a credit card number my bank account is not connected to ... |
|
 I have a problem with spending before paying...any suggestions? |
| I have plenty of bills, some later than others...I know they need to be taken care of and i keep telling myself that I will...but when payday comes I fell the need to spend on irrelevant items and ... |
|
 I owe $10,010.14 to my three credit cards put together, i need help really bad real soon!? |
| Is there anyway i can maybe apply for another card and pay my creadit cards with that new card that way i just have 1 card to pay off that would make my life sooo much better living on my own sucks i ... |
|
 What can you do about a collection agency calling for different person? |
| Colection Agency continuously calls for my father on my home and cell after I repeatedly prove it is not me and give details where he is and yet they still call. What grounds do I have and what all ... |
|
 If I don't plan on ever buying a new car or buying a house, should I not care about having good credit? |
| I think i'll never buy a house and I always get used card and pay cash for them. Why should i care if my credit is not good?... |
|
 Yes loans have offered me a loan? |
| yes loans have offered me a loan for £2000 at £65 a month the interest is an extra £1200 this is the only sort of place were i can get a loan as i have a really bad credit rating . do you think ... |
|
 Should I report a family member for credit card fraud & identity theft? |
| I'm debating turning in my Aunt. She is a cleptomaniac and she steals people's identity to get credit cards in their name. She is out of control. I love her but she needs help but I'm ... |
|
|  |
mzadw01 | Does creditors fall off after seven years? |
what i mean is my credit is shot the only thing that is a constant are my student loans... i have three or four credit cards that did not have no more than a 500 dollar credit limit but i defaulted on all of them ( younger and dumber ) but it has been at least five years on all of them. but i am getting letters from debt collectors on these old debts saying that they want to settle.... but i was under the impression that once seven years pass you are free and clear should i settle or what? |
 |
 
Studly
|
There are at least three responses to this letter that are from "professional" collectin agents. It simply amazes me how ignorant they are, or they simply can't turn off their instinct to lie to debtors.
The other's are at least honest, but they still don't know what they law says. So once again I find myself correcting bad answers.
There are two timeframes you need to be aware of.
The time credit reporting agencies can list negative reports is 7 years, beginning on the date of the delinquency.
NOT the last transaction date. NOT the reporting date. NOT the last payment date. Please refer to the Fair Credit Reporting Act, it clearly explains this. I don't understand why you collection agents are not trained on this!!!
The statute of limitations is when your legal obligation to pay a debt expires. This date varies in each state, but averages around 7 years.
See the link below for information on this.
Note that the SOL can restart if you make a payment, or in some cases even offer to pay. This is a "grey" area in the law, and some judges have rules differantly on this. In Michigan, the law is pretty clear as to what will restart the SOL, and talking to the creditor doesn't do it.
So to answer your question...what should you do?
As long as you are not going to require a loan any time soon (new car? Home?) then don't pay it. But if your SOL has not expired yet then you run the risk of them suing you. A judgement will trash your credit history for 10 years.
So what you are doing is gambling on whether they will sue you or not. Generally, they don't mess with debts under $500. They are content to just trash your credit history. If this is a local collection agent, and you have an easy source of money to recover (wage garnishment) they may sue you. But with such a small profit margin it's just not worth it. Collection agents don't get paid much, and they are under preasure to show results and make their company a lot of money. On a $500 debt the will only get around $175. The time a collection agent wastes calling you, doing the paperwork, and going to court eats up a lot of that.
I chatted with a former agent once. He said his boss would actually fire someone who wasted time going after a small debt, when that agent is sitting on some $20k collections.
So my advice, just ignore them as best you can. Once you know the SOL has expired, send a cease and desist to the collection agency, and they will be forced to go away. |
|
jodi_lynn_124
|
Don't listen to all of these people they think they are perfect because of course they have never had financial problems and have always paid there bills on time. Read on the Internet what you can about fixing your credit there is alot of different advice you will get. But let me tell you they do come off of your credit.
Go to Annualcreditreport.com and print off your credit reports your transunion will tell you when they are going to be taken off it is by the date of your first late payment.
