Collections and bad debt

Anonymous · ‎10-21-2011

I live in washington and have some debt that dates Back to 2002, some of the debt has been sold to collections agenices. When they are not able to collect it seems it gets sold again. Will this ever drop off my credit or will I have to pay for eventually?

Anonymous · ‎10-21-2011

Also it seems as if some of these have been assigned to the CO recently even though I haven't used the cards in years (some cases over 7)... Help please

Booner72 · ‎10-21-2011

The credit report agencies are required to delete accounts after 7 years (Plus 6 months max, sometimes sooner) from the DATE OF FIRST DELINQUENCY. You need to dispute these w/ the CRA's as it is up to them to follow this timeline.

The debt, however, can follow you forever, but the CA's can't collect on it since it's past statute of limitations (Usually 7 years, sometimes less). They can sell it til the cows come home but you don't have to pay it. If CA's call you, tell them calls are inconvenient and that they need to write to you only.

Good Luck

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720

MarineVietVet · ‎10-21-2011

@Booner72 wrote:
The credit report agencies are required to delete accounts after 7 years (Plus 6 months max, sometimes sooner) from the DATE OF FIRST DELINQUENCY. You need to dispute these w/ the CRA's as it is up to them to follow this timeline.

The debt, however, can follow you forever, but the CA's can't collect on it since it's past statute of limitations (Usually 7 years, sometimes less). This can vary greatly so check the laws in your state. For instance the SOL in Ohio is 15 years for certain types of debt and as short as 2 years in CA for oral contracts.

They can sell it til the cows come home but you don't have to pay it. If CA's call you, tell them calls are inconvenient and that they need to write to you only. Telling them not to call over the phone has no legal weight. You have to do this in writing.

Good Luck

Anonymous · ‎10-21-2011

How do I find the first date of delinquency? And is the first date delinquent with the original owner of the account? Once this has been established I need to get in touch with the original owner of the account or the current CO that has it. Also how do I find out the SOL of credit cards and medical bills? Does it matter that they say revolving? I really truly do appreciate the help

MarineVietVet · ‎10-21-2011

@Anonymous wrote:
How do I find the first date of delinquency? And is the first date delinquent with the original owner of the account? Once this has been established I need to get in touch with the original owner of the account or the current CO that has it. Also how do I find out the SOL of credit cards and medical bills? Does it matter that they say revolving? I really truly do appreciate the help

When is the last time you pulled a credit report? Is any thing reporting that concerns this old debt? There shouldn't be but you need to know for sure. If it's no longer reporting then it can never be put back on by anyone. And you say this is from 2002?

You can do an internet search to find out the SOL in your state. You can see what the SOL is for different types of debt. In some states (like Texas) the SOL is 4 years for all types of debt. You will be able to see the SOL for oral contracts (this is usually what credit cards are considered), written contracts (medical debts fall into this category), and any others.

If you are unfortunate enough to live in a state that has a very long SOL you might still get sued even after the debt can no longer be reported. That's why it's so very important to know the SOL in your state.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Anonymous · ‎10-21-2011

Is there any relief once you have been sued? A couple of creditors have taken me to court and won by default, but I have heard anything from them since 2007 or 08 at the latest? Once I check the SOL I need to get in touch with equifax and what not to get it removed correct? Can you tell I'm a little new to this?

Anonymous · ‎10-21-2011

Example wa SOL is 6 years. BoA was 120 da ys past due in 2006 so now that it's 2011 next year I should be able to contact equifax and have them remove it?

GregB · ‎10-22-2011

They sued you within the SOL. They now have a judgement, which they can use to collect.

Also, SOL doesn't determine what appears on your credit report.

SOL could have helped you if they had sued you after SOL and you had shown up in court and used SOL as a defense.