Forum
|
|
Forum
|
     | Friday, December 31, 1999 - 01:09 pm  I had a credit card charged off in sept 91. The debt has been sold over and over again. The current collection agency has placed it on my credit report. They never contacted me, I found out about it when I applied for a loan. The debt is over 7 years old. When I finally got a hold of the collection agency they said they could report the debt because they bought it and so it is a new debt again. Is this true?
|
| | Friday, December 31, 1999 - 02:08 pm fight that through the Credit reporting agencies. Collectors lie for a living, they're salesmen. If the original creditor charged it off to profit and loss in 1991, this agency bought it for pennies on the dollar and now figure they'll get your attention by reporting it as the date they bought it. Highlight the section in the fair credit reporting act that states, that the reporting time span is from first date of delinqency and send it to that collection agency. Note that the FCRA was ammended in 1997. But you can read it in full at our site or www.ftc.gov. Also send a dispute letter to the credit bureau stating incorrect date of last activity. Good Luck! Andrea Peckow www.carreonandassociates.com
|
| | Saturday, January 01, 2000 - 11:41 pm S. Thompson, send a letter to the Credit Reporting Agency and dispute the debt(charge off)as over seven years old. If they fail to remove it, sue them, you'll win. You can spend about two hundred bucks for the suit, and they'll give you $4000.00 and clean up the report in about three weeks.
|
| | Thursday, January 06, 2000 - 09:04 pm It does *not* become a "new" debt just because they bought it. The original seven-year limit still applies. From the Fair Credit Reporting Act: ------------------------------------------ SECTION 605 1681c.Requirements relating to information contained in consumer reports (c) Running of reporting period. (1) In general. The 7-year period referred to in paragraphs (4) and (6) of subsection (a) shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action. ------------------------------------------ The "date of commencement of the delinquency" was fixed when you defaulted on the credit card, and that is the basis for the time limit, regardless of what happens later. The collector is either incompetant, or lying, or both. This type of "re-starting the clock" action *does* occur, but it is in direct violation of the FCRA. Send letters to all of the relevant credit bureaus, clearly explaining the situation, and they will be required to investigate. Also write to the collection agency, tell them that you *know* that they are lying, and insist that they remove the credit bureau item. Be sure to include of copy of the complaint that you will be filing with the Federal Trade Commission. Also, instruct them to cease all collection efforts against you, and only to inform you that they have removed the credit bureau listing. You can read the entire Fair Credit Reporting Act, along with the Fair Debt Collection Practices Act at... http://www.cardreport.com
|
Credit Forum CreditCourt Forum 2003 Credit Suit CreditFactors Order Credit Reports |