it will be on your credit report 4 ever if it keeps being sold. the credit bureaus said this cannt be disputed cuz they are the new owner even if its 20 yrs old credit card it can be reported if a new collector bought it. isnt it better to just pay it
2006-07-26 17:31:05 · 4 answers · asked by clover 1 in Business & Finance ➔ Credit
No, you can dispute a charge with the credit reporting bureaus after seven years and get it removed. Even if it stays on your report an old charge doesn't have nearly the impact of the new derogatory activity that paying it would cause. The best course of action is to refuse to speak to the "new owner" of the debt and take up the matter with Experian, Transunion and Equifax directly.
2006-07-26 17:38:17 · answer #1 · answered by nathanael_beal 4 · 0⤊ 0⤋
A Credit Bureau told you a debt can be on your report for 20 years? Please tell me you got the name of this person!!!!!
And why, why, WHY would you believe anything a collection agent tells you? They will lie to their mothers if they can collect on a bill!
Get this straight! Negative items can NOT be placed on your credit report after 7 years, beginning on the say of the delinquency!
In your case, they are "re-aging" the debt by reporting a new delinquency date to the credit bureau. All you need to do is send a "demand to validate" letter to the new collection agency, and demand that they remove the listing. If they don't you can sue them for $1000 for violating the Fair Credit Reporting Act.
Contact me if you need help doing this. I'm not a lawyer or credit counsoler. I just like to see collection agents squirm.
2006-07-27 11:24:45 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If the charge off is 20 years old, send a dispute as "obsolete" to the credit bureaus. If they do not delete it file complaints with the FTC and your states attorney general. If they continue to violate and keep it on, call a lawyer and sue their butts.
If it is a 20 year old credit card that was just recently charged off, then it is handled differently. Since you claim it is an "old" charge off, I won't get into explaining how to handle a newer one.
2006-07-27 00:46:19 · answer #3 · answered by echo 7 · 0⤊ 0⤋
If you pay it they will start the clock all over on it and make it seem like a new account. I know it sounds wrong not to pay it, but they really can't collect on it because it's too old. That's why they keep selling it. Some companies actually just buy old debts and try to make people pay them. If the original charge off date is over 7 yrs. I wouldn't worry about it. It will eventually go away.
2006-07-27 00:39:40 · answer #4 · answered by T J 3 · 0⤊ 0⤋