I am trying to clean up my credit. I am not familiar with all the credit jargin but here is my question that I need real answers too b/c I can not contact an actual Experian rep and the creditors I speak with fill my head with a bunch of lies so I just want the truth. Ok here is where I am at I have recently disputed items and some of which show that they are on record until Mid 2008 (statuet of Limitations? ) when I spoke with some one I was told that after that date those debts would be removed from my credit history and then I am told that they are still there but I just cant be sued again so which is the truth is it removed or not. Also I have been told that just by contacting them it can start my time all over again which I hope is not true considering I called them before knowing this. Last question I have is some of my debts that I plan to pay are by the same collections agency if I begin to pay on them would it bring those old debts that are soon to be removed back to a beginin
2007-10-18 09:07:01 · 5 answers · asked by Driving-on-E 1 in Business & Finance ➔ Credit
bdancer is correct.
2007-10-18 09:31:06 · answer #1 · answered by ? 7 · 0⤊ 0⤋
Reporting Period: Negatives fall off you credit report 7 years and 180 days from the date of delinquency. NOTHING restarts this reporting period. However, this does not mean that collectors can't try to collect. They can follow you to the grave.
Statute of Limitations (SOL): This is the time frame to bring lawsuit. It varies from state to state. The clock starts from the last transaction. Payment will restart the clock. In some states, offering to pay or even acknowledging the debt can restart the clock. If a debt is beyond the SOL, you can use this as an affirmative defense in court. Check the SOL for your state: http://www.fair-debt-collection.com/SOL-by-State.html
It's good that you want to settle your old debts. But don't talke to collectors on the phone. Do everything in writing. Be sure to get all settlement agreements in writing before you pay and DO NOT give them access to your bank account.
If you need help working thru all your debt, try Consumer Credit Counseling Service (CCCS) http://www.nfcc.org/ . They are a non-profit company offering free counseling.
2007-10-18 09:24:15 · answer #2 · answered by bdancer222 7 · 2⤊ 0⤋
The statute of limitations is a state law that determines the amount of time after which you cannot be sued for the debt.
The future removal date shown on your credit report is that date when they are removed from your credit report, which may be earlier or later than the expiration of the statute of limitations.
Contact does not restart the clock. Agreeing to pay, whether or not you actually do pay, does restart the clock for the statute of limitations, regardless of who initiated contact.
2007-10-18 09:13:38 · answer #3 · answered by StephenWeinstein 7 · 1⤊ 0⤋
Try using sentences in your writing. It helps make it clearer when you use sentences and punctuation.
Look at the www.ftc.gov it explains credit reporting.
Only inaccuracies (not simple protests) will be removed from your report. The credit report is a historical report.
It sounds like you don't have success with credit. This doesn't make you a bad person, just a bad risk. Pay everything off and just pay cash. There's no scoring or qualifying when you pay cash.
2007-10-18 09:28:14 · answer #4 · answered by Anonymous · 0⤊ 0⤋
There is one detail you haven't mentioned. Are the debts valid? What are you disputing?
2007-10-18 11:12:44 · answer #5 · answered by Anonymous · 0⤊ 0⤋