My credit SUCKS because of some problems I had with credit cards about 7yrs ago and it haunts me today. I always thought after 7yrs they could not try to collect.
2007-07-10 15:02:43 · 5 answers · asked by Michael P 1 in Business & Finance ➔ Personal Finance
Well, you could go to the 3 major bureaus on line (transunion, Equifax and Experian) of which your entitled to a free credit report annually and dispute them all. The odds are that the older ones will not have the paperwork to back it up. However, there is no statue of limitations un the FCRA for debt. As long as the companies keep updating the information to the bureaus then they have the right to keep trying to collect the debt.
2007-07-10 15:18:19 · answer #1 · answered by Etta P 4 · 0⤊ 0⤋
You thought incorrectly. They can attempt to collect until the day you die, and then they can hound your estate as well.
The statute of limitations on debt collection (which vary from state to state) ONLY apply to the ability to seek a legal judgment to collect the debt. However, the expired SOL does not make the debt go away.
Furthermore, the credit card firm may sell your debt to an outside collection agency for pennies on the dollar. When that happens, your seven year credit file love affair starts all over again.
2007-07-10 15:37:36 · answer #2 · answered by acermill 7 · 1⤊ 0⤋
The 7 years is from the date of last activity.
Was there any activity on these debts? Did you contact them or attempt to pay?
If so, this starts the 7 years over.
2007-07-10 15:06:49 · answer #3 · answered by mister_galager 5 · 0⤊ 0⤋
It also depends on what state you live in,, go to search and put in statue of limitations, you will find your state and also explains date of last contact....if you fall into the guide lines then they are harassing you
2007-07-10 15:13:05 · answer #4 · answered by xyz 6 · 0⤊ 0⤋
wait three more years and they will automaticly come off your records
2007-07-10 15:11:35 · answer #5 · answered by Anonymous · 0⤊ 0⤋