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HomeCredit ForumCredit repair

Collection acct still on my CR even tho SOL is up

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littlelady

littlelady

Joined: 25 Jul 2008
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Posts: 6



373 Magic Points
Subject: Collection acct still on my CR even tho SOL is up
 
 Posted on Fri Jul 25, 2008 2:59 am  
I have an old account from 1997 with a balance of $282 that is still showing my CR. The SOL for my state is ten years.

What do I do to get it off of my report? Would paying it off be my best option?
 
best buy credit repair .



Joined: 25 Jul 2008
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1083 Magic Points
 
 Posted on Fri Jul 25, 2008 1:18 pm  
no way, this will start the seven year reporting on your credit report all over again!!!! Do Not Pay. Depending on what state you live in the statue of limitations may have already expired.

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JPolito830



Joined: 21 Jul 2008
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Posts: 27
Location: Richmond, VA


939 Magic Points
 
 Posted on Fri Jul 25, 2008 3:34 pm  
Yes I agree...please do not pay it unless you want it on your report for another 7 years.
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 Posted on Fri Jul 25, 2008 4:39 pm  
Paying off old debt, will restart the clock on the collection activity for that account. The law states the LAST ACTIVITY. which includes payments. You are doing an injustice to yourself by paying a old debt. Have them removed instead. Don't assume your credit score will increase, because you paid on your debt, it will not. These items on your credit report must be deleted, to have your score raised.

10 years ago I filed for bankruptcy. From then on, I have been doing credit repair on my own and my wifes credit files. It is a full time job just knowing how to handle each negative trade line on your report. There are legitimate credit repair services out there. I used Lexington law, who turned out to be the worst, monthly fee schemers. I did then get tired of the wording, "this item has been verified" letters. So............ I decided to read up on the Fair Credit Reporting Act.
I am now certified. I do credit repair as a part time Job. I have had very good results. It is all in the know how. Took me ten years to learn, but I learned. The draw back to repairing credit is the time involved. Following through on replies, how to handle a collection agencies verification, or validation letter sent back to you. Its like trying to sell real estate, You need to know what you are doing.
Feel free to visit my site:

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CMBV22

CMBV22

Joined: 08 May 2008
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4057 Magic Points
 
 Posted on Sat Jul 26, 2008 12:13 am  
littlelady,

was he account opened in 1997 or was the last payment in 1997? Information can only stay on your CR for 7years and the SOL is from the last date of mutual activity or last payment + 6 months

If the last payment was in 1997 then send the CA a FOAD letter and dispute the listing with the CRAs
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Morningstar

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 Posted on Sat Jul 26, 2008 12:46 am  
Code:
The law states the LAST ACTIVITY.


Show me the law that says that.
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CMBV22

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4057 Magic Points
 
 Posted on Sat Jul 26, 2008 1:09 am  
If you are referring to my post: FCRA ยง 605. (C)

(1) In general. The 7-year period referred to in paragraphs (4) and (6)(2) 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.
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Free sample letters,
info on paying off payday loans,
and quick credit repair tips.
Pesonalized credit repair advice in the forum:

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Morningstar

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Joined: 17 Apr 2007
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40 Magic Points
 
 Posted on Sat Jul 26, 2008 1:35 am  
Smile

No, I was referring to the poster who appears to state that a payment will cause an outdated negative entry to reappear on the credit report.
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littlelady

littlelady

Joined: 25 Jul 2008
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373 Magic Points
 
 Posted on Sat Jul 26, 2008 1:25 pm  
Thanks everyone.

The last activity was way before 1997 and the last payments were in early '97. My SOL is 10 yrs and it's been 11 so I am well past the SOL.
 
fireyone



Joined: 26 Feb 2008
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Posts: 3236



1048 Magic Points
 
 Posted on Sun Jul 27, 2008 1:48 am  
Your welcome little lady. The monkeys cute.
 
Morningstar

Morningstar

Joined: 17 Apr 2007
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40 Magic Points
 
 Posted on Sun Jul 27, 2008 1:49 am  
Dispute as obsolete.
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fireyone



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1048 Magic Points
 
 Posted on Mon Jul 28, 2008 3:22 pm  
That is the best thing to do. Does the OP know how to do this? I have nevedr had to do this but can't you do it when you pull up your report?
 
anthony

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Joined: 31 Jul 2006
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13246 Magic Points
 
 Posted on Tue Jul 29, 2008 8:59 am  
Hi littlelady
Yes, if you pay off your old debt now, your SOL will rewind. Since the SOL in your state is 10 years, I think it should have automatically be removed from your credit report by now if your last payment was made in 1997. But since it has not yet been removed, you should send a dispute letter to the credit bureaus asking them to remove the listing.
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A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible.
You can also visit my blog
http://financewatchonline.blogspot.com
 
fireyone



Joined: 26 Feb 2008
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Posts: 3236



1048 Magic Points
 
 Posted on Tue Jul 29, 2008 1:02 pm  
There are lots of examples of disputre letters that you can custom fit to your sitiation here on the forum. You could list it in the search box or if needed post it as a question and someone will lead you to some really good letters.
 
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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Posts: 1127



1045 Magic Points
Subject: credit
 
 Posted on Wed Jul 30, 2008 9:36 am  
When you attempt to dispute itmes, that the SOL have expired, doesn't the CB's just take it off, because they DO see the SOL is up? Should you ALSO send letters to the OC and the CB?
 
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