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I had a judgement against me ( long story ) after trying to refinance my home to pay all debts,my existing mortgage company agreed to do it as i was in good standing, now of course the debts had to be paid off for them to do this, i recieved nothing to pay my debts that was done and a check was cut for me for what was left over, the judgement was in 2000, the refi was a couple of years later. I purchased a new car a couple of years back and nothing came up with my credit, today I get a collection agency saying they bought the debt, I checked my credit report and its clean ( all agency's ) , my documents are copy's and don't say who was paid off, doesn't even mention the check they sent me. whats my options Thanks
Hi boddidog,
I understand your scenario. Sometimes credit reports do not get updated on time or the creditors do not report the transactions on time. In such events, credit reports do not show any recent updates. So call up the creditor and enquire about any such possibility.
However, I would like to know which state you belong to, since you need to know the Statute of Limitations for your state. If the SOL for your debt has expired, then you can send a cease and desist letter to the collection agency letting them know that the SOL term has expired and now they cannot claim the debt.
boddidog, Most debts fall off after seven years. If this debt was last paid on anytime before 2002 then it has fallen off all three agencies reports. Now that being said I would agree with Justin. More than likely this debt is past the SOL, since most expire within six years. You must be careful not to send a payment or you will reset the SOL and it will begin again from the date you make a new payment.
boddidog, Most debts fall off after seven years. If this debt was last paid on anytime before 2002 then it has fallen off all three agencies reports. Now that being said I would agree with Justin. More than likely this debt is past the SOL, since most expire within six years. You must be careful not to send a payment or you will reset the SOL and it will begin again from the date you make a new payment.
This is so very true. I did not know this before I had talked with Merchants Credit Guide and what was a year past the SOL date has become current. I wish I had done further research before I called the agency. I felt very pressured about a debt that was taken out by my ex-husband and made a small payment. Definately be very careful.