The accounts are all medical and over 2 yrs. old. Also if I send a pay for deletion letter can the collection agency start the statue of limitations over because of the letter?
2007-03-23 09:25:04 · 4 answers · asked by hdc9980 1 in Business & Finance ➔ Credit
Send them a letter that states that you will pay them and in return they will close the account, remove it from your CR, and not pass it on or pursue you on it in the future.
Make sure theres a place for them and you to sign.
Send it out and wait for it to come back.
:edit: However if these items are outside of SOL then you wouldn't want to Pay for Delete.
And no it will not restart the statute of limitations (SOL).
:edit: The guy below me has no idea what he's talking about. Do not pay someone to fix this problem for your. It really isn't that hard to do yourself. And YES there is such a thing as SOL on consumer debt in EVERY STATE. He may mean that indeed the debt will never die, however the ability for the Collection agency (CA) to legally collect on said debt is impossible. Yes they can trick you into it but you have all the legal rights to tell them to 'get bent'. And they can not report it on your Credit Report and if they do you can use validation techniques to get it off there.
:edit2: Indeed the fact that it can't stay on your report any more than 7 years does not mean that you can't Pay for Delete (PFD), in fact I'm sure the credit industry would not like you to know that in fact you CAN get it removed from your credit report. Someone put it on your credit report and yes someone can take it back off. This tactic is much harder as they may not agree unless they know there is no other way they will get their dough.
However another little trick would be to get in writing that they will NOT validate if you ask for validation from the Credit Reporting Agency's (ie Transunion, Equifax...). If they do not validate then it can't be on your Credit report as it's not legit.
Then again it's always hard to get them to hold up to their word - but that's what lawsuites are for.
2007-03-23 09:33:07 · answer #1 · answered by B-Rad 2 · 0⤊ 0⤋
You do not have to pay for any company to delete something from your credit report. All negative information will stay on your report for 7 years - no matter what. It cannot stay on any longer than that. So, no, they cannot extend the statute of limitations.
If you have an account in collections and you pay the balance or settle for less than the full balance, the credit bureaus are required to show that debt as "paid" or "settled" on your report. It is not up to the collection agency to report that. Most of the time they do, but if they don't, it's up to us as consumers to get a receipt from the collection agency and then follow up with the credit bureau. Do not pay a "removal" fee. Just pay the debt and use a .39 cent stamp to get things updated.
I hope that helps.
2007-03-23 09:39:59 · answer #2 · answered by YSIC 7 · 1⤊ 0⤋
First of all know your rights and the law. There is NO statute of limitations. That's a LIE!
Go here: www.lexingtonlaw.com and understand your rights. Sign-up with them and they will fix all of your credit issues.
Don't listen to collection company rhetoric.
Write me a personal message if you ever have questions like this again. kenneth_knapp @ yahoo .com
KK
2007-03-23 09:33:46 · answer #3 · answered by KennyJitFu 5 · 0⤊ 3⤋
Good question, I can't wait to see the answer because I am interested in this sort of thing myself.
2007-03-23 09:32:25 · answer #4 · answered by exiletheking 2 · 0⤊ 0⤋