IT WAS ON MY CREDIT REPORT BUT, AFTER THE SEVEN YEARS IT WENT AWAY. I THOUGHT I WAS IN THE CLEAR BUT THEY ARE STIL CALLING ME. SHOULD I HAVE TO WORRY ABOUT THEM GARNISHING MY CHECK OR FREEZING MY ACCOUNTS. I HAVE OTHER CARDS NOW AND EVEN A CAR. I KEEP NOTICING THAT THEY KEEP PULLING MY CREDIT. SHOULD I WORRY? I THOUGHT THAT THE FUNDS WERE INSURED, SO IF A CLIENT DOESNT PAY THEY GET THERE MONEY BACK ANYWAY.
2007-03-23 08:10:23 · 25 answers · asked by MS.B 1 in Business & Finance ➔ Credit
Did you ever pay them back? Maybe that's why they're calling.
2007-03-23 08:13:07 · answer #1 · answered by Anonymous · 5⤊ 0⤋
Call the company you initially had the credit card with and ask what the situation is. Sometimes items being put on a person's credit report for 7 - years doesn't necessarily mean it goes away, the person (person in debt) needs to follow up to make absolutely sure it is removed.
Creditors will do anything to get the money owed to them. An account will not be opened unless the person who is in debt filed a chapter 11 (Bankruptcy) other than that the account can still be reopened at a future date.
Your credit may have been reviewd and it was determined that you probably can repary the debt, but until you clear this up by addressing the issue with the company, the issue will remain still outstanding.
Good luck
2007-03-23 15:23:25 · answer #2 · answered by dymps 4 · 1⤊ 1⤋
Legally, the company can come after you until you pay that debt. You breached the terms of the credit card agreement and they want to collect. It's that simple. Just because it has fallen off of your report does not mean that the debt has disappeared.
Each state has different laws as far as the legal process is concerned. In general, unless you owe them tens of thousands of dollars, they are not likely to take you to court. Filing a judgement against you can get expensive and if you owe them $1,000, that's not really worth taking you to court over. If you think of all the people they would have to do that to....the cons outweigh the pros even for them.
Regardless of what insurance the cc company may have, they still want the money from YOU. You can always offer to settle or get on a payment arrangement if you want to get rid of them for good.
Good luck!
2007-03-23 16:55:52 · answer #3 · answered by YSIC 7 · 2⤊ 0⤋
the collection agency can and will call you on it until you honor the debt. the collection agencies buy the bad debt and then keep whatever they collect as their payment. even though one credit reporting company shows the debt as dropped from your report, that doesn't mean that ALL of the credit reporting companies have done so. in the long run, it will take you a lot longer than the 7 years to straighten out your credit and bring up your credit score to the point where you are getting the lowest possible interest rates on new loans.
by not paying it at all, all you have done is increase the original credit card company's interest rate that they charge all of their other customer. there is no "insurance" they just charge the rest of their customers more in interest to pay off their bad debt costs.
2007-03-23 15:18:00 · answer #4 · answered by SmartAleck 5 · 1⤊ 1⤋
You are okay. I had a collection company call me about an ancient sprint long distance bill from, like, 8 years ago. I just told them the statutes of limitations had run out and don't call me again. They kept calling, so I called the Attorney General's Office's Consumer Department. They told me to write a letter, send it certified receipt, and say in the letter to cease and desist calling my home, office, family, or fax, or any other form of contact. I mailed it to the ATTN: Legal Dept of that collection co. and never heard from them again! Some new agencies must be begging for this nasty old paper to collect, but they won't. Because, even though the debt may still be owed, it's mute. They can't sue you. Or report it to your credit bureau. They have no bang in their call. Write them Certify it. And forget about it!:}
PS: Don't admit you owe anything over the phone. Don't send them a dime or the timeline starts anew. Just write the letter. Trust Me. They cannot hurt you in anyway if you write the letter.
Some of these answer are dead wrong! They cannot report to your credit report. Statutes in most states are 4 years for an open account (credit) paper; 10 if they have a judgment against you. State tax liens, 15 yrs.
They cannot call you after the letter. If they, file a complain with the Consumer Protection Agency at the state level. That'll do it. liens. Everything comes off your credit report after 7 years,except the above exception.
2007-03-23 15:18:36 · answer #5 · answered by Anonymous · 3⤊ 2⤋
You said it was off your credit report. There are three credit agencies that report to your credit report. Are you sure all three agencies stopped reporting on it? One or two agencies might have stopped reporting it but the third could still be reporting it.
Either way the seven year rule only applies when the company stops reporting the default. Meaning, if the company is reporting the balance 5 years after the default then it's 7 years on top of that, basically 12 years total that it will be on your credit report. Good luck.
2007-03-23 15:16:45 · answer #6 · answered by Rick 5 · 1⤊ 2⤋
If the last payment you made was over seven years ago then they cannot do anything. It is no longer a valid debt. This is the problem with the CRA's and debt collectors. The DC's pay the CRA's to pull up your report if they notice that you have a debt that is about to roll over they get the information the the BS begins. Send them a cease and desist letter (go to www.budhibbs.com) for an example. This has happened to me, debt collectors are the scum of the earth.
2007-03-23 16:18:58 · answer #7 · answered by rmdouglas27 2 · 1⤊ 1⤋
The debt has been sold it is no longer valid, the collection agency bought it at a discount like 5 to 10 cents on the dollar. They will call you trying to get half so they can make profit. If you reassign the debt then you will be legally responsible for it at what ever terms existed b4 and new terms.
Contact the Fed.s to find out about fare credit recording act.
2007-03-23 15:15:02 · answer #8 · answered by Anonymous · 1⤊ 2⤋
Are you kidding??? They are calling because you owe them money. Did you think maybe someone paid it off for you???
Don't be mistaken the debt may come off of your credit bureau after 7 years, but that doens't mean the company will forget it and move on. You still owe them so make a deal with them to pay. (Its your debt, not an insuranc ecompanies)
2007-03-23 16:38:12 · answer #9 · answered by crownroyalgirl1177 1 · 1⤊ 1⤋
It depends on which state you live in. Just because the item fell off your credit report does not mean that the statute of limitations has expired, meaning the company may still have time to sue you. Click on the length below for a state by state length of time for the statute of limitations.
2007-03-23 15:32:03 · answer #10 · answered by Mariposa 7 · 1⤊ 1⤋
The original card holder has charged off the balance that you owed them and sold your account for pennies on the dollar to a collection agency. Unless it is a large amount, say over 2000, all they will do is be a pest to you and they will offer you a settlement of about 50% of the original balance if you are willing to pay them in one shot.
2007-03-23 15:21:33 · answer #11 · answered by Anonymous · 2⤊ 2⤋