Trying to Clean Up Credit

Date: Thu, 11/03/2005 - 19:04

Submitted by anonymous
on Thu, 11/03/2005 - 19:04

Posts: 202330 Credits: [Donate]

Total Replies: 1

Thank you for the site - I am taking a loan out against my 401k to clean up my credit report from past history. My credit report shows two credit cards from ten years ago. I have had no activity on these cards since 1995 in Illinois. One of the cards was charged off by the credit card company in 1995 - the second card was listed with Asset Acceptance - I contacted Asset to make arrangment to pay the debt showing on my credit card but was informed that they had two records on me for both credit cards and I had to take care of both of them. I have sent a request for validation because i'm not sure which of the accounts is valid - since both of these accounts exceed ten years how do I know which one to pay? They are now contacting us twice a day now, they called me on my job but per your web site i informed them that my job didn't allow pesonal calls...

Thanks for any help you can give me... I want to clean up my credit report but now i feel like i have opened up a can of worms. Thanks

Hi Kittiemarie Do not hurt your 401k loan for paying this irr

Hi Kittiemarie

Do not hurt your 401k loan for paying this irrelevant debt. Your debt is way out of the SOL period as the last activity took place in the year 1995. Also, it is out of the 7 years reporting time period as per the FCRA laws.

These two points mean that any collection agency cannot force your to pay the said debt. Also, these debts are legally required to disappear if they are still shown in your credit file.

Do not tense yourself while dealing with this collection agency. Handle them very bravely. They have been doing many illegal things on the past accounts of the consumers. Ask them to show the debt validation of the said accounts. They are required to give you the details within 5 days of the initial communication. If they can't validate it, you are in charge of taking legal actions against them.

Did you check your latest credit report from the three bureaus? I assume these two accounts might not be shown in your file.

lrhall41

Submitted by ben on Fri, 11/04/2005 - 09:03

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