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Metella | My bad credit accounts are all over 7 years old & are still on my credit - how can I get them off without? |
how can I get these off my credit without starting the Statue of Limitiations starting all over again once I contact the companies. By the way - these companies have all sold them and beefed up the amount to ridiculous amounts. For instance a $32.00 charge I disputed is now up to $4,000 and has been sold to about 5 companies. How can I address this?? I tried to call the 3 big credit companies -but I can't get to a human to help me. |
 |
 
C.F
|
I’ve dealt with this situation in aiding my clients to repair their credit.
Negative information can remain in your credit file no longer than seven years, except for bankruptcy, which has a legal credit file life of ten years. You have the right by law to a credit file that does not contain information older than these statutory limits. The credit bureau will remove older data but often only if you request it in writing.
It’s best to send out a letter to all of your creditors representing the same account.
Make sure that you point out (in your letter) that they are in violation of the ‘fair credit act’. I’ve been successful at getting these situations resolve for my clients however it took a few letters being sent out. Don’t give up.
C.F
Credit Repair mentor
leasingquestion@yahoo.com |
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foodieNY
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You need to contact the reporting agencies, Equifax, Experian and trans union, not the companies you owe to. Once you contact the companies you owe, you start the statute of limitations all over again. If you want old debt off your reports, contact the reporting agencies and tell them you need things updated and corrected, they will send you dispute forms to fill out, enter in the information as best you can especially the ones that appear in duplicate, make sure you keep copies of the forms for your own records. Send them back and keep a close eye on your reports. It may take a month or two to come off. If there is new listings that you want to pay off, call the collection company and start by offering 1/3 of what you owe, not the whole amount. They purchase these debts for pennies on the dollar and you could be enabling them to break even and a lot of times they will take you up on what you offer. Just ask them to send it in writing and you will send them a check with a request for a letter of satisfaction, saying the bill has been paid in full. |
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Jenni f
 |
I think it is not possible to collect... Have seen lots of people asking info on bad credits. Well, if you need to get your problem solved on<!--bad credit, you must know to how to confront it. Of course, Even if you have bad credit, you can get loans. Many factors can contribute to someone getting a "bad credit" rating, among these are non-payment of an account or late payments over an extended length of time. Take a look on
http://badcredits.awardspace.com/
You can easily be labelled as a bad credit risk by financial companies. This can make it more difficult to-->arrange loans or other finance, and usually means you will pay more interest on any loan you take out. |
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jamesPurple
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There's an overview of what you'll have to do:
(The best option is to meet a local financial/law counselor)
You'll have to contact the credit agency to know which companies are showing up as creditors.
Send a agreement proposal (registered letter) to the companies officially registered as creditors. Try very low offers, since they already are considering the debts impossible to collect.
Good luck ! |
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Another Perspective
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I would get a copy of all my credit reports. Then go online and dispute everything negative. When accounts are sold a lot of the time they can't keep their records straight, if they can't get back to the bureaus in 30 days, it is off your record.
When you say they are 7 years old does that mean that they were closed, the last activity, or opened 7 years ago?
You can usually settle for a less amount with the collection companies as well. I have done this a few times. |
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zippythejessi
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If they're unpaid debts, they're going to be on your credit report. They don't go away because you want them to or you ignore them.
You need to speak to each individual company you owe money to and make some kind of payment agreement or offer a settlement, THEN it will come off your credit report, in 7 years. |
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D
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Whenever you call the companies hit zero a couple trillion times. Eventually the system will route you to a human. You might still be on hold forever though.
Sounds like you need to gather up your documentation and go see a lawyer. |
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beauty s
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u need to pay first, then they will come off... I don't know why people thing after seven years it just comes off.. |
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Fussy
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I would contact a finacial company that works to restore credit. You do not have to contact the companys for them to start over the 7 year process. I am pretty sure each time the sell it the 7 years starts over too. |
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mbrcatz
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File bankruptcy.
Money you owe, is owed forever, until paid or discharged by bankruptcy. Bad credit doesn't just drop off if you ignore it. That's a myth. |
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pacificoast
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Some of these geniuses have rediculiously ignorant replies! Bad credit can only stay on your credit report for 7 years by law, PERIOD! A second company can bully you into believing that they can buy your debts from your original debtors, and keep those debts on your credit report for as long as they want... but in reality ,they cannot. Most of the people who are replying to your question have given up and are trying to make a moral point by saying " debts are debts forever" or "you must pay at least a portion of your old debts to be free of creditors", because that's what he or she thinks is the right thing to do. Maybe this person Has failed in trying to repair their own credit or won't ever admit they have made any mistakes at all. Either way, it's not what our great nations laws state! I have defended my rights and fixed some of my youthful mess. That's how I know this, and how I can give you an educated, real answer , Instead of some personal guess, creed or speculation. In short, Research! Think of it like this...If certain criminal charges are void after 7 years, then what would make you think that negative credit reportings are not? There hasn't been a debtors jail or any criminal bad credit charges recorded since the late 18hundreds in Europe. Much less, ever in the U.S. Why should you pay for mistakes forever? Large corporations certainly don't. It's not the way America works. At least not in 2011!. Right or wrong. We all "should" pay our bills on time, every time, but that does not happen in a less than perfect world. AT least not for most of us "Average Joe's. My suggestion to most people who have answered you is, START A CHURCH, OR, STOP ANSWERING QUESTIONS THAT YOU DO NOT KNOW THE ANSWER TO, OR AT LEAST SOME KNOWLEDGE ABOUT. YOU ARE JUST STATING YOUR OPINION, NOT ANSWERING THE QUESTION THAT WAS ASKED!!!! And to you my friend. Understand your rights, fight for them and do your homework to find out the laws and how they can work for you. Just as I did.... GOOD LUCK TO YOU. |
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