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Established Member
Posts: 33
Registered: ‎10-24-2013
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Re: Phantom debts

Correction last payment was summer 2008..on the Transunion hard copy of my report its scheuled to be deleted 4/2015. 

Valued Member
Posts: 50
Registered: ‎03-24-2014
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Re: Phantom debts


Thechallange wrote:

Correction last payment was summer 2008..on the Transunion hard copy of my report its scheuled to be deleted 4/2015. 


It's up to you. You could settle on an amount and pay installments or not contact them and cross your fingers they don't try to sue or don't get around to it. Since they are an out of state collection company they would have to coordinate with someone in your state to sue you. But if they do sue and get a judgement you could be liable for the whole sum plus costs. 

 

Still though, if this is your first letter a lawsuit is usually pretty far off.


Starting Score: 585
Current Score: TU FICO 693 EQ FICO 663 04/04/2014
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Gardening since 04/09/2014
Epic Contributor
Posts: 20,311
Registered: ‎03-19-2007
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Re: Phantom debts

"Ignore it and just let it fall off" is tenuous advice.

 

"Fall off" relates to the exclusion of any reported adverse information under an account, such as a collection, from continued showing in your credit report.

It thus shields knowlege of the unpaid debt by a simple pull of your credit report, and seeing an unpaid collection, and removes it from continued credit scoring.

 

If the debt remains unpaid, they can continue to attempt collection by any legitimate means, and if you are asked for disclosure of any delinquent debt by a future creditor, you would be obligated to disclose the debt.  Neither credit report exclusion nor expiration of SOL (with a possible exception in two states) discharges the debt.

 

 

Valued Member
Posts: 50
Registered: ‎03-24-2014
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Re: Phantom debts


RobertEG wrote:

"Ignore it and just let it fall off" is tenuous advice.

 

"Fall off" relates to the exclusion of any reported adverse information under an account, such as a collection, from continued showing in your credit report.

It thus shields knowlege of the unpaid debt by a simple pull of your credit report, and seeing an unpaid collection, and removes it from continued credit scoring.

 

If the debt remains unpaid, they can continue to attempt collection by any legitimate means, and if you are asked for disclosure of any delinquent debt by a future creditor, you would be obligated to disclose the debt.  Neither credit report exclusion nor expiration of SOL (with a possible exception in two states) discharges the debt.

 

 


Completely agree, but sometimes you have to weigh your options. However "If the debt remains unpaid, they can continue to attempt collection by any legitimate means" this sounds scarier than it actually is. Legitimate means would be a phone call or a letter in the mail. Which you can ask them to stop at anytime and they have to oblige.




Starting Score: 585
Current Score: TU FICO 693 EQ FICO 663 04/04/2014
Goal Score: 720


Gardening since 04/09/2014
Epic Contributor
Posts: 20,311
Registered: ‎03-19-2007
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Re: Phantom debts

Other legitimate means could also include continued inquiries to monitor your credit report.

A cease communication bar would not remove that continued permissible purpose.

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