Reporting periods have
nothing to do with SOL. FCRA reporting period is 7 years + 180 days
from Date of First Default (DOFD). Are these accounts reported by the
original creditor or a collection agency? When was the last time the
data furnisher (DF) updated the tradeline(TL)? If it has been several
years you might be able to dispute them off. If they show fairly recent
updates then the DF may verify the TL. I've had it go boht ways. I was
able to dispute several items off but I had one TL that showed 2004 as
the last update. When I disputed it, the OC (GEMB) verified the
tradeline. As a result, the tradeline showed recent activity with the
update and my FICO dropped 65 points. YMMV
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.