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Stacey G | How can colletion agencies buy out you debt and keep it on your credit report? |
Why is this possible. It's like it will never go away. A 10 year old debt came back from the dead recently. It is crazy. 10 years ago. I'd like to move on with my life now and just when you feel comfortable again another collection agency buys your debt and starts all that crap again. I will never work for a collection agency.
Additional Details
that is what i'm affrain of. if you settle with this new collection company that bought the debt from the old company, who's to say it will ever come off your credit report. does not sound legit to me. or maybe some other agency will buy it and they start calling after i settle with some other company. do people really pay and settle and what does it do for the indivdual that has it bad on the credit report. then again some may have so much new credit and good credit it may not even matter. |
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Tina B
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You need to send the new collection agency a validation of debt letter via certified mail.
Follow this link for the letter and change the pertinent information.
http://www.creditinfocenter.com/forms/sampleletter9.shtml
I used this letter and it worked for me.
If they cannot verify the account is legitimate and within the statute of limitations of your state.................
They are not allowed to collect the debt,
They are not allowed to contact you about the debt, and
They are also not allowed to report it under the Fair Credit Reporting Act (FCRA). Doing so is a violation of the FCRA, and the FCRA states that you can sue for $1,000 in damages for any violation of the Act. |
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momof3
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This happens because your are making a settlement and not actually paying your debt so it stays as negative credit on your credit report. Even though settlements sound good they are not that good in the long run. Good luck. |
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websterjdjr
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they aint got no money for 10 years? they are phishing my friend...they get your tinky bad debt/uncollectable asz to pay and they collect 99% of it my friend...I would not give em a dang plug nickle.they by these charged off accounts for pennys on the dollar and the originators have long since charged off the debt...screw em...once a debt is filed as bad and uncollectable then it gets charged off and the originators get a tax relief from that...so if they sell off this to another company after charging off the debt then they could be in trouble.go to you credit history and read your report and see if that debt has been charged off if it has been then make a copy and send it to the current collectors and watch them run!go to annualcreditreport.com and get a free no hassle report from 3 major credit bureaus,with no stupid club to join or dues to pay |
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Need Answers
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The other two summed up why, but here's how you make it stop. You send a letter to the collection agency notifying them that the original transaction was over 10 years ago and this account can no longer be reported on your credit report. You will need to have specific dates if possible. Then tell them "By adding this account to your credit report, you are in violation of the Fair Credit Reporting Act and Fair Credit Collections act. This letter is to request you immediately remove this transaction from my history." Copy the Credit Reporting Agencies and the BBB and the Federal Trade Commission. |
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Steph
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same happened to me. this is what happens: your debt gets bought by another company, for pennies on the dollar. the new company now owns your debt. they will try to collect the full amount that you owe. they will call your house, find your job, and send you letters. if you ignore them, they can serve you with a judgement that will garnish your wages, before you get your check. your best bet is to face up and pay it off. I am.
cut your budget and find a way to pay it off. you can negotiate with the new company that bought your debt. remember they bought it for a lot less that you owe. Oh- each state has different statutes on the time limit for expiration of your debt. and the original company that sold it, probably wrote your debt off years ago.,... |
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Susan C
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There are several pieces to this puzzle that need to be looked at.
First, what is the statute of limitations in your state?
Secondly, when was the last payment made on this account? (The statute of limitations starts when the last payment was made).
Third, is it a judgment? A judgment can be renewed and renewed until it is paid.
Finally, tell the collection agency that you are disputing the validity of the debt and ask for proof. Chances are, if the debt has been bought and sold, they cannot provide copies of the debt (contract, whatever).
Make sure you check your credit report to make sure that it is not showing up there....and if it is, dispute it with the credit bureaus too. |
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Celz
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The company who you owe seeks a collection agency to collect the funds if they can not. the collection agency basically buys out the account and then they contact you to collect the debt. if they are unsuccessful they will then turn that account over to another collection agency. so if you start getting calls from different collection agencies theres the reason. you can always make settlememts with the collection agency and they will give you an offer of any where from 30-50% off the original balance. i heard that doing this is bad but i personally did it two months ago with a collection account i had for a phone bill and made a settlement with them and they knocked off 40% and since then my credit increased from 513 to 632 in about 2-3 weeks. so i would have to disagree with the fact that it 's bad because now im out of debt and paid less then what i owed and my credit score is fair. i also worked for a credit collection agency and you won't believe what goes on while working there, ill leave that for another question. |
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OC1999
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First any negative information is not reported on your credit report after 7 years from the date of delinquency. So it is probably long off any of the reports. Not knowing the type of debt it is very likely that you are outside of the statute of limitations. Once you are outside of this they can no longer take any legal action against you to collect the money.
This does NOT keep them from coming after you, it just means that they can not take you to court. If they call just let them know they are not to call you again. Follow this up with a Certified letter to the company. But as you mentioned if they sell it to another company you will have to do the same thing again. |
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MI6
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there is a very good article on www.adviceontime.com that explains your very question. go to the article on credit. also if you have any questions their forum is very good, they answered my question within a couple of hours. definately worth checking out. |
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joyceeleann
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If you have an unpaid balance to a company and a new company comes in and takes over that company. They will have new employee's going thru issues that were not dealt with and they will step up and do their best to reclaim money that is still due. By putting a lean on your credit report, it pushes you to pay them...All they want is their money. Its their job to bring in the money that is owed to them. Its not the new companies fault..its the old one for not doing their job. If they would of done their job, the old company wouldn't of been bought out. |
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