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roscoeypeanut | Uncollected debts removed from credit report after 7 years. Correct? Can debts be sold again for collection? |
Financial difficulties left me with credit card debt. Some came off my credit report after 7 years. Since then I've paid balances in full and done everything to keep my credit in good condition. I rec'd a notice from a debt collection group on 2 accounts that are no longer on my credit reports. I'm not sure how to respond or if these can become part of my credit rating if not paid. |
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Sir J
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Seven years from last activity, including a collection activity. |
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echo
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No, debts cannot be placed on your reports after the 7 years from the time you first went 30 days late and never caught up leading to the charge off.
Yes, collection agencys can purchase, sell, try to collect after the reporting period is over. If you are past the statute of limitations (SOL) for your state, they cannot legally sue and you are not legally bound to pay.
You need to find out what your states SOL is for collecting.
If you send a debt validation letter to the collection agency and they do not respond, they legally cannot sell the debt, continue to try to collect (if you request validation within 30 days of receiving the first notice from them). They cannot send you information from "their own" files and call it validation. They must get the info from the original creditor.
You might check out the site I've listed. Do some reading in the newbie forum and then in the credit forum. Learn your rights and how to use them. You will also be able to find your states SOL there.
It is a "free" do it yourself credit repair site. |
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helixburger
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http://www.nfcc.org/ |
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Studly
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Read the link below. It does a good job of describing what the credit reporting period is, and what the Statute of Limitations is.
In most states, the SOL is around 6 years. So I will bet that you no longer have a legal obligation to pay these debts. Just send them a cease and desist letter and they will stop pestering you.
The reason collection agencies do this stuff is because you don't know the law! They will do whatever they can get away with. Once you show them you know the law, they will run away!
In the few cases that don't, it's an easy chore of filing a small claims suit and suing them for $1000 for re-aging your debt and posting inaccurate information to your credit report. |
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Thomas H
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Just because they are old does not mean they cant ask you for the money. These things get sold over and over again. Only if you file bankruptcy do they have to stop asking. |
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Bobbie
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Debts can be reported seven years from DOLA (date of last activity). Making a payment will change the dola. Reaging an account to keep it on your report is not allowed. It is a violation of the FCRA. If you have copies of old credit reports with this information on them, they would prove useful should you decide to pursue legal action.
Have you filed a bankruptcy? If you have then you are protected by the stay imposed by the bk. They can't legally sell the account and relist it after a bk nor can they pursue collection action.
If you still owe these accounts and have not filed a bk and dont plan on it, then you should talk with the collection agency and work out a payment plan, on the agreement (in writing) that they wont put anything on your report. They are still your debts and you are liable if you havent filed a bk.
Good luck! |
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edgarrrw
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If you claimed bankrupt, do not worry, if they are harassing you for payment send them your declaration of court order bankrupt and tell them to leave you alone or else! |
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Iomegan
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debt can be resold over and over again.
Check out this useful link...
http://bendover.com/bkupdate.asp |
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scifidiva
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Lets clarify a couple of things.
The reporting period is 7 years PLUS 180 days, beginning with the DATE OF FIRST DELINQUENCY which immediately preceded placement for collections (internal or external) and/or charge-off, not the date of last activity. Last activity could be years after date of first deqlinquency but that would NOT re-start the reporting period.
The DOFD is the only date required, by law (the FCRA) that creditors MUST report within 90 days of the delinquency. That date was set up by Congress to establish a 'date certain' for the start of the reporting period.
Debts can be sold over and over, but once they drop off your reports, they can NOT be placed back on, not legally. If an old debt re-appears, dispute it as obsolete and illegally re-aged.
Find out what the statute of limitations is in your state. In MOST states, if it's off your reports, it is past the SOL for legal action. The only exceptions would be WI and OH, they have 8 and 15 year SOLs respectively.
If the account is past the SOL (based on last payment), then send the collector a cease and desist letter and tell them to get stuffed, the debt is time-barred.
Also, the expiration of the SOL is NOT a bar to a lawsuit, except in CA or WI. The SOL is an AFFIRMATIVE DEFENSE if you are sued, it will NOT stop a lawsuit, they CAN still sue you, but you have a defense to get the case thrown out, as long as you use it. The SOL is a 'use it or lose it' affirmative defense. |
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Leigh
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I am going to keep an eye out for answers on this one, I am having similar problems! |
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Gothic Marthaâ„¢
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I am sure they can sell them....I would contact a lawyer to find out your rights.
It is my belief that if the debt is over 7 years it falls off your report as long as NO activity. Not sure though... |
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sweendog67
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Debt can be resold but, 7 years is 7years, except if you get a sneaky collector and there are tons of them. If at any time in that 7 year period anyone makes a $5 payment on any one of your debts, they go back to day one.. This has happened to me on a school loan. This trick is used often, so be careful.. |
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