Resale of orginal debt

Submitted by Anonymous (not verified) on Tue, 07/21/2009 - 03:26
Forums

I have a debt that is more than seven year old but continues to be sold to other collection agencies and still remains on my credit report. The original debt is more than 15 years old now. Is it legal for collection agencies to resale these debts? What can I do to have these removed?

Hi blessed

What can I do to have these removed?

Pay them off and ask for deletion!

Is it legal for collection agencies to resale these debts?

Absolutely! Unless the SOL on your loan expires any collection agency can continue to claim a payment.

IMO, you should try and negotiate with the CA and come to a settlement. Offer to pay an amount that you can afford and get the negative mark removed from your credit report.

Tue, 07/21/2009 - 10:46 Permalink

I am confused here. A debt that is 15 years old should not even be on a credit report. Debts are suppose to fall off after 7 years. Unless you made any payments and reset the statute of limitations then they should not even be legally able to collect on a debt that old.
Did you try to dispute the mark on your credit report with the credit reporting agencies? You could dispute the debt due to this being such an old debt.
You need to let us know if you made any recent payments, within the last few years, and what your state is.
If you do want to pay it you could probaly settle for a pretty low amount since it is so old but I would start by disputing it. If you do go to pay you need to get debt validation.

Tue, 07/21/2009 - 13:05 Permalink
gmoye816@hotmail.com (not verified)

Don,t send them any money. ask for deletion fro credit reporting agencies.

Wed, 07/22/2009 - 15:19 Permalink

Thats my advice on this matter also as long as a recent payment was not made. This debt should have long ago been deleted from your report, unless they did the old reaging trick. I would dispute the debt as soon as possible.

Thu, 07/23/2009 - 01:27 Permalink

Well, while most debts can be pursued for a maximum of 7 years, some states do allow creditors or collection agencies to pursue debts longer say 10 years. In this case 15 years seems too long. So maybe blessed could check the SOL in her state and yes, then dispute it.

Thu, 07/23/2009 - 07:18 Permalink
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Thu, 04/04/2019 - 08:55 Permalink