In 1994 my husband had a unpromising accident at work and our credit took a dive, Here we are 14 years then and we have a 700+ fico and we started to catch calls and also mortal reported to the credit agency companys that we never heard of, Can an agency buy the bleak debt that was written bad over 10 years ago and start messing with your fico gain. I thought that after 10 years the creditors could not report back as a wipe debt. does that not apply if some other company buys the debt.
Answers: They can still try to collect from you, but legally can not report it to the credit bureau after 7 years. They win around this by selling your collections account to another agency, which change the "collections" date. What you need to do is bring back a copy of your credit report if you haven't done so already, and check it for outdated debts. You're entitled to a free report every year from all the bureaus, the intertwine for it is below. You need to enjoy proof it's outdated, so find some paperwork, or old credit report beside the original write-off date of adjectives your past doomed to failure debts, make copies and convey it certified mail beside return receipt to adjectives the credit bureaus with a notification stating you have outdated entries on your credit report. They hold 30 to review it, and respond or it has to come rotten your reports. If they do say they will appropriate it off, you are entitled to a free credit report to verify they did, and brand sure you absolutely do! They told me a few times they took something bad and didn't. You have to stay resting on their (a)sses, and Document everything! Same crap happend to me, and this is what I did. Actually, I went to Staples or Office Depot and bought a Credit Repair Kit (cheap, possibly 10 bucks). It has adjectives the letters you would want to write to dispute any kind of debt near the statute numbers to support your claim, and all the info you want as to how the process goes, how long they hold to respond and what you are entitled to, basically adjectives the credit laws and how to concordat with them. Mine is from pretty a few years ago, and statute numbers and response dates may hold changed, so I don't think if I give them to you, it'd be useful. Maybe it will, consent to me know and I'll email them to you. Make sure you keep adjectives paperwork for all desperate debts forever. You never know when you're going to need it!
sgt big red is right, if you carry that credit repair kit, it can bequeath you all the recognized statutes and how to prove and dispute them. This looks like the one I hold http://www.amazon.com/Complete-Credit-Re...
I am going through the same entity right now. I own an account I know nil about; the credit card company will not support the debt; the credit bureaus refuse to do anything. And yes, your credit evaluation will go down/even if you go and get if off your credit report, the make worse has already be done. I am finding out the credit reporting companies are just as desperate as the collections agencies. No you need to contact equifax, transunion and write a leeter and carry this off of your credit.
NO. Even if a third or fourth group buys the debt, they have to report to the CRA the correct date the commentary went delinquent (date of closing missed payment). The CRA's know that a debt can only be nominated on your report for 7 years (plus 180 days).
If the collection agency redated the debt then they hold violated the following:
RE-DATING OF THE DEBT IN VIOLATION OF
[CITE: 15USC1681s-2] ยง 623. Responsibilities of furnishers of information to consumer reporting agencies
a) Duty of furnishers of information to provide accurate information (1) Prohibition (A) Reporting information with actual understanding of errors A person shall not furnish any information relating to a consumer to any consumer reporting agency if the human being knows or have reasonable impose to believe that the information is inaccurate. (B) Reporting information after concentration and confirmation of errors A person shall not furnish information relating to a consumer to any consumer reporting agency if-- (i) the creature has be notified by the consumer, at the address specified by the individual for such notices, that specific information is incorrect; and (ii) the information is, in certainty, inaccurate.
As of December 29, 1997 the reporting time of year runs 7 1/2 years (7 years plus 180 days) from the date (month and year) of the last delinquency (known as "later missed payment:).
So, regardless of how long a creditor wait to charge off, supply or transfer a debt, they must report the true and correct "delinquent or ending missed payment" date (month and year) that preceded the creditor's action.
If they (the collection agency) have re-dated the debt, then you can puruse trial action and report a suit against the collection agency.
