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7 year old debts being sold to another lender

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peggars
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Subject: 7 year old debts being sold to another lender

Fri Oct 23, 2009 3:25 pm

can a credit card company sell a debt older than 7 years to another lender, and that lender post it on your credit report for an additional 7 years?

debranewell2008

Joined: 10 Oct 2009
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Posts: 421

7253 Magic Points

Fri Oct 23, 2009 3:49 pm

Hi peggars,

Do you know the SOL for you state if it is a debt that is past the SOL you need to send them a letter stating that it is past the SOL. Do not make any payments to them because if you do the SOL will start all over again.

SIA

Joined: 18 Oct 2009
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Posts: 59

1278 Magic Points

Fri Oct 23, 2009 5:59 pm

What is SOL?

debranewell2008

Joined: 10 Oct 2009
debranewell2008's page
Posts: 421

7253 Magic Points

Sat Oct 24, 2009 2:27 am

It is the time frame in which a creditor can still collect on a debt. If it is up than they no longer can. Each states SOL is different. So it's best to check you state.

Justin

Justin

Joined: 17 Jul 2006
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Posts: 1093

25288 Magic Points

Sat Oct 24, 2009 6:57 am

Hi Peggars,

The lender can sell but reporting it to the credit reporting agency is not possible because most probably it has past the SOL. Which country do you reside in? If you can tell me that, then I can let you know about the SOL or the Statute of Limitations. Moreover, a negative report is supposed to stay on your credit report for 7 years and then fall off. So it cannot reappear on your report. If it does then you have to ask for debt validation and then dispute it.

Statute of Limitations is the time period within which a creditor can take legal action against the debtor to collect the debt. Different states have different time frames for SOL. Once, the debt is past SOL, then the creditor can no longer sue the debtor to collect the debt.
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All the Best Smile

Justin

andyth

Joined: 03 Oct 2009
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Posts: 32

1237 Magic Points

Sat Nov 07, 2009 12:14 pm

SOL is Statute of Limitations

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