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 Posted: Wed May 14, 2008 5:19 pm Subject: Cleaning up a credit report |
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I remember a last year when I went to buy a car and the guy pulled my credit report. I asked him if I should just pay the accounts that are charged off. He said HELL NO.
He told me to dispute it with the credit bureaus and that the original creditor will not have enough time to verify it and it will get removed.
Does that work with the original creditor if the debt was charged off and purchased by a debt collector? Does the original creditor still have the information or is it gone?
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| Posted: Wed May 14, 2008 5:33 pm Subject: |
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A) The original creditor can report the account even after it's sold, but B) they would have to report a zero balance and the fact that it was sold.
They have a duty to report accurate information, and if you dispute the info then they have an obligation to verify it. If they cannot verify within 30 days, then it will come off your credit.
The salesman is correct - that many of them will delete rather than take the time to verify it. But if they do actually take the time to verify it, then it can stay on your credit report.
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DebtCruncher
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| Posted: Thu May 15, 2008 7:12 am Subject: |
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Debtcruncher is right... if the creditor DOES verify the debt in time, you'll still owe it. And because you contacted them, they'll likely start trying to collect again.
What is the date of last activity on these accounts? Your SOL may have passed, or they may be due to fall off soon...
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Seeing_the_Light
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| Posted: Thu May 15, 2008 8:22 am Subject: |
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Well, I didn't really say that much ... If the OC sells a debt, then they no longer have rights to it -- and so they really cannot collect on it. But they can still report the fact that you had a bad account with them and they sold it - they should be reporting the balance as zero. The date of last activity that they report should be when they sold it.
After that, whoever bought the debt from the OC can continue to report the balance every month. They are the ones that can try to collect on it.
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DebtCruncher
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