I ruined my credit in my teens and my old accounts are about 5 years old and I dont know if it is too late to settle or just wait two years for them to be invalid.
2006-09-14 17:11:53 · 13 answers · asked by muffin007 1 in Business & Finance ➔ Credit
Bad debt from credit cards will remain on your reports for 7 years from the first time you became 30 days late and never brought the account current leading to the charge off.
Before you even think about disputing them you should check the statute of limitations (SOL) for collecting in your state. If you are past the SOL, they cannot legally sue you for the debt.
If you are still within the collecting SOL for your state, or you want to pay if the debts are past SOL, be sure to first send the collection agencys a debt validation letter.
Send everything certified mail return receipt.
When you get the signed green card back, send your disputes to the credit bureaus.
After they have validated, if you are out of SOL, you are within your rights to send them a SOL letter, which tells them that you are no longer liable for the debt.
If you want to pay, send them a pay for delete letter.
Request in the letter that they will delete anything they have placed on your reports. That they will not continue to collect the debt or the remaining portion of the debt if they agree to take a percentage as payment in full. That they will not sell the debt or the remaining portion.
If you are still in SOL and you cannot afford to pay, don't do anything until your collecting SOL is up.
2006-09-14 18:05:57 · answer #1 · answered by echo 7 · 2⤊ 0⤋
If you are really willing to pay them off, it might be well to arrange something with each creditor even if you only pay 50 cents on the dollar. Before bankruptcy laws changed recently, you could just wipe those debts away. Now its different.
So you still have those old debts hanging over your head. And you never know if these creditors are going to surprise you one day with a lawsuit. And that if you're working, they can garnish your wages. And don't fool yourself. If there is any kind of lawsuit and it is not settled the creditor can get a judgment against you before the seven years are up. Then they can also get a lien against anything you own like a car. Be advised also there are certain law firms that go after people just like you. They wait patiently. And just before the statute runs, you're flooded with lawsuits.
So no. If I were you if you can afford it, see a lawyer and arrange a payment schedule.I'm not so sure about all of these credit counsel ling services.
But whatever you do, do NOT sit on these debts.
Do something. There's really no such thing as an "invalid" debt.
2006-09-14 17:32:27 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If you can wait, I'd probably wait. Get your free yearly credit reports from Equifax, Experian, and Transunion and find out the exact dates that each individual item will have met it's limitation. This info is listed next to each credit "issue". Whatever you do....DO NOT contact the companies you owe to for more info unless you are SURE you have decided to pay them, as the claim against you can be renewed by the creditor from each date of contact...sneaky F***ers! Also be aware that the date is figured from the date they actually filed the credit claim, not from the date you incurred the debt....that could have been some time after they finally gave up on finding you or pursuing you for payment of money they'd probably never get. If you just call 1-877-322-8228 for a free credit report you can request one from just one, two, or all three of the agencies at on time on thier automated service, it's totally free & you may be surprised to find that probably half of the debts that you are afraid of being on there were never even reported at all!!!! Yeay!
2006-09-14 17:28:14 · answer #3 · answered by MonsterMash 4 · 0⤊ 0⤋
The bad credit does not automatically drop off your credit report at seven years. They can keep that information on your credit report up to ten years. At seven years you can start writing letters to get them off all three reporting agencies. It is a lot of leg work and you are working with three different agencies.
No it is not to late to settle and the seven years does not necessarily make them invalid. Depending on the debt amount you might want to talk to credit consumer counseling and perhaps they could give you some professional advise.
I did something similar in my youth and now all grow up with house and a great credit rating - you can too! Good Luck
2006-09-14 17:22:38 · answer #4 · answered by freemansfox 4 · 0⤊ 0⤋
Debts come off your credit report after 7 years, beginning from the date of the delinquency.
My opinion...if they have not been calling you, just wait it out.
You need to read the link I've supplied below. It discusses the Statute of Limitations and the credit reporting period. After reading the link, you decide what is best.
2006-09-15 13:54:10 · answer #5 · answered by Anonymous · 0⤊ 0⤋
my mom has an same difficulty with some issues on her credit document and they do get off your credit document after 7 years yet its 7 years from the time they are opened. like my mom had something from sept of ninety 9 and it juss were given off her credit document on the top of sept this previous three hundred and sixty 5 days. its quarterly also. So if u opened them between now and march it will be off by employing the top of march this three hundred and sixty 5 days. Or if it develop into between march and june it will be off by employing the top of june and and so on.
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2006-09-18 00:24:01 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Believe Bushy boy changed that to 10 years now.
2006-09-14 17:13:06 · answer #8 · answered by The::Mega 5 · 0⤊ 0⤋
Read some credit tips and more on this site to help you with it
2006-09-14 17:13:22 · answer #9 · answered by Anonymous · 0⤊ 0⤋
i wouldn't pay them its ruined. you can dispute it since the creditors don't respond to about 30% of the disputes. i'd get a book on credit repair. check out your local statute of limitations and make sure that they can't take you to court for the money.
2006-09-14 17:15:01 · answer #10 · answered by anonymous 6 · 1⤊ 1⤋