actually the 1997 adjustment to the fair credit act does extend 180 days into the 7 years

legal grounds for legal action

every state has strict dunning rules

legally once a debt is written off a companies 'books' the fact they resold it is irrelevant, the IRS gave them a loss on the debt and it's technically 'satisfied''

I've helped many people clean up old debt and yes, 5% to a company that took the tax writeoff is a gift IMO

as to morals or whatever

debt is debt,there's rules about it

7 years is the window given by laws so anyone can recover from past mistakes

when you're dealing with unsecured credit card debt the problem is the banks were too lienent in the USA with all these cards

when you consider the usurous rate banks charge on these cards I have zero pitty for banks with usurous violations

any credit rate above 10% is usury IMO

banks greed put most into bad debt situations

as to morals

my morals are simple owe no one money

Lived by that for years

I had to reappear on bureaus due to one of my companies maybe doing an IPO

the banks are so screwed up they can't even consider real stuff like net worth when issuing credit cards today

so the 'game is simple' you have to appear in bureaus like a square peg in a square hole

you have a car loan

maybe a mortgage

you have 3 to whatever revolving debt

you keep the revoling low or 0

as the mortgate and installment age you are upper echelons of credit bureaus

you go to a bank with millions of networth and a ghost n bureaus they look at you like you don't exist

so necessary evil

if you have money you need no credit

I did that for years

now with a potential IPO on one of my companies yeah I got to appear in bureaus

all these banks took advantage of the loose IRS rules as to bad debt

when they charge you off, 'legally' that debt is paid in full as far as the 'laws' are concerned

it's their choice, keep the debt and try to get paid or take the write off

so the banks are all double dipping with charge offs and then reselling debt etc

so INFORMATION is the key

morals

the banks are the most immoral institutions in the world

I feel sorry for john doe public

take the info if you can use it