I have a closed account on my credit report. another company bought it. do i have to wait 7 years from then?

Question

I have a old closed account. It should be coming off my credit report in 2008, but I was told that it's 7 years from the last activity. and everytime it is bought from another company, that the 7 years starts over. Is there any laws protecting me? What can I do to stop this from happening and clear my name, other than paying for the account. (which isn't even mine, it was a dirty break up, not like the credit company cares. )

Answer 1

If the other company is a collection agency, never ever call them on the phone and do not tell them you have the SSN of the account holder.
Always deal with a collector by mail and sent certified return receipt (create a paper trail). Never admit to an unvalidated debt with anyone.
By giving your SSN you would be, in a sense, acknowledging the unvalidated account (if you are currently out of the collecting SOL, in some states acknowledging it "may" allow the collecting SOL to be reset, in which case they could legally sue you)

No one can reage an account to make it report for longer than the original reporting period. Once an account is charged off, thats it, it cannot run for a longer period of time.

It would be a violation if it is reaged and they can be held accountable for up to $1000 for the violation if you wish to persue it.

The reporting period would have started from the first late leading to the charge off.

You might click on my profile and do some reading in the links I've provided to the FDCPA. FCRA, the FDCPA & FCRA Staff Opinion Letters, etc. and do some reading in the last link listed to learn how to use those rights.

If the account is slated to drop off within the next few months, you might dispute it with the CRA's at this time. It may fall off early.

Answer 2

The SOL often can't be reset except interior the case of signing an contract to pay or absolutely making a cost. some states have extra stringent rules, yet on the minimum you may want to ought to signal an contract to pay. The 7 twelve months (no longer 7 & a million/2) reporting era begins on the date of first delinquency and may want to no longer be reset lower than any situations. some sleazy sequence agencies will illegally reage the debt to shop it on your comments longer, yet in case you capture them you may sue them, because it extremely is a contravention of the FCRA.

Answer 3

Honey, you don't have to wait untill 2008, I had the same problem, all you have to do is find out who the new company is, cal them say that you don't have the account number but you have the social security number of the account holder and from there they do it, ask them to remove it from your credit report and ask if you have to fax or mail them a letter for them to remove it. Ask them how many days it would take for them to remove it, if you don't call them and ask to remove it could stay in your credit report, so call on, I know, I did this cause I had the same problem!
Let us know what happened ok babe?
Good luck girly and have a star!

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