I have heard that collection agencies can renew you're debt to credit bureus so that, essentially, what should come off after 7 years can never come off if the agency continues to renew it before each 7 year mark. What can you do to ensure that old debts come off when they should?
2007-08-05 16:04:24 · 8 answers · asked by Anonymous in Business & Finance ➔ Credit
Although I appreciate everyones answers, some of you are misunderstanding my question. I am not asking about debt consolidation or debt help. I would like to know how to stop collection agencies from renewing or reporting a debt collection again before the 7 year mark so it continues to stay on your credit report even after it was set to expire.
2007-08-07 08:59:27 · update #1
The only way they can renew it is if they call you to collect an old debt and you say oh ok, i'll try to pay or give them a check or acknowledge that you do owe on this debt they can start the "statue of limitations" again. So when these people call say let me look into it, or i need to think about it or talk to someone and ask them for their number or just say no, you're wrong, I don't owe you, please do not call back, you're in breech of the statute of limitations! Also if they do renew it, and you see it on your credit report, dispute it. If you have a reciept or something showing the last time you paid send that in as well. You can also jot down when these people call, get their name & number and report them to the BBB!
GOOD LUCK!
2007-08-13 14:10:20 · answer #1 · answered by vetsmom_rgv 3 · 0⤊ 1⤋
The only real way to ensure that a collection agency doesn't purchase an old debt for pennies on the dollar is to settle the account by paying it off, or under an agreement of settlement for something less, and the creditor will show the account paid and it will fall off after seven years. Different collection companies pick up old accounts and actually pursue you because in fourteen percent of the cases, they actually get money. The statue of limitations in most states, expire in less than seven years and if the creditor has not sued you within the legal time period the debt can never be legally pursued, but they will constantly report it to the bureaus. Determine the legal statue for legal collection in your state, Georgia it is four years. So, after four years the company can not pursue you legally for any money, they have to sue you within this four year period, or it is uncollectable, by them and anybody else. The so called scavanger collection agents will still hound you until you write them a letter stating the actual state law as reference and demanding that they stop their collection efforts and that they are in violation of the state law, if they continue to report it on your report after the seven years has expired from the original debt. Until you demand it and threaten them with the law, they will keep on coming. You may have to get your attorney to write them this type of letter, before it all stops. Of course, it goes without saying that you need to send the credit bureaus copies of all your correspondance and request them to not report it even if the collection agency reports it to them. It is work and makes you realize that it would have been better to have worked something out way back with the original creditor.
2007-08-13 15:16:08 · answer #2 · answered by H. A 4 · 0⤊ 1⤋
I had this same problem when I checked my credit report. You can dispute this matter and the credit bureau will look at original file date of company, they cannot continue to renew. Keep a check on your report often, that is what I have to do and let them know immediately if there is something not right.
2007-08-11 22:28:18 · answer #3 · answered by Anonymous · 1⤊ 1⤋
It's illegal for collection agencies to re-age your debt. You dispute the additional entry with the credit bureau as duplicative and beyond the 7 year limit.
2007-08-05 23:10:26 · answer #4 · answered by bdancer222 7 · 0⤊ 2⤋
Really this question requires more information. Did you file bancruptcy 7 years ago? Were the debts paid off 7 years ago or did you just leave them sitting there and you still owe the money? If you didn't file bancruptcy and you never paid off your debts then you still owe the companies money and you bet they are going to renew the marks against your credit until they get their money or you file bancruptcy.
2007-08-11 11:12:47 · answer #5 · answered by reymop 2 · 0⤊ 2⤋
I found interesting information about your answer Here:
debt consolidation loans:
http://all-debt-consolidation-loan.blogspot.com/2007/07/debt-consolidation.html
credit cards:
http://all-debt-consolidation-loan.blogspot.com/2007/07/chase-credit-cards.html
Good Luck!
2007-08-06 09:23:48 · answer #6 · answered by Anonymous · 0⤊ 2⤋
work with the companies you owe the money to and make sure they remove it. get copies of confirmation and send to the credit bureaus.
2007-08-05 23:12:34 · answer #7 · answered by Michael M 7 · 0⤊ 2⤋
Some good info here ... http://www.cash-available.com/CreditReport
2007-08-05 23:07:07 · answer #8 · answered by Anonymous · 0⤊ 2⤋