RobertEG wrote:Regardless of who owns or is attempting to collect, unpaid delinqent debt lives until satisfied.
Expiration of SOL provides an absolute affirmative defense should you be sued, so that threat can go away.
Expiration of credit report exclusion periods will thereafter block others from gaining knowledge of the unpaid debt by making an inquiry and receiving your credit report.
However, their are other possiblities for future creditors or businesses to become aware of its presence. For example, affiliate sharing of information or simply asking if you app for new credit whether you have any unpaid, delinquent debt. Stating no based on CR exclusion might be a bit less than honest.
Additionally, debt collectors can continue to take any legal means to collect the debt, such as letters or CR inquiries. You can block communications from them by sending a cease communication letter under FDCPA 805(c), but cant prevent legitimate pulls of your CR.
And finally, there is the moral issue of obligation.
Thank you for this post. I suppose this is important to consider in the long term but I was thinking in the term 3 years time.
Plus there's the bottom feeder problem that arises. These zombie debts tend to wind up in their hands. The FDCPA means absolutely nothing to some of these. They will harass, threaten, etc. even though it is illegal, they really don't care.
Starting Score: 504
Current Score: EQ FICO 819, TU08 778, EX "Who Knows?" Quizzle 756
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge
Shogun wrote:Plus there's the bottom feeder problem that arises. These zombie debts tend to wind up in their hands. The FDCPA means absolutely nothing to some of these. They will harass, threaten, etc. even though it is illegal, they really don't care.
And lest we forget, that each time a bottom feeder acquires the debt, they report another big, fat Collection on your credit report!
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.
>> About myFICO
