katrosmil wrote:
Hi everyone, I am new to these boards and have a ton of questions but my first one is should a oc be reporting a balance on my cr when they have written it off as a loss. It is showing my outstanding balances as being high. I am doing a lot of research to try and raise my scores but more importantly to improve my over all credit.
Thank you
Hi katrosmil, welcome to the forums. I will give you some links that are full of info. Ask as many question as you need at any time.
This is a link for newbies & has the abbrevs that we all use and freq.requested threads.
As to your question: The OC (orignial creditor) may report 7 - 7.5 years on your CR. What they report can change. They will show a Balance after CO until they sell the account to a CA.
They do not have to sell the account they usually first assigned it to a CA to collect from you.
When this accures you will have 2 baddies showing 1 from the OC and another from a CA!!
Dates are very important the 7 years start at DOFD or DOLA
Most states go by DOLA for SOL (SOL state set law as to time limit in which a creditor can file a lawsuit for a judgment)
IF you are thinking of cleaning up any baddies on your CR there are some things that you need to know before starting. Ready as much as you can on the threads.....ask as many questions as you need and know your SOL.
A simple dispute can wake a sleeping giant and you might be in worse trouble.
Take your time and do it right. There are many people here that will be happy to answer any questions that you have.
Message Edited by HappyDays on
03-09-2008 02:51 PM