I just opted out- What can I expect

[calihlove75]

I was just reading the boards and read that creditors basically suscribe to your credit report? I have noticed lately now that my credit is clean (minus one old collection on equifax) that I see soft pulls from names that sound like collection agencies. It seems to happen when I have a new credit card post or apply for a credit card. This cannot be in my head. Do these collection agencies really suscribe to changes in credit reports?  Just two weeks ago I received a call from the liasons office for CCR and associates about a payday loan from 11 years ago saying I didn't pay a $300 loan back in 2001 and now they were suing me for an excess of $4000. They said they needed to verify my address so they could send the legal documents (guess summons) I never received the summons but it had me pretty shaken.

Anyway, I just opted out just now. Will that prevent this from happening? What about my current creditors? Will they still be able to look at my credit for CLI?

[rckstrscott]

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@calihlove75 wrote:

I was just reading the boards and read that creditors basically suscribe to your credit report? I have noticed lately now that my credit is clean (minus one old collection on equifax) that I see soft pulls from names that sound like collection agencies. It seems to happen when I have a new credit card post or apply for a credit card. This cannot be in my head. Do these collection agencies really suscribe to changes in credit reports?  Just two weeks ago I received a call from the liasons office for CCR and associates about a payday loan from 11 years ago saying I didn't pay a $300 loan back in 2001 and now they were suing me for an excess of $4000. They said they needed to verify my address so they could send the legal documents (guess summons) I never received the summons but it had me pretty shaken.

Anyway, I just opted out just now. Will that prevent this from happening? What about my current creditors? Will they still be able to look at my credit for CLI?

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Opting out has plenty of advocates on this board.. personally, I saw no difference between opted in and opted out. Some people on here swear by it. I don't really have a strong opinion either way. I think if you had negative credit for awhile, opting out won't hurt because you likely ended up on lists the JDB's buy in an attempt to swindle money. If they don't have a legit account, they certainly can use the promotional inquiry method to snoop and find out when you do things like apply for a mortgage.

If a collection company already has permissible purpose on you, aka they already own an account, opting out does nothing at all. This isn't even debatable; although some people will likely debate me on it haha.

Opting out really is stop promotional inquiries. Some JDB's can use this to snoop on you, but if they already have an account on you, they don't need to worry about the opt out because they can continue to snoop regardless.

An 11 year old loan? I would check the statute of limitations for that debt in your state. Likely, they are just blowing smoke because if they sue, they'd lose if its beyond the SOL.

-scott

[pizzadude]

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@calihlove75 wrote:

I was just reading the boards and read that creditors basically suscribe to your credit report? I have noticed lately now that my credit is clean (minus one old collection on equifax) that I see soft pulls from names that sound like collection agencies. It seems to happen when I have a new credit card post or apply for a credit card. This cannot be in my head. Do these collection agencies really suscribe to changes in credit reports?  Just two weeks ago I received a call from the liasons office for CCR and associates about a payday loan from 11 years ago saying I didn't pay a $300 loan back in 2001 and now they were suing me for an excess of $4000. They said they needed to verify my address so they could send the legal documents (guess summons) I never received the summons but it had me pretty shaken.

Anyway, I just opted out just now. Will that prevent this from happening? What about my current creditors? Will they still be able to look at my credit for CLI?

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Opting out will stop the CRAs from selling your name & address to companies for promotional offers of credit/insurance/etc..      It likely won't stop CAs from sniffing around and pulling your credit reports.   

What you experienced with that CA is a common scare tactic that they use.   Basically they threaten to sue you by referencing "legal documents" or "being served".    The Fair Debt Collection Practices act ( FDCPA ) prohibits this type of behavior, so if they call back you should take a few notes.   

Also check the SOL ( statute of limitations ) for your state of residence.    If a debt is out of SOL then you would have a defense if they tried to sue you.

[calihlove75]

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@pizzadude wrote:

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@calihlove75 wrote:

I was just reading the boards and read that creditors basically suscribe to your credit report? I have noticed lately now that my credit is clean (minus one old collection on equifax) that I see soft pulls from names that sound like collection agencies. It seems to happen when I have a new credit card post or apply for a credit card. This cannot be in my head. Do these collection agencies really suscribe to changes in credit reports?  Just two weeks ago I received a call from the liasons office for CCR and associates about a payday loan from 11 years ago saying I didn't pay a $300 loan back in 2001 and now they were suing me for an excess of $4000. They said they needed to verify my address so they could send the legal documents (guess summons) I never received the summons but it had me pretty shaken.

Anyway, I just opted out just now. Will that prevent this from happening? What about my current creditors? Will they still be able to look at my credit for CLI?

---

Opting out will stop the CRAs from selling your name & address to companies for promotional offers of credit/insurance/etc..      It likely won't stop CAs from sniffing around and pulling your credit reports.   

What you experienced with that CA is a common scare tactic that they use.   Basically they threaten to sue you by referencing "legal documents" or "being served".    The Fair Debt Collection Practices act ( FDCPA ) prohibits this type of behavior, so if they call back you should take a few notes.   

Also check the SOL ( statute of limitations ) for your state of residence.    If a debt is out of SOL then you would have a defense if they tried to sue you.

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It is out of SOL for my state but they said they are using the SOL for the state that the unpaid loan is in. You know when they stated my address, I told the guy that he had the incorrect street and he said it is not his problem and wished me luck.

[pizzadude]

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@calihlove75 wrote:

It is out of SOL for my state but they said they are using the SOL for the state that the unpaid loan is in. You know when they stated my address, I told the guy that he had the incorrect street and he said it is not his problem and wished me luck.

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You'd have to consult with an attorney to get a better opinion on which SOL is applicable for you ~ but I'd say that if they haven't done anything by now then they are likely just blowing smoke.