I have been a cash paying person since 2002. Since then I have not aquired any credit, and let the old stuff fall by the wayside. I have one creditor tha has sold off my old debt past the SOL and this new company placed a negative on my file. When I disputed it they have since sold it to someone else? Who is suppose to remove this sold and reaged debt and how do you prove thats what they did?
Reaging a debt is considered illegal. It is a violation under Fair Credit Reporting Act (FCRA). A reaged debt is the one in which the date of last activity is changed to that of a more recent one. This is done so that the debt ,may not fall off your credit report. Thus, you can dispute this item with the collection agency. Write a letter to them, stating that they are under violation of FCRA, and that they should remove the item from your report. The letter should be sent through certified mail requesting a return receipt.
If they do not comply to your request, you can send a dispute letter to the 3 credit bureaus, explaining that the debt has been illegally reaged. Also mention that you had tried to dispute this with the collection agency, but they did not comply. If the credit bureaus too fail to remove the item off your report, you can remind them that this is a violation under FCRA.
If all fails, you can contact the State Attorney General for advise and report it to the Federal Trade Commission.
Your personal details (name, email address and phone number) will be delivered to the company advertised on the Creditmagic after ve agreed to go for the counseling session by filling out the no-obligation form. However, it is your discretion to accept or reject their services.
Not all the creditors/debt collectors agree to trim down the outstanding balances, interests, and fees payable by the consumer.
Consumers working with the debt relief companies can still be sued by the creditors/collection agencies.
Debt relief services may have a diminishing effect on the creditworthiness of the consumer. The total outstanding balance may increase as the additional fees get accrued.
The overall amount saved by the consumer through the debt relief services is considered as taxable income by the IRS.