Ok, I just finished reading Sidewinder's post "What steps do I take?" I have just been approved for a car loan (a small one) but a start no doubt. I have a paid off car loan for 03' and then back doored with a repo in 05 that is scheduled to fall off in Dec. 2011 on Experian and March of 2012 on Transunion and Equifax, Why the different drop off dates? Ok anyway, I will be in a better position to begin some credit gardening. Everything in 2011 scheduled to fall off I'm just going to leave alone, let them be. These that I list below are scheduled to stay on from 2012 to 2014 and I need some advice. If I settle them, will that start the sol over for another 7 years or should I just go ahead and DV and then PFD. Thanks in advance for any feedback you guys can offer.
AFNI original creditor Sprint...$582 11/2013
Arrow Financial Service original creditor....Premiere (sold) ....$606 12/2012
NCO original creditor Reliant Energy.... $486 11/2012
New Millenium Bank ....$207 11/2013
Personal Collectors of America original creditor .....Galaxy Furniture $1652 6/2012
Plains Commerce Bank .....$491 5/2013
Southwest Recovery ..... Advantage Rent a car ....$1104 4/2014
And I'm in Texas
Reporting SOL and legal SOL are two different things.
Reporting SOL or CRTP is how long an account remains on your CR. It is 7- 7 1/2 years from DOFD. DOFD doesn't ever change once it reaches collection/charge off.
Legal SOL has to do with how long they can recover their money in court. If you are settling or PIF, then legal SOL doesn't matter, as they will have no reason to sue. SOL usually goes from date of last payment.
So, to answer your question, no- paying will not cause them to report longer.
As for the different drop off dates, as mentioned above, negative items can remain for 7- 7 1/2 DOFD, so it sounds like one CRA is removing right at 7 years or maybe a little early, and the other two are leaving them on near the 7 1/2 year mark.
Never DV within SOL unless you can PIF.
If SOL has expired or you can PIF, then I would DV and if they validate properly, offer a PFD.
What exactly would a proper validation be Sidewinder? The signed application? And since their already charged off,
if they don't agree to a pfd, should I just settle since it will still reflect the same. Then just goodwill them to death, maybe? And if I settle, will they still fall off the same dates? I will pif all of those less than a thousand and settle the other 2. Thanks for your help Sidewinder.
Yes, the fall off dates will remain the same, whether you PIF, don't pay, or settle.
According to the FDCPA:
§ 809. Validation of debts(b) If the consumer notifies the debt collector in writing within the thirty-day period described in subsection (a) that the debt, or any portion thereof, is disputed, or that the consumer requests the name and address of the original creditor, the debt collector shall cease collection of the debt, or any disputed portion thereof, until the debt collector obtains verification of the debt or any copy of a judgment,or the name and address of the original creditor, and a copy of such verification or judgment, or name and address of the original creditor, is mailed to the consumer by the debt collector. Collection activities and communications that do not otherwise violate this title may continue during the 30-day period referred to in subsection (a) unless the consumer has notified the debt collector in writing that the debt, or any portion of the debt, is disputed or that the consumer
requests the name and address of the original creditor.Any collection activities and communication during the
30-day period may not overshadow or be inconsistent with the disclosure of the consumer’s right to dispute the debt or request the name and address of the original creditor.
Make sure you ask for "verification of the debt or any copy of a judgment"