When I was 18 I got into some trouble with credit cards, I am now 28, and I am still being harassed by creditors. I thought after five years of deliquency, those credit cards would not reflect on my credit report. Is there something I have to do to get those credit cards off my record? Maybe some kind of law?
2007-10-06 06:39:58 · 6 answers · asked by acontreras80 1 in Business & Finance ➔ Credit
The actual regulation is 7 years(not 5) from the date of first delinquency, this is per the FCRA(Fair Credit Reporting Act). So if it has been past 7 years then yes the negative items no longer should be reported. This does not mean that they can not still attempt to collect the debt, it just means that it can no longer be reported. Your debt was probably bought by what is known as a Junk Debt Buyer. These are people who buy debts at a really low amount, and hope to get people who do not know their rights will pay on them. Even if they don't have to anymore.
You need to send in a dispute to each of the credit agencies that are reporting the incorrect information. You just need to state that these are beyond the reporting period and must be removed. If the CRA says it is valid you need to do the same thing with the actual collection agency reporting the information. But with them you need to request that they provide proof they are allowed to collect the debt, proof that it is your account, and proof of the delinquency date. They have 30 days to respond to this, if not you can then write the CRA's again stating they did not repsond and it will then be removed.
When you send these letters be sure that you always send it by certified mail with return receipt. This way you have proof of when you sent them.
2007-10-06 06:51:58 · answer #1 · answered by OC1999 7 · 0⤊ 0⤋
It is on the credit report for 7 years from the date of the last activity ,
However , how long the company can make an effort to collect ?
That is a Different issue , Not sure , maybe longer ?
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2007-10-06 06:46:58 · answer #2 · answered by kate 7 · 0⤊ 0⤋
OC1999 is correct but I will add 1 thing, the other time line you need to be aware of is the statute of limitations on the debt.
This is the time allowed by law for the original lender or collection company to sue you to collect the debt.
Credit cards are considered open accounts. I have posted a link so you can look up your State.
After this date has passed they can still call you but that's about it. Even if they sue all you have to do is show the court that the S.O.L. has expired and the case will be dismissed.
http://www.bcsalliance.com/index.html
2007-10-06 07:39:19 · answer #3 · answered by ? 7 · 3⤊ 0⤋
You need to look at the website below. There is good information on this ongoing and developing website and I subscribed to their RSS feed. You are free to challenge those negative items in your credit report!
2007-10-06 09:37:26 · answer #4 · answered by Anonymous · 0⤊ 1⤋
Pay your bills and stop trying to find a law to get around it.
they will never fall off your report. Pay the man, you are the one who did the charging.
2007-10-06 06:47:21 · answer #5 · answered by Leo F 4 · 0⤊ 4⤋
First of all, do you still owe money?
2007-10-06 06:47:57 · answer #6 · answered by perfectlybaked 7 · 0⤊ 3⤋