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Old Debt

Date: Thu, 03/12/2009 - 14:04

Submitted by bmalandrone
on Thu, 03/12/2009 - 14:04

Posts: 4 Credits: [Donate]

Total Replies: 9


Hello,

I had a CC when the .bomb went off and was forced to close my company and take a meager job to pay bills. I had $5 a day budget which obviously did not include the CC payment. The original amount that I owed was about $4k. This then went through the late fee, late fee, late fee/over the limit fee until they finally sold it. Now Asset Acceptance has it and they have run it up to $18k! The last activity on the account was 4/03 so I am coming up on the 7 year limitation and it should be cleared from my report, however I am now trying to buy a house and was basically told that i could never get a home loan with that on my record. Obviously I want it to go away but I am not about to pay these losers $18k when I know that they paid about $190.00 for it! That calculation came from there earnings report for amount paid for amount recieved in charge offs. They paid something like $122M for over $5B in debt.

So anyway, what is the best way to take care of this? I would love to buy a home now that the prices are so low, and my credit FICO score is almost 700, however no lender will touch me.....

T.I.A.

Brian


I am in CA and it will come off my credit report next year (7 years). But I heard that it will still be disclosed if I am applying for a lon over $150k regardless of time. Will they take into consideration the age of the debt? As it stands now, that cannot put a lien on my property, however they still will not approve me.

Thanks,

Brian


lrhall41

Submitted by bmalandrone on Thu, 03/12/2009 - 14:34

( Posts: 4 | Credits: )


So the lenders will not see this? Here is where I am getting this information from. "onestopcreditreport.com/how_long_on_my_credit_report/"

I REALLY hope that I can just get on with my life and not have to contact this company and start the clock over again. It has been a long time now, and I am current with everything now.

link deactivated by Phoenix


lrhall41

Submitted by bmalandrone on Thu, 03/12/2009 - 14:45

( Posts: 4 | Credits: )


A negative report can be removed from a credit report after 7 years.

Statute of limitation or SOL is the period after which a creditor or collection agency cannot sue you for the debt. It doesn't mean that you don't owe them anymore. After the end of SOL the negative marking doesn't get removed from your credit report.


lrhall41

Submitted by anonymous on Thu, 03/12/2009 - 20:29

( Posts: 202330 | Credits: )


Sec 605 (b) Exempted cases. The provisions of paragraphs (1) through (5) of subsection (a) of this section are not applicable in the case of any consumer credit report to be used in connection with

(1) a credit transaction involving, or which may reasonably be expected to involve, a principal amount of $150,000 or more;

(2) the underwriting of life insurance involving, or which may reasonably be expected to involve, a face amount of $150,000 or more; or

(3) the employment of any individual at an annual salary which equals, or which may reasonably be expected to equal $75,000, or more.


lrhall41

Submitted by NASCAR_Devil on Fri, 03/13/2009 - 12:39

( Posts: 4671 | Credits: )