debts on credit reports
Date: Tue, 08/01/2006 - 18:16
Can the original credit card be listed as a bad debt on your credit report while the new owner of the debt is also listing it as a bad debt on the CR?
Please tell me for how long past the SOl the debts are listed, and how long after the last payment a debt is listed on your credit report.
Thanks for your time.
(the SOL is 3 yrs in my state)
Quote:Can the original credit card be listed as a bad debt on yo
Quote:
Can the original credit card be listed as a bad debt on your credit report while the new owner of the debt is also listing it as a bad debt on the CR? |
No that is illegal per the FCRA. Inform the CRA ASAP.
Quote:
Please tell me for how long past the SOl the debts are listed, and how long after the last payment a debt is listed on your credit report. |
They CANNOT be listed after the SOL has run out. That is also a violation of the FCRA. The SOL starts from the date of the last activity you initiated on the account.
Hope this helps! :wink:
I had a Providian account. It was charged off, and sold to a col
I had a Providian account. It was charged off, and sold to a collection agency. Providian was bought by Washington Mutual, so now, Washington Mutual lists this old account, on my credit report, even though they do not own the debt, anymore. The new colletion agency lists it also.
The SOL is September 2003. So, should both the collectioon agency and Providian-WAshington Mutual remove their repor from my credit report, in Nivember 2003?
WA-MU should remove it immediately. They are violating the FCRA
WA-MU should remove it immediately. They are violating the FCRA. Call them and tell them so. Then request they give you in writing, that they will remove it ASAP as well as provide an apology for the detrimental effects on your credit. The apology should come in a pretty standard form. You'll want the apology to give to potential new creditors from the last 6 months and to be available in the future. The apology will not be a part of your credit report and making sure those creditors receive it will be up to you but it is your right to do so. The collection agency should remove their listing in November as long as you have not restarted the SOL by initiating any activity on the account. Check up on that collection agency and be sure that they do.
Once accurate negative information has hit the credit file, it c
Once accurate negative information has hit the credit file, it cannot be removed before the seven years period. Even though the SOL may have expired, but it will still remain in the credit report for seven years as per the FCRA laws. The timeframe is calculated from the date of first delinquency. Inaccurate negative information must be disputed with the CRA as well as the creditor/ collection agency and immediately removed from the file.
In my knowledge, the current creditor will put the item in the credit report and the old creditor will mark it with a zero balance. Since WA-MU cannot prove that they have the account, they should not have reported in the file. The new collection agency can also have the legal rights to hit information in your credit if they are having the legitimate records.
I think it will be better for you to dispute with the CRAs reporting the item. They will check the records and update it if your dispute is found correct.
