I have several items schedualed to come off in te next two months because of the seven year limit... Some people have told me that the collection agencies can just resubmit these debts as new and get them put back on, or get the date moved back... Is that true? What can I do about it?
2007-10-12 08:55:01 · 5 answers · asked by Anonymous in Business & Finance ➔ Credit
No it's not legal to re-age accounts, as a matter of fact it's a violation of the F.C.R.A. and you can sue if this happens, it's a $1,000.00 fine for each violation.
2007-10-12 08:59:00 · answer #1 · answered by ? 7 · 6⤊ 0⤋
Q. Can the credit reporting agencies keep negative info on after 7 years?
A. Bankruptcies can stay for 10 years. Otherwise, no.
Q. Some people have told me that the collection agencies can just resubmit these debts as new and get them put back on, or get the date moved back... Is that true?
A. It's not legal, but it does happen.
Q. What can I do about it?
A. Dispute it, in writing, and be clear that what you are disputing is the date.
2007-10-12 16:10:44 · answer #2 · answered by StephenWeinstein 7 · 2⤊ 0⤋
If they do, they are violating law by re-aging the account. If you pursue the collection agency for re-aging those account in small claims court it is usally $1000.00 per violation.
Collection agencies are pretty dumb and will create serveral violations in your process to take then to court.
Agian this is call re-aging and specifically prohibited by law.
Next. There is a Statute of Limitations (SOL), a limited amount of time that any creditor (other than the government i.e. taxes, student loans, govenment medical care, judgements) can legally collect a debt. Each state this time frame varies, however many states this time is 3-4 years.
It is against the law for the collection agencies to report inaccurate data. It is also against the law for collection agencies to continue collection activities on debts that are are legally uncollectable.
So you can see where they are violating the law in several areas.
As I post all the time......A free public service message board is availble to learn how to take care of issues such as these is www.creditboards.com
2007-10-12 16:18:34 · answer #3 · answered by Ted 2 · 3⤊ 0⤋
Hon: I am almost sure that they can't collect after the seven year period is up. You debt is supposed to be cleared. as paid in full. Hope I am right. I just heard that from someone. God Bless.
2007-10-12 16:17:43 · answer #4 · answered by Anonymous · 1⤊ 2⤋
Spifiman is correct
2007-10-12 16:02:26 · answer #5 · answered by echo 7 · 3⤊ 0⤋