The debt is no longer reported to the 3 credit agencys, but they are checking my report bi-monthly, and now they are trying to contact me by phone. The statute of limitations is way past, and the debt has been charged off by the original creditor. I want to pay it off, but I need a house asap, and my FICO score has improved enough to do so! If I talk to them will they start reporting it again, and what can I do if they do? I lost 2/3 of my income 81/2 years ago due to downsizing, and am just now recovering from it.
2006-12-23 05:06:52 · 7 answers · asked by wwtpo 3 in Business & Finance ➔ Credit
If the debt is that old, it is OFF your credit report unless the collection agency has illegally redated the debt and placed it back on. If so, send them a certified letter telling them to remove it or face legal action for illegally damaging your credit. Also write to each of the 3 credit reporting agencies informing them of the date of the original debt and that it was illegally redated.
If it is OFF you credit report, it is not affecting your FICO score. Your FICO score will recvoer over time from the writeoff, paying on the debt now will do nothing to affect that.
Unless you feel a stroing moral obligation to pay the debt, tell the collector to pound salt.
Also remember, the company who you originally owed the debt to will get NOTHING from you paying it off. The credit agency paid them a fee for the information and only the collection agency makes money. So there should be no strong moral drive for you to pay a gambler for taking a fisk that they can bully you into submission.
2006-12-23 05:20:43 · answer #1 · answered by john_mason4438 3 · 0⤊ 0⤋
Send them a check for $5 or $10 bucks every month with a letter explaining your financial hardship and that that's the most you can pay,but you will gladly follow through until the end. I like what Papeche above said,though.
2006-12-23 05:17:40 · answer #2 · answered by KM 3 · 0⤊ 0⤋
It sounds illegal, contact a debt counseling service, I know Greenpath is the name of one. Also, a bankruptcy attorney ( or Paralegal)might give you a free, brief consultation. Lastly, contact Legal Aid if your county has one!
2006-12-23 05:16:40 · answer #3 · answered by Anonymous · 0⤊ 0⤋
if you pay something on that debt it will update their account as you acknowledge that you own them not the original creditor and they will report the new date.
2006-12-23 05:37:03 · answer #4 · answered by A P F 1 · 0⤊ 0⤋
If they call your phone then try not to answer. Trust me that's happening a lot in my house.
2006-12-23 05:15:48 · answer #5 · answered by Anonymous · 0⤊ 1⤋
It's best to Ignore them. They'll eventually stop hounding you.
2006-12-23 05:25:18 · answer #6 · answered by mstrywmn 7 · 0⤊ 1⤋
challenge it in writing,
tell them to prove you owe them money.
2006-12-23 05:15:07 · answer #7 · answered by papeche 5 · 0⤊ 1⤋