Deleted off CR but can it come back? (help please)

[baktabiznis]

Hello everyone, I'm currently rebuilding my credit and I'm working on a Assset Acceptance (CA) that originally was a chase credit card. According to most of my Cr's the account will fall off next month. A couple months ago I contacted them and said I would pay for delete stating i didnt know this account and asking for proof. I told them I would pfd appon signing a PFd I would fax. They declined and said they could settle but only the generic settlment letter stating "this would settle the above mention account" not "settle in full" would be issued. I didn't agree with it. I have since faxed them pfd's with no response, they did however update my cr stating disputed account of something like that. My question is should I settle this account?, dispute with credit agency? Or do nothing and let it fall off cr?. Once gone can they reappear on my cr? Sue me? I'm trying to get my credit in order to purchase a house in the coming years? Can this come back and haunt me latter. What action should I take.

[pizzadude]

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@baktabiznis wrote:
Hello everyone, I'm currently rebuilding my credit and I'm working on a Assset Acceptance (CA) that originally was a chase credit card. According to most of my Cr's the account will fall off next month. A couple months ago I contacted them and said I would pay for delete stating i didnt know this account and asking for proof. I told them I would pfd appon signing a PFd I would fax. They declined and said they could settle but only the generic settlment letter stating "this would settle the above mention account" not "settle in full" would be issued. I didn't agree with it. I have since faxed them pfd's with no response, they did however update my cr stating disputed account of something like that. My question is should I settle this account?, dispute with credit agency? Or do nothing and let it fall off cr?. Once gone can they reappear on my cr? Sue me? I'm trying to get my credit in order to purchase a house in the coming years? Can this come back and haunt me latter. What action should I take.

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Save your copies of your credit reports showing that it is due to fall off next month.   It can't reappear on your CRs unless a CA illegally changes the date of first deliquency ( DOFD ).   

The period of time that a creditor has to sue you for unpaid debt is the Statue of limitations, which varies by state.   Look up the SOL for open accounts ( credit cards ) for your state of residence to know where you stand.

[AZHeather]

Are you sure that it is due to fall off next month??  If so, I would just leave it alone for now.  You would have to check with your state to find out what the SOL is in order to know if they can still file a suit to collect.  If it actually does fall off next month, then legally they are not suppose to put it back on your cr; however, it does not mean that a CA won't try.  You just have to keep on eye on your reports.  If it does show back up, then you dispute it with the credit bureau.

If you want to be done with it completely and/or clear your conscience, then wait until it falls off, then negotiate a deal to pay it off so that it won't be sold off to another CA.

The collection process itself (calls and letters) can follow you forever, unless you send a cease & desist - which is only good until the collection is sold off to the next CA - or you pay it.  The actual reporting on your cr is limited to 7.5 years (or 10 for an installment loan, lien, or judgment).  The ability to sue you is limited to your state SOL.

If it really is scheduled to fall off next month, then that should have no bearing on your getting a mortgage next year; provided you keep your eye on your reports and make sure that it is not put on there again wrongfully.

[pipeguy]

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@baktabiznis wrote:
Hello everyone, I'm currently rebuilding my credit and I'm working on a Assset Acceptance (CA) that originally was a chase credit card. According to most of my Cr's the account will fall off next month. A couple months ago I contacted them and said I would pay for delete stating i didnt know this account and asking for proof. I told them I would pfd appon signing a PFd I would fax. They declined and said they could settle but only the generic settlement letter stating "this would settle the above mention account" not "settle in full" would be issued. I didn't agree with it. I have since faxed them pfd's with no response, they did however update my cr stating disputed account of something like that. My question is should I settle this account?, dispute with credit agency? Or do nothing and let it fall off cr?. Once gone can they reappear on my cr? Sue me? I'm trying to get my credit in order to purchase a house in the coming years? Can this come back and haunt me latter. What action should I take.

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If it was mine I would let it fall off my CR. Assuming the account is falling off because of age, it can not legally be reposted (re-aged) on your CR. You can of course continue to try to settle this account but you will be in a stronger position after it falls off your CR. The two biggest tools a CA has is credit reporting and filing a lawsuit. Generally, if an account is falling off your CR it's also past SOL (varies by state, but most states are 3 to 5 years).

The debt will not go away, it just can't be reported or you can't be sued for OOS debt (out of statute, time bared, SOL). Technically you can be sued but have an absolute defense and judges don't like CA's that file on time bared accounts. Because the debt will no longer be reported it should not come up on a mortgage application. As far as ethics and paying what you owe, you can settle the account even if there is no legal pressure to do so.  Just keep in mind that the OC has long ago written this account off and sold it for pennies on the dollar to the CA so adjust your offer accordingly.

[baktabiznis]

After deleted and SOL has passed , can this effect me when trying to get a mortgage ?. I'm in NY it's 6years

[pizzadude]

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@baktabiznis wrote:
After deleted and SOL has passed , can this effect me when trying to get a mortgage ?. I'm in NY it's 6years

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The CRAs sell collection triggers to CAs, which notify them when, for example, you incur a mortgage credit inquiry, so it is possible that a CA might try to stick it back on your credit reports.     Just save your documentation and be prepared to deal with the CAs if/when you are going to apply for a mortgage.

[RobertEG]

How would you answer a creditor if they ask whether you have any old, unpaid delinquent debt?

Would you say no simply because it is no longer permitted to be disclosed in your CR?