:)
really just ready as much as you can on here you will find out alot you didn't know |
|
stopccdebt
|
A common practice among collection agencies is to renew collection attempts around 5 years after the date of last activity. These are the reasons:
1. The debt is likely past the statute of limitations and they no longer have the legal right to pursue a judgment if you do not restart the 7 year clock.
2. The debt will fall off your credit report 7 years after the date of last activity (typically 7 1/2 years after your last payment to original creditor). If they do not restart the 7 year clock, then it will be gone off your credit report and they lose leverage.
3. They know that after 5 years has elapsed, your financial situation may have improved, in which case you are better able to repay old debts.
** What they are trying to do is trick you into either acknowledging that you owe the debt, or sending in a payment. Either way, the debt will remain on your credit report longer.
If you incurred a debt, we usually recommend paying it if you can. However, I would not pay on a debt that old unless you are prepared to pay it off all at once. |
|
bella_4624_19
|
In seven years it should come off your credit report. If for some reasons they do not come off your report, you can dispute them as obsolete and they should be taken off. Now just because they come off your credit report, that does not mean they have to stop attempting to collect. If you start making payments, you will restart the statue of limitations time. Think carefully before you do anything. |
|
Celeste
|
Credit card debt WILL fall off after 7 yrs. The 7 yrs. starts after 180 days from the first date of delinquency.
If it's been 5 yrs already, DO NOT pay them! You'll start the 7 yr reporting & statute of limitation period all over again.
Also, your state has limitations on how long a creditor has to sue you. Can they still try to collect? Sure. But you can send a 'Cease & Desist' letter to get them to stop.
I've been in your shoes and paying your debt now will lower your credit score. The length of time has lessened the damage to your credit and after 7 years it will no longer appear on your reports.
Are you morally obligated to pay? Yes. Legally? No. |
|
cutienoz
 |
Do not settle and whatever you do---DO NOT make a payment, whereas you start your 7 years over... IT can be reported on your credit for 7 days,,, the 7 years begins with the date last active... Thus if you make a payment in Aug 2006, they can keep it on your record until Aug 2013...
You may still recv offers from collection agencies,,, but just ignore them.... Especially if you are close to the end of the 7years... The only thing that can stay on your credit report longer by law is a bankruptcy... Although you can refile after 7 years, the bankruptcy will be on your record for 10 years... GOOD LUCK/ |
|
poojally
|
Its 7 years from the date it was reported as happening. As far as clearing it up, it will always make your score better when you do.
Question is if you do clear it up how will they list it? That you'll need to check with the creditors or collection agencies to see how it will be done. |
|
cutie
 |
Not sure read some credit tips on this site |
|
Mickey S
 |
I would settle because if I am not mistaken it is at least 14 years now or maybe more. I am not totally sure but almost possitive |
|
*****
|
Where did you get this asinine idea that you are free and clear after so many years. The statue of limitations may prevent creditors from collecting any money from you, but your CREDIT RECORD remains BAD , until you satisfy your financial obligations.You will not not be able to secure credit again until this mess is cleared up. |
|
Mr. Peachy®
 |
They never let up. They will follow you to your grave, then go after your children. You should settle. What makes you think that after seven years you don't have to pay back the money that YOU borrowed from someone else?
'Nuff said? |
|
regerugged
|
Settle. If you do not, you will have a bad credit rating for years to come. Statute of Limitations defenses apply to criminal acts. |
|
jititi j
|
settle it |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
13 | 9 minutes(s) ago
| | | |
13 | 34 minutes(s) ago
| | | |
11 | 2 hour(s) ago
| | | |
13 | 5 hour(s) ago
| | | |
12 | 10 hour(s) ago
| | | |
13 | 11 hour(s) ago
| | | |
13 | 2 day(s) ago
| | | |
11 | 6 day(s) ago
| | | |
13 | 2 week(s) ago
| | | |
13 | 1 month(s) ago
| |
|
Homepage 
Financial
Forum 
Credit 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
