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     | Saturday, July 08, 2000 - 05:33 am  Ok.. I just had a collector from 8 years ago send me a collection notice. The item does not reflect on my credit report and she also said that it would NOT reflect on my credit report anymore because of the 7 year time frame that has passed. Apparently, although the debt does not show on my credit report, it WILL show on my credit HISTORY forever as being unpaid until I pay it. I wasn't aware of the Credit HISTORY being seperate from my Credit REPORT FILE. My question that I want answered for me and everyone else that may be unaware of this follows. How do I obtain my FULL credit HISTORY, being the file that shows me everything that I owe for as far back as possible? I am going to invest in Real Estate and so you can see the importance of me paying off my past debts. Email me if you like, but please post here for others to see as well. The lady also said that the companys is willing to accept settlements of 50% and even 40% in some cases. Thomas tbryan@memphis.edu
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| | Saturday, July 08, 2000 - 06:52 am Legally when a person applies for a loan above a certain amount the 7-year time limit constraint on reporting no longer applies. As a practical matter none of the credit reporting agencies bother to keep information on you longer than ten years (bankruptcy) and most information drops off even a little before the 7-year mark. Collection agencies will say anything that will get them paid whether it's true, partially true or completely false. Take everything they say with a grain of salt. Somewhere on here people have information on the statute of limitations state by state. In all likelihood their time period has elapsed and you no longer have any legal obligation to pay the debt.
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| | Saturday, July 08, 2000 - 12:39 pm I agree with everything Shylock wrote and just want to add that it's strange that consumers apparently CANNOT obtain their entire credit history. I don't know if anyone else can either. Don't pay!
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| | Sunday, July 09, 2000 - 03:46 am It would probably be a good issue to push in a suit, but only if you were already filing against the CRA's. The definition of "file" is contained in the FCRA and there is nothing that limits it to a 7-year window. I don't have it right in front of me, but I interpreted it to mean copies of any information they continued to maintain about me, to include any and all correspondence between myself and their offices. I guess questions could arise on internal memos, if they tried to claim work-product, but that is another issue that may actually vary from jurisdiction to jurisdiction. At the very least, it would be interesting to try and pin them down in writing on it when doing protracted battle with their staff. I think section 603(g) is where the definition of "file" was contained.
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| | Sunday, July 09, 2000 - 09:29 am Oh, and Thomas, of course they would be willing to accept "even 40%." They probably paid, at most, 10 cents on the dollar, but on an 8 year old account, it may even have been closer to 2-3 cents, meaning that even if you offered 10 cents on the dollar, they still make money *AND* they still get to screw up your credit report. The costs paid to purchase the accounts were gleaned from some of the documents on the SEC websites that showed up in the EFS and CRDT message boards sometime back. The companies that may be picky about the amount they want to close the books would be higher if the original creditor still held the account.
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| | Monday, July 10, 2000 - 10:20 am Well, the CRA I spoke to confirmed that I will not continue to be penalized on my credit report because the issue has passed the 7 year time. However, I need to know all the items on my history that are unpaid so that I can PAY them off. This is something VITAL in my eyes for my future in RE Investing.. I am determined to make my past right in as cheap a way possible for what is coming up.
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| | Monday, July 10, 2000 - 03:59 pm Well I don't know why you are so anxious to pay off/settle everything out there. Nothing there will vitally affect your future in real estate investing, but if it makes you feel happier ... remember that $100 I loaned you? No? Well, I'll gladly take 40% as a settlement amount. Let me email you my address...
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| | Monday, July 10, 2000 - 10:09 pm hahaha good one. Having sold a few houses myself, I have to say that I could NOT CARE LESS about any old collections that don't show on the credit. All *I* care about is the buyer getting the loan and closing on time, anything else is none of my biz and completely irrelevant.
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| | Tuesday, July 11, 2000 - 04:10 pm Good one.. Ok.. Im NOT anxious about paying it all off but I am determined to make my future STAND in real estate.. I W-I-L-L make my future with this vessal..! Thomas
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| | Tuesday, July 11, 2000 - 08:37 pm Good luck! Let us know how it goes.
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