Hope this answers your question
LEGAL DISCLAIMER: The suggestion contained herein is for informational purposes only. It is not to be construed as Legal Counsel nor Legal Advice.
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I owe ppl 2 million , wat shld i do?
Answers: They can still try to collect from you, but legally can not report it to the credit bureau after 7 years. They win around this by selling your collections account to another agency, which change the "collections" date. What you need to do is bring back a copy of your credit report if you haven't done so already, and check it for outdated debts. You're entitled to a free report every year from all the bureaus, the intertwine for it is below. You need to enjoy proof it's outdated, so find some paperwork, or old credit report beside the original write-off date of adjectives your past doomed to failure debts, make copies and convey it certified mail beside return receipt to adjectives the credit bureaus with a notification stating you have outdated entries on your credit report. They hold 30 to review it, and respond or it has to come rotten your reports. If they do say they will appropriate it off, you are entitled to a free credit report to verify they did, and brand sure you absolutely do! They told me a few times they took something bad and didn't. You have to stay resting on their (a)sses, and Document everything! Same crap happend to me, and this is what I did. Actually, I went to Staples or Office Depot and bought a Credit Repair Kit (cheap, possibly 10 bucks). It has adjectives the letters you would want to write to dispute any kind of debt near the statute numbers to support your claim, and all the info you want as to how the process goes, how long they hold to respond and what you are entitled to, basically adjectives the credit laws and how to concordat with them. Mine is from pretty a few years ago, and statute numbers and response dates may hold changed, so I don't think if I give them to you, it'd be useful. Maybe it will, consent to me know and I'll email them to you. Make sure you keep adjectives paperwork for all desperate debts forever. You never know when you're going to need it!
sgt big red is right, if you carry that credit repair kit, it can bequeath you all the recognized statutes and how to prove and dispute them. This looks like the one I hold http://www.amazon.com/Complete-Credit-Re...
Does anyone know of a lender predisposed to back next to debt consolidation for poor credit?
I am going through the same entity right now. I own an account I know nil about; the credit card company will not support the debt; the credit bureaus refuse to do anything. And yes, your credit evaluation will go down/even if you go and get if off your credit report, the make worse has already be done. I am finding out the credit reporting companies are just as desperate as the collections agencies. No you need to contact equifax, transunion and write a leeter and carry this off of your credit.
How to win rid of charge stale?
NO. Even if a third or fourth group buys the debt, they have to report to the CRA the correct date the commentary went delinquent (date of closing missed payment). The CRA's know that a debt can only be nominated on your report for 7 years (plus 180 days).
If the collection agency redated the debt then they hold violated the following:
RE-DATING OF THE DEBT IN VIOLATION OF
[CITE: 15USC1681s-2] ยง 623. Responsibilities of furnishers of information to consumer reporting agencies
a) Duty of furnishers of information to provide accurate information (1) Prohibition (A) Reporting information with actual understanding of errors A person shall not furnish any information relating to a consumer to any consumer reporting agency if the human being knows or have reasonable impose to believe that the information is inaccurate. (B) Reporting information after concentration and confirmation of errors A person shall not furnish information relating to a consumer to any consumer reporting agency if-- (i) the creature has be notified by the consumer, at the address specified by the individual for such notices, that specific information is incorrect; and (ii) the information is, in certainty, inaccurate.
As of December 29, 1997 the reporting time of year runs 7 1/2 years (7 years plus 180 days) from the date (month and year) of the last delinquency (known as "later missed payment:).
So, regardless of how long a creditor wait to charge off, supply or transfer a debt, they must report the true and correct "delinquent or ending missed payment" date (month and year) that preceded the creditor's action.
If they (the collection agency) have re-dated the debt, then you can puruse trial action and report a suit against the collection agency.
Hope this answers your question
LEGAL DISCLAIMER: The suggestion contained herein is for informational purposes only. It is not to be construed as Legal Counsel nor Legal Advice.
Resolved Questions: