Pass collections that were charged off...?

Question

I have a few pass collections, and according to my credit report, they're suppose to drop within the next couple of years... if another agency bought the account, do the 7 years start when they buy it? Should I contact any of the pass account collection agency's to settle the debt? Please advise, I had bad money management problems in the past and have been working on cleaning up my credit and my score is actually going up since I've been keeping up with my current open accounts... Thanks.

So SOL starts from the first day the new collection agency buys the account? I'm still trying to understand the statue of limitations... thanks.

Answer 1

The time begins when the last account activity was made with the original creditor, NOT when the collector bought the file,or an agreement was made with a collector. Do not allow a collector to trick you into making a payment on an old debt and restsart the clock. Odds sare the debt has ran beyond the collection statute of limitations. Zombie debt collectors buy old charge off accounts for a few cents on the dollar and make a fortune collecting on discharged debts. Get a free credit report from annualcreditreport dot com they are the only free one that exists. You dont need a scored report, those are 7.50 they will give you a free one by selecting non scored report. Look up last date of activity on account in question for the original creditor not the collector. Then check with your states statute of limitations here www creditinfocenter dot com send a copy to the credit bureau demanding that they remove the account from your report. An old debt passed from collector to collector will continue to haunt your credit report until you either pay a unenforcable debt, or demand it removed. You can do this for free in a few days. I have cleaned up borrowers reports while they were in escrow doing this same thing.

Answer 2

Yes if another agency bought the account it will restart the 7 years and actually may times that is what they will do is sell them twords the end of that term.

I had a cell phone company that hit my credit from when I was 19 and I moved to a state where that particular provider did on offer service so I stopped paying them and they hit my credit. Well a couple years later I saw it there and decided to deal with it. I called the collections agency and they were surprised to hear from me. I told them I wanted this item removed from my credit report and they told me they were not able to do that. So I responded with, "Then what would you say is my motivation to pay you?" Of course they thought I was a dummy and so they responded with "We will mark it as paid on your report." Well in my eyes that is no different than open collections other than that in 7 years it will really fal off and won't be sold anymore. So I said "thats not good enough. I am willing and able to pay this debt today but in order for me to do so I need to have a letter of deletion faxed to me on your letter head immediatly after you recieve payment today." Once again "We can't do that."
So my reply was: "Well then I guess I can't get you that payment today, sorry to have wasted your time, have a nice day." and I was silent.
She quickly replied, "Hold on just a minute let me go talk to my manager."
She came back and told me that they would send me the letter I requested so long as the payment was made that day.
Happy as hell i replied, "Great now let's discuss the amount I owe you. I am obviously not going to be paying the full amount you are asking so let us start off by removing all the interst you are trying to charge me and go from there."
Needless to say I got off paying less than what the original amount was and I got my letter. My score jumped 45 points within 30 days.
Hope that helps. do not settle for the crap they try to give you. Remember you are the one that is in controll, they want something from you.

Sincerely,
Brandon Wells
http://www.yourforexinvestor.com

Answer 3

A debt is reported for 7 years from the date of last payment. If you settle the debt it will reflect negative on your credit. If you pay in full it will still stay on your credit for 7 more years from the time you pay it. When an account is charged off it means the company took it off their books, the debt is still due and owing. If they sell or give this debt to a third party to chase you down the 7 years is still valid from the last time you made a payment.

Answer 4

Myron's right. The clock on the SOL starts from the date of the last activity. A debt can be sold, but it doesn't change the SOL. As a matter of fact, I've supplied a link that outlines how the SOL works by state and your rights as a consumer. Here it is

http://www.fair-debt-collection.com/statue-limitations-explained.html

Answer 5

I have heard that when it is sold the collection starts all over. Start with the least amount owed in collections and pay those off first you'll be surprised how much they will up your score. However, be careful with these collection agencies get everything in writing from them when your settling and make sure they are going to report it to the bureaus.