Credit Question, if i have a 7 yr then suppose to fall off law , When they sell your account , do thos?

Question

i have disputed items i know that was not my fault , some very successful , but they keep selling accounts to other collections agency , How many times can they do that And , Why would an agency buy a disputed problem?

Answer 1

pay your bills

Answer 2

They can "try" to collect until the cows come home. But, if you are past the statute of limitations (SOL) for them to legally collect, they cannot legally sue you - though they may try.

As for the 7 years, that is how long a debt can be reported to the credit bureaus and cannot be re-aged. Unless, depending on your state statutes, you make a new contract to pay.

You need to find out what your states SOL is. And find if you are still within the SOL or past it.

As for a collector that sells an account to another, they can do that unless you have sent them a debt validation letter and they have either not responded or failed to provide validation if they have responded. But, many times that does not stop a collector from continuing to try to collect or illegally selling a disputed account.

As for why a collector would buy a disputed account - many times a collection agency that sells a debt off, the purchaser is a junk debt collector (JDB). The JDB may have payed one or two cents on the dollar - or - one or two cents on the $100.00. They do not have alot of money invested in the account. If they manage to get someone to pay an account, they make a killing on that payment.

Example - you had an account for $1000.00 that a collector may have payed $500 - $700 for. The collector finally decided that they could not collect so they sell it to a JDB. The JDB buys the account for - .20 cents (yes .20 cents) then turn around a dun the debtor for $1000.00. Using all kinds of tactics to get the debtor to pay, threats, continuing to negatively report, re-aging the account and even suing on a time barred debt. If they manage to collect, they make a $999.80 profit.

Occasionally, a collector or JDB will run across someone who knows their rights and uses them. Then they may stop trying to collect, if the account is past SOL or they have racked up a few (or alot) of violations and know that the debtor is fully aware of it.
They stop because "they" don't want to be sued.

But, that doesn't stop some of them, and when they go up against the informed debtor, the debtor is usually the one who makes money off of the collector.

I would suggest going to the link I've provided. It is a "free" do it yourself credit repair site. Do some reading in the newbie forum and credit forum. Learn how to use your rights.

There are many "free" credit repair sites on the web. Never use a credit repair site that charges a fee for their information.

I've been to many of the free sites and, in my opinion, the one I've listed is one of the best.

Answer 3

Because as long as you own a money, the debt is still a real debt even though it is uncollectable.

You will have to demand that each of those creditors provide actual verification of the debt or remove it. It's a painful process. The latest scam is zombie debt collectors that are buying debts that are well past 7 years old. The minute you talk to them, they consider that verification and will put it on your credit report.

That's why you ALWAYS have to tell a debt collector to provide WRITTEN documentation that it is a valid debt, because you dispute that fact because you know you do not owe it.

You have 30 days to dispute any claim but must do so in writing.