On my credit report, I have a listing for 1st Select Corp stating the account was opened in 05/2000 and the last Date Reported is 05/2003 as Transfer/Sold and it was a Credit Card. I'm sure this was a valid account that I let get behind and never paid off or settled with a collection agency. I live in Illinois and I think the SOL is 5 years for my state. Since the SOL has passed, can I dispute this entry to have it removed from my report? Is there any value to my credit score in having a closed account, because it was transferred/sold, removed from my credit report or will things stay the same? Even if there is no added value to my credit score, would it be good to get this removed so a collection agency who does a hard pull of my credit report won't try to collect on it?
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.