New to the Site.... Have a few questions
Date: Thu, 01/19/2006 - 05:42
First and foremost, thank you so much for operating this web forum. I'm actually a moderator on a web forum of a totally different subjet where people go for free help (Won't get into details as I do not want to seem like I am here to promote anything). In any case, I am very familiar with the value these kinds of forums provide. They are truly a gift!
Anyway, I some old debt from a previous life (marriage) that I have been trying to tackle for some time. My Ex and I racked up an unmanageable amount of debt years ago, and I am to this day trying to crawl out of the hole we created. I've come a long way, but there's still a ways to go.
Most recently, a few collectors have found me and have begun trying to collect on a few old debts. One quite frankly bullied me a few months back into settling a debt, which we paid them through my Fiancee's credit card. Now, another one has left a message at My parent's house. My dad gave me the message, and I called them. The saay it is in reference to a credit card that I had "7 or 8 years ago." I barely even remember it, so I told the guy that I have no recollection of the card and that I would have to do some reasearch.
I think I might have owned the card back then, but it has long since been removed from my credit report (I think... I need to run all 3 reports again). If it reallyis 7 or 8 years old as they say, can they really still collect? Or are they just hoping that I will cave and acknowledge it? I'm thinking some of these people really have no legal recourse... that they're just hoping they can bully you into paying. Heck, the last one even threatened on the phone that they were going to sue. That one too was 7 or 8 years old. I didn't really think they could sue, but the guy was so nast, I franky got very scared and nervous and gave in.
All I want to do is move on. It has been so many years since I have had a good credit rating, and I just want to begin to run my financial life from a position of strength rather than fear. I really think the fear is slowly killing me. I know that sounds silly, so I hope it makes sense to some of you.
Any thoughts would be greatly appreciated.
Thanks Again!
Spleisher, laws in the Fair Credit Reporting Act state that any
Spleisher, laws in the Fair Credit Reporting Act state that any negative information appearing in your credit report will be removed from your file after a period of seven years from the date of reporting. Bankruptcy has a little longer stay which is usually 10 years.
Now, a collection agency can always have the legal powers to collect almost any kind of debt. Expiry of the SOL or the removal of the accounts from your CR does not stop them from collecting on your accounts. It is your duty to be aware of the federal laws before you make any payment agreement. Once they are aware that you have the adequate knowledge on how to handle this account, they will stop collecting on it.
Remember, your credit card account should be removed from your CR because it is almost more than 7 years old. At this situation, if you make any payment agreement, the debt will be renewed from the beginning and come within the legal SOL period. The date of last payment will be renewed to the present and the stay in your CR will be extended.
So, it might seem that if you make the payment or sign a promissory note, you might have dug the hole for you. If the CA is contacting you in writing, dispute on the item mentioning the FCRA laws and expiry of the SOL. You are not legally required to pay this debt and cannot be brought back under any legal actions.
Check your credit report with all the bureaus please put an update on this issue.
