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I am unclear as to leaving alone a negative debt report

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Shawpiro

Shawpiro

Joined: 31 Dec 2007
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Posts: 53
Location: Austin Tx


2520 Magic Points

Subject: Spirit of the post.
 
Posted on Sat Jan 26, 2008 12:59 pm  

I agree with Laura and debtstinker. We have gotten away from the spirit of the posting. But atleast I got your attention. The main thing in the post is that things can and do get deleted from your bureaus on a daily basis and that not all credit repair companies are a scam. There are poeple that have the time and can do it for themselves but if you do need some help get some by all means.
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Morningstar

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11 Magic Points

 
Posted on Sat Jan 26, 2008 7:01 pm  

^
^
^
And I wholeheartedly agree with everything you just said there.
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Suprtlchk



Joined: 24 Jan 2008
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459 Magic Points

Subject: Unlocking the door
 
Posted on Mon Jan 28, 2008 11:25 pm  

I am unclear as to leaving alone a negative debt report.... I have debt from seven years ago, but last activity in 2003, but the company reports it each and every month...and interest grows...(I'm disputing the debt and the report of it). I live in CA. My questions #1) Does disputing it open the door? #2 Does the company's monthly reporting keep the door open continuously?
The door being the seven years until it comes off ...
music
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Subject: thx for this post
 
Posted on Wed Jan 30, 2008 11:25 pm  

What do you mean ?
Shawpiro

Shawpiro

Joined: 31 Dec 2007
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Posts: 53
Location: Austin Tx


2520 Magic Points

Subject: Unclear
 
Posted on Wed Jan 30, 2008 11:50 pm  

What was the last activity. According to the law it can only stay on your report for 7 years from the date it was opened. If you made a settlement with a debt collection company it could have been started over again as a new debt to them. Thats what I was trying to explain in opening the door for 7 more years. They will do this and it is hard to explain and to get off especially if you are still paying on it. Give us a little more information as to what happend with this debt in 2003 and lets see if we can figure it out.
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Morningstar

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11 Magic Points

 
Posted on Thu Jan 31, 2008 1:46 am  

Quote:
I am unclear as to leaving alone a negative debt report.... I have debt from seven years ago, but last activity in 2003, but the company reports it each and every month...and interest grows...(I'm disputing the debt and the report of it). I live in CA. My questions #1) Does disputing it open the door? #2 Does the company's monthly reporting keep the door open continuously?
The door being the seven years until it comes off ...


Statutes are clear--seven years from date of charge off, although filing a dispute may get it removed early. In any event, collection agencies are required to provide the date of delinquency to the bureaus; the date upon which reporting is based--settling or continual reporting of a file does not change this fact. Of course, the door is always open to illegal behavior by creditors and collection agencies.
CMBV22

CMBV22

Joined: 08 May 2008
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Posts: 364



5415 Magic Points

 
Posted on Tue Sep 02, 2008 3:34 am  

What Shawpiro is saying is that debt can stay on your CR for 7 years. If you have a debt that is 6 years old and you make a payment arrangement with the company the account stays on your CR for 7 years. HOWEVER, lets say that account was a CC account & during the first year you made 8 late payments. seven years after THAT information hit your CR it will fall off but the recent information will stay.

Sometimes you have to keep an eye on these accounts as late payment tallies can be a bit slower to fall off then entire accounts. I just had to have a talk with the CRAs about some 10 year old late payments on my husbands old student loan.
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fireyone



Joined: 26 Feb 2008
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123 Magic Points

 
Posted on Tue Sep 02, 2008 10:21 pm  

Wow that is a longtime to still be on your hubbys report. How do credit bureaus keep track of all those items that are su;ppose to fall off? They must have a pretty good computer system set up to monitor all the fall off dates.
anthony

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13607 Magic Points

 
Posted on Thu Sep 04, 2008 6:02 am  

Hi CMBV
All negative listing stays in your credit report for seven years. Normally a debt is reported to the credit bureaus after six months from the date of the first missed payment and from that time onwards it remains in your report for seven years until and unless it is removed by pay for deletion agreement. The CA while reporting the debt, must provide all details regarding the debt to the bureaus. So the bureaus have all the information about the debt and they automatically remove the listing after seven years and six months from the date you first missed your payment.
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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.
fireyone



Joined: 26 Feb 2008
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Posts: 4246



123 Magic Points

 
Posted on Thu Sep 04, 2008 11:46 am  

Okay now this explains a little to me also. I wonder if this is where some people come up with the idea that the SOL actually doesn't begin until 180 has past.
Justin

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28944 Magic Points

 
Posted on Fri Sep 05, 2008 6:58 am  

As far as I know, an unpaid debt has to be reported to the credit bureaus within six months from the date of the first missed payment and so the SOL starts only after six months of delinquency. From this time till the SOL expiry, the creditor can sue you to the court to get the money back and for this he can even bring judgment against you within this period to garnish your wages.
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goodnatured



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504 Magic Points

 
Posted on Sat Sep 06, 2008 1:44 am  

You are right on in your thinking on this one Justin.
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fireyone



Joined: 26 Feb 2008
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123 Magic Points

 
Posted on Sat Sep 06, 2008 1:46 am  

See GN there is that 6 month thing again. I just had this converstion with Anthony on nicegirls post. He said the SOL starts 6 months after the last missed payment.
B Ross
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Subject: TCRA is a fraud
 
Posted on Tue Jan 05, 2010 1:29 pm  

Too bad Texas Credit Restoration Alliance and its founder Larry Brumfield are frauds.
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