I am helping a friend with this issue. And they inccurred lots of credit card debt back in college and then blew it off. Totally blew it off for over 9 years. When I learned of this I told my friend they won't forget the debt - they sold it to someone. However - I have learned that the debt should drop off the report after 7 years typically. Some debts do not show up as charge off and some show recent activity - like going to a collection agency. What gives on the 7 yr drop off thing then? Do not want to open a can of worms here - and wish to settle debt at some point. Is cleaning up credit report separate to that or not?
2007-08-10 05:21:23 · 11 answers · asked by Delay 5 in Business & Finance ➔ Credit
Derogatory trade lines should come off your credit reports seven years after last delinquency. It does not matter how many times a debt has been sold and resold. If these debt show up as recent activity, the Junk Debt Buyer (JDB) is violation of the Fair Credit Reporting Act (FCRA). Send letters to both the credit bureaus and the debt collectors informing them that they are in violation of federal law and that you are aware of your rights as a consumer.
2007-08-10 05:28:13 · answer #1 · answered by Ti 7 · 3⤊ 0⤋
Any acknowledgement of the debt will restart the SOL. But by you making current payments you are acknowldeging the debt. It's only when you quit paying and the debt is sent to collections and reported on your credit report that the SOL begins. There are many good books on debt repair that can help you deal with these credit card companies. They will teach you how to negotiate, reduce rates and/or settle the debt. Visit your library or bookstore. Look for debt repair under finances. /
2016-04-01 09:45:13 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If there was any activity (any payments ) during that time the 7 year clock starts from the last activity .
Also , government (student) loans may have different time lines .
Ask the credit agency you got the report from .
Only they know the specific nuances of these debts ,
We do Not have access to all those details .
>
2007-08-10 05:30:05 · answer #3 · answered by kate 7 · 1⤊ 1⤋
The belief that credit will drop off after seven years is misleading. A credit card debt might, in fact, remain on your credit report for well over the ten year mark even.The way teh creditors accomplish this is by crediting the account in question $1.00 for instance. That will make it appear that you, the debtor are making an attempt to pay the debt and it will validate the necessity to keep it on your credit report. Another thing they like to do is sell your debt to third parties - usually collection agencies and the like. That is even more dangerous as the debt then starts new at the date of the purchase of your debt. They, in turn, sell it off - usually to one of their subsidiaries - and can keep the debt on your credit report for your entire life.
There are only two ways to truly get them dropped from your credit reports:
1) pay them off and make the company send you a certified copy of the letter of removal to the reporting agency and
2) contact the creditor and FORMALLY dispute the charges. Once you dispute them, then it is on the creditor to form a paper trail which has to lead directly back to you.
2007-08-10 05:37:30 · answer #4 · answered by J N 2 · 0⤊ 2⤋
More than 1/2 the responses here should never have been made the people making them haven't one single clue what they are talking about in regards to restarting the clock on the 7 year reporting status.
2007-08-10 06:00:46 · answer #5 · answered by Anonymous · 1⤊ 2⤋
If the debt is owed then it still needs to be paid off, either to a creditor or a collection agency that bought the debt
2007-08-10 05:29:31 · answer #6 · answered by Anonymous · 0⤊ 3⤋
as far as i understood with credit rep i spoke with. its 7 years after NO ACTIVITY. so if the charge was turned over to a collection agency and then sold to a different collector. thats activity. hope that helps and good luck
2007-08-10 05:30:47 · answer #7 · answered by nunya b 2 · 1⤊ 3⤋
PJ is right, you are hearing from a bunch of kids that are clueless.
The SOL is in regards to lawsuits, your friend can no longer be sued. They are entitled to try and collect their money, which was stolen from them by your friend, until after your friends death, where they can collect from the estate.
The "drop off" occurs 7 years after pay off.
2007-08-10 07:47:44 · answer #8 · answered by Landlord 7 · 1⤊ 3⤋
it can be REPORTED for a period of 7 years...the debt itself may be 10 years old...but wasn't reported for the first 3 years...again key word here is IT CAN BE REPORTED for 7 years....
and anything you owe the government (like a student loan) or the IRS will haunt you forever...you must pay them
2007-08-10 05:58:11 · answer #9 · answered by sunbun 6 · 0⤊ 3⤋
run all three credit reports
any descrepancies or items that should not be there, you will contact the agency in writing. they have 30 days to repair.
good luck :)
2007-08-10 05:25:09 · answer #10 · answered by Blue October 6 · 1⤊ 2⤋