Some Questions About Credit Repiar
i just pulled my credit report and have a few questions, if anyone can help me out i'd really appreciate it.
1. is it true that a debt falls off your report after 7 years?
2. if it does fall off, how do you make sure it gets off ur report?
3. does the time start when you start the debt, or does it re-start if it is sold to collections?
Thanks in advance for your help!
Just to Piggyback on this....
If a debt was 'written off' by the creditor in 1986, and the Debtor went Ch 7 in '92, but didn't mention the '86 creditor in the BK, is the debt still valid in 2004? Isn't there a statute of Limitations?
Quote:
On 2004-03-26 16:19, gemini_dog wrote:
i just pulled my credit report and have a few questions, if anyone can help me out i'd really appreciate it.
1. is it true that a debt falls off your report after 7 years?It should. Sometimes it needs a swift kick by disputing it as "not mine" ... follow up with "obsolete entry" dispute if "not mine" doesn't get it.Quote:
2. if it does fall off, how do you make sure it gets off ur report?Dispute. Keep disputing. Sue under the FCRA if
necessary.Quote:3. does the time start when you start the debt, or does it re-start if it is sold to collections?The 7-year clock begins with the "Date of Last Activity" ... which is 180 days after the debt first becomes delinquent and is never caught up again. 7 years after the DOLA, it's got to vanish from your reports ... and stay gone. However, that doesn't stop Collection Agencies and Debt Buyers from trying to put improperly "reaged" versions of it on your reports and keeping it there if you don't have the ammo to fight them (copies of old reports are very helpful here). If you do have the ammo to fight them, it can be a great moneymaker for you, suing them under the FCRA and FDCPA for violations at $1k a pop. There are pro se litigants who claim to make $15k a year off creditors' statutory missteps with their old, burned-out debt accounts.
http://www.creditboards.com/phpBB2/viewtopic.php?t=30177
Quote:
Thanks in advance for your help!
The real help is over at:
http://www.crediboards.com
http://www.creditnet.com
http://www.creditinfocenter.com (especially their discussion forums)
http://www.artofcredit.com
http://www.budhibbs.com
A site maintained by a guy called "Whychat" on webtv, etc.[ Edited by flacorps on Date 03/27/2004 ]
Quote:
On 2004-03-26 16:48, pmatheson1 wrote:
Just to Piggyback on this....
If a debt was 'written off' by the creditor in 1986, and the Debtor went Ch 7 in '92, but didn't mention the '86 creditor in the BK, is the debt still valid in 2004? Isn't there a statute of Limitations?
That debt should be dead, done and gone. Regardless of the failure to schedule it in the Chapter 7. But you might try sending the creditor a copy of your discharge and threatening to sue them for violating it just as a scare tactic (even though you probably couldn't).[ Edited by flacorps on Date 03/27/2004 ]
Actually it doesn't "FALL OFF" in seven years. By that time the creditor has either sold your debt or has "wrote it off"
[addsig]
Quote:
On 2004-03-28 23:01, tinman1755 wrote:
Actually it doesn't "FALL OFF" in seven years. 7 years from DOLA, a debt can no longer be reported. Purchase of the debt by a debt buyer or CA does not allow for them to re-age it. If they do so, it's improper, illegal, etc. Quote:By that time the creditor has either sold your debt or has "wrote it off"
Even if the debt has been "written off" the creditor can list it. Only if they sell it, they must show a zero balance for the remaining duration of the 7 year reporting period, with a "sold" notation as well.