My 2nd post; same issue
Date: Fri, 09/15/2006 - 19:02
I am fortunate that my spouse got a good job last year that allowed us to pay off some debt that followed us for years. I thank God for His blessing and seeing us through. But, one very OLD debt remains and it seems almost better to just let it go from the financial talking heads out there. However, I feel very strongly that this debt be paid as it represents an item we used for 12years and someone deserves to be paid. It seems immoral not to do so. I am a Christian and really just want to do the right thing.
So, how do I do it without really bringing difficulty to us? The SOL has passed, there are no collection calls, letters at this time. I want to pay the amount we owe and not have it Re-aged and brought to the attention of a CA that most likely has an inflated balance amount in their record and have some misguided motivation to pursue for more money.
Thank you for your time and advice. Have a pleasant weekend.
Do you know who holds the debt? A collection agency, or the ori
Do you know who holds the debt? A collection agency, or the original creditor? You would need to make arrangements with them, with the agreeement in writing that they not report it to the bureaus.
It is a debt that is over 12years old. It was charged off by ori
It is a debt that is over 12years old. It was charged off by original debtor and passed around to different agencies over the years. It appears illegitimately on my spouse's credit report, past the SOL, as there were no payments to anyone other than the original debtor since about 1995 or so and I suspect the latest CA did that. The date it appears on the latest credit report, it was just recently re-aged, because it did not appear on the former credit report the mortgage company pulled during a recent inquiry for a home purchase.
That, however, is not the reason why I want to pay it, ie, it being on the credit report. I want to pay it because it's the right thing to do and the appearance on the credit report just reminded me after all these years, that it still should be addressed. Thanks for your reply....
You have two options - either you pay the account and see the po
You have two options - either you pay the account and see the positive marking in your credit report or you don't pay it but still your credit will be viewed on a positive note. Why?? You haven't done any payment within the recent times, the debt is out of the SOL period and most important, this item should not have been reported in your credit file now. The collector has re-aged the dates for giving it a recent status in your file. You should be able to get this item off from your file by disputing with the bureaus. It has no purpose to stay in your file in terms of the FCRA laws.
Quote:It is a debt that is over 12years old. It was charged off
Quote:
It is a debt that is over 12years old. It was charged off by original debtor and passed around to different agencies over the years. It appears illegitimately on my spouse's credit report, past the SOL, as there were no payments to anyone other than the original debtor since about 1995 or so and I suspect the latest CA did that. The date it appears on the latest credit report, it was just recently re-aged, because it did not appear on the former credit report the mortgage company pulled during a recent inquiry for a home purchase. That, however, is not the reason why I want to pay it, ie, it being on the credit report. I want to pay it because it's the right thing to do and the appearance on the credit report just reminded me after all these years, that it still should be addressed. Thanks for your reply.... |
First off, it is very noble youdesire to resolve this debt, even though you are under no logal obligation to do so. You have two things you need to do. First, contct the collection agency listed on your husband credit report, stating your desire to pay this debt off, but require a written agreement in advance ( this WILL restart the SOL on this debt, so make sure you have the money to do it). Simply state for the written agreement you agree to pay the last amount known to you as the remaining balance, and the they will not make any reports to any CRA. You reserve the right to send payment by any method of your choosing.
Once you reach an agreement to resolve this matter, send payment ONLY by Certified main or Priority Mail w/ Certificate of mailing and Delivery Confirmation. Payment should be made only by Money order, Certified or Cashiers check so that you are not providing the CA with any personal account information. Also they stats of these instruments can be verified through the issuer.
Second you need to contact the CRA and dispute the item as out of SOL, and that the account has been illegally re-aged.
