I owed visa Providan 700 bucks over 6 years ago , so it's been on my credit report for 6 years . A month before it was gonna be deleted off my credit report a Credit agency bought this and now i have VIsa and this new Agency on my report saying i owe 700 .. Is there anything i can do
2007-12-11 22:29:58 · 5 answers · asked by bigantdog22 1 in Business & Finance ➔ Credit
Look at the law of statue in your state. Remember any communication you have with the collection agency will re age this debt and the statue will start over like it was brand new.
So if you acknowledged this debt with the collection agency then you've re aged it .... then that's one thing if you have not then do nothing for a month or so then challenge the credit bueura with this " Resurrection debt collection agency" and ask them talk it off your report because the statue has run out.
This is a common thing happens all the time.
Kourtnie
Prosperityfinancial.org
2007-12-12 00:42:27 · answer #1 · answered by Kourtnie D 4 · 1⤊ 1⤋
I would pay the debt or try to settle with the collection agency.
Just because the SOL in your state may have run out, the credit bureau is still entitled to keep that on your credit report for the standard 7 years after the date of delinquency.
It is not true that the account can be re-aged. It CAN'T! It's actually illegal. It will fall off eventually, but that doesn't mean that you still don't owe it. Do some research - I've seen the SOL as high as fifteen years in some states (meaning it can fall off your report, but they can still attempt to collect).
Good luck!
2007-12-12 12:27:38 · answer #2 · answered by YSIC 7 · 0⤊ 0⤋
Unfortunately probably not. I work for a major bank and this is how it works. The laws in this case are non applicable what is happening is that Providian sold you credit card dept to another party therefore it is appearing as a "new" defect on your credit report since it is under a different name now.
2007-12-12 10:25:24 · answer #3 · answered by aegisaaron2000 2 · 0⤊ 0⤋
depending upon your state, this debt may be outside the statute of limitations for debt collection. you may want to review the link below.
I would send a "cease and desist" letter to them, that should back them down and if, for some reason, they file suit against you, your response would be, if appropriate, that the debt is out of statute and the suit should dismissed.
Do not, however, ignore their actions, that will cause you more heartburn
2007-12-12 08:10:24 · answer #4 · answered by Matthew B 3 · 0⤊ 2⤋
Pay it!!!!!!!!!!!
2007-12-12 11:15:42 · answer #5 · answered by John 3 · 1⤊ 0⤋