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Is it "safe" to re-establish good credit history?

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A person had poor credit resulting from several defaulted/charged-off credit cards. Some of the accounts got sold to JDBs and lawyers, while others remained under the collection agencies of the original creditors. The records stayed in the person's credit reports for 7 years before finally being removed by the CRAs.

Question: Will it be "safe" for this person to start re-establishing his credit history by opening new credit card accounts and paying on time? Would it be possible for the buyers of the original bad debts --- those that already got taken off the credit reports --- to discover the person's new contact details and resume collection efforts (maybe even sue)? Given that these debts are 7+ years old debts, would it still be possible for them to be verified and linked to the debtor? And if this happened, what options does this person have to limit the financial/legal impact on him?

Thanks for your response.




Three distinct questions and answers:

The debts are valid until paid, morally.

After 7.5 years the debts cannot be placed back on your credit report.

Depending on what your states statute of limitation is the question of being sued is answered. If the debt is beyond SOL they cannot sue you.

So go and re-establish your credit, if you get contacted by a collection agent then send them a debt validation letter. If the debt is out of SOL then you can negotiate a settlement, in writing, with the understanding that NOTHING is to be reported. Or you can tell them to go away because the debt is old and they have no legal recourse in the matter.

Sub: #1 posted on Sun, 08/31/2008 - 22:58

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Thank you for your response. The idea of a settlement (even after they have no legal recourse) is appealing. When financial situation has improved, it is better to be "clean" and be in peace, with no more fears of future lawsuits.

Sub: #2 posted on Mon, 09/01/2008 - 00:41

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