Collection Agencys
Date: Mon, 09/18/2006 - 19:04
what do you do if a debt is over 7 yrs old but it keeps being sold to different agencys. does this reset the clock on the debt if not what needs to be done to hvae it removed?
Todd, you need to contact each credit agency and request that it
Todd, you need to contact each credit agency and request that it be removed from your credit report, even if they keep changing it over to different agencies.
Most of the time, it will fall off your credit report itself.
Quote:The Statute of Limitations on debt depends on the type of
Quote:
The Statute of Limitations on debt depends on the type of debt and your State's civil debt collection codes. Generally, unsecured debt expires 3 to 6 years after the last missed payment or the consumer's last activity on the account. Written contracts such as car loans generally expire after 6 years. Judgments can last up to 20 years and can require the judgment be renewed at a certain point such as the 6-year point. |
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Statute of Limitations on Credit Reports Do not confuse the statute of limitations for debt collection with the statute of limitations for credit reporting. See the rules in The Fair Credit Reporting Act (FCRA)! For example, let's say your State's statute of limitations for collecting credit card debt is only four years. After fours years you can legally refuse to pay the debt however, according to the Fair Credit Reporting Act (FCRA) the debt can still be reported for seven (7) years from the date of your last missed payment date. Some debt collectors hope that, because the debt is still on your credit report, you'll think they can still collect! Again, before agreeing to anything verify the debt is valid and check the statute of limitations! The federal FCRA limits the number of years credit reporting agencies or credit bureaus can report most types of debt to either 7 or 10 years. Some debts remain much longer such as tax liens which remain for 7 years AFTER being paid or indefinitely if not paid. Be advised that offering to pay less than the amount owed on a tax debt can extend the statute of limitations for reporting the debt. Credit Reporting Time Clock The Fair Credit Reporting Act clearly defines how long negative information can be reported! IMPORTANT NOTE: New activity such as debt collection attempts or you making a payment does not restart the credit reporting time clock (except for taxes)! |
