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HELP!!!

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DaBears
Senior Contributor

Re: HELP!!!

Is it the first dunning notice you received from them? 

Message 21 of 36
Anonymous
Not applicable

Re: HELP!!!

As far as I can tell yes its from the first initial bill/letter from a CA that my 30 days starts.

Message 22 of 36
RSCo
Established Contributor

Re: HELP!!!


@Burned2manybridgesB4 wrote:

The materials you're describing fit the "publication" of information, that's visible during a typical Hard Pull. CRTP ensures that everyone gets a fair shake by not "publishing" that information on a credit report once it's time barred. However (and there's always a however), not publishing it for all eyes to see does not prevent it from still being sold for a higher price, for a limited viewing "complete credit file," as is typical for high dollar loans, or a position managing money.

 

SOL on the other hand is just the time limit of being sued. That alone does not bar the attempt to collect a debt. It just takes the fangs out of the bite. If it were the way you're believing, then no JDB's would exist.


Are we talking about the same laws that we all live under in the United States.. 

 

They are gone forever after 7 years, period.. There is no visible v non visible tradeline on outstanding debt after 7 years.. It's gone..

 

SOL does in fact protect debtors.. After the SOL have expired, they have zero obligation to pay anything.  Any collection agency that buys any debt from another collection agency AFTER SOL is nuts.. They hope to scare people in to paying, but if a debtor chooses not to respond, then that's it.. It's GONE after 7 years from everywhere where it can impact your credit score.. If a debtor does respond to a debt, by making a small payment, that has gone beyond the state's SOL, then that renews the debt and the SOL clock starts all over again.. Ie. there's an outstanding 100.00 debt that remains outstanding after a 3 year SOL and the debtor contacts the creditor and makes a 5.00 payment towards it, that very action refreshes the SOL and the clock starts all over again in terms of SOL in the creditors ability to collect the debt.. BUT, even if the debtor doesn't pay the remaining 95.00 balance, the debt falls off after 7 years FROM DATE OF FIRST DELINQUENCY... This is the law.. Just google "date of first deliquency"

 

There is absolutely ZERO incentive given to people to pay old debts.. NONE..  It will not raise their credit score by paying it, the report will just reflect that it's a paid collection.. ( for fact that it shows as a paid collection may impress those who view the report manually, but has zero impact to the score as it's still counted as a collection) The real thing to do is tell the creditor that you will pay off the debt in exchange for them REMOVING the collection from your report.. But they should get that in writing BEFORE paying the debt off.. Removing the collection from the report is what will increase your Fico score, not paying it.. It sucks, but that's exactly how it works.. Just google this info.. Zero incentives to pay off collections, other than for moral reasons to pay off your debts..

 

$30,500$18,500NPSL$15,000$10,000$25,000$32,000
Message 23 of 36
RSCo
Established Contributor

Re: HELP!!!


@Anonymous wrote:

Ok, so another question.  I see that legally I have 30 days from the date I recieved letters from these collection angiencies to send a DV.  However all my accounts are at least 5-7 years old, so obviously I missed my window.  I see that some places say I can still send it but the CA is not legally required to respond to it.  So do I bother sending the DVs?


yes because by sending a DV letter, you are basically putting the work back on the collection agency to prove you owe it.. there are a lot of collection agencies who keep poor records and make short cuts hoping you'll just pay it, and most people just do because it's morally the right thing to do on a valid debt.. But, google Debt Validation letter examples on here and on google to get a good example of what to ask for.. many collection companies can't provide that proof and will just delete the account from your report because it's easier for them to do..

 

$30,500$18,500NPSL$15,000$10,000$25,000$32,000
Message 24 of 36
Shogun
Moderator Emeritus

Re: HELP!!!


@RSCo wrote:

@Burned2manybridgesB4 wrote:

The materials you're describing fit the "publication" of information, that's visible during a typical Hard Pull. CRTP ensures that everyone gets a fair shake by not "publishing" that information on a credit report once it's time barred. However (and there's always a however), not publishing it for all eyes to see does not prevent it from still being sold for a higher price, for a limited viewing "complete credit file," as is typical for high dollar loans, or a position managing money.

 

SOL on the other hand is just the time limit of being sued. That alone does not bar the attempt to collect a debt. It just takes the fangs out of the bite. If it were the way you're believing, then no JDB's would exist.


Are we talking about the same laws that we all live under in the United States.. 

 

They are gone forever after 7 years, period.. There is no visible v non visible tradeline on outstanding debt after 7 years.. It's gone..

 

SOL does in fact protect debtors.. After the SOL have expired, they have zero obligation to pay anything.  Any collection agency that buys any debt from another collection agency AFTER SOL is nuts.. They hope to scare people in to paying, but if a debtor chooses not to respond, then that's it.. It's GONE after 7 years from everywhere where it can impact your credit score.. If a debtor does respond to a debt, by making a small payment, that has gone beyond the state's SOL, then that renews the debt and the SOL clock starts all over again.. Ie. there's an outstanding 100.00 debt that remains outstanding after a 3 year SOL and the debtor contacts the creditor and makes a 5.00 payment towards it, that very action refreshes the SOL and the clock starts all over again in terms of SOL in the creditors ability to collect the debt.. BUT, even if the debtor doesn't pay the remaining 95.00 balance, the debt falls off after 7 years FROM DATE OF FIRST DELINQUENCY... This is the law.. Just google "date of first deliquency"

 

There is absolutely ZERO incentive given to people to pay old debts.. NONE..  It will not raise their credit score by paying it, the report will just reflect that it's a paid collection.. ( for fact that it shows as a paid collection may impress those who view the report manually, but has zero impact to the score as it's still counted as a collection) The real thing to do is tell the creditor that you will pay off the debt in exchange for them REMOVING the collection from your report.. But they should get that in writing BEFORE paying the debt off.. Removing the collection from the report is what will increase your Fico score, not paying it.. It sucks, but that's exactly how it works.. Just google this info.. Zero incentives to pay off collections, other than for moral reasons to pay off your debts..

 


Sorry to put it bluntly but this information is wrong.  There is absolutely nothing that prohibits a creditor from posting accurate information to your CR.  They can report from here to eternity.  There is a that states the CRTP of a TL, it is up to the CRAs to enforce this.  

 

As was stated before, this information does not "Go Away".  It is just excluded in a standard pull of your CR.  There are instances where the complete CR can be seen, including that which has aged off due to the CRTP expiring.

 

1.  Application for a job which has a salary of $75K+

2.  Applying for a loan such as a mortgage for $150K+

 

Yes, the SOL does stipulate how long you can be taken to court for a debt, it does not make the debt "Go Away".  This is only done by the paying of the debt.  Even though it has passed the SOL and the CRTP it is still there, we term these as "Zombie Debts."  Yes, it is still collectable, they just can't sue you or post to your CR.  But they can contact you in an attempt to collect and they can sell the debt to another CA.

 

Also there is the fact that that many lenders for mortgages and such will ask you if you have any outstanding unpaid debts.  Now it is up to you on whether or not to tell the truth, but just remember, the facts are still out there.

 

 

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Message 25 of 36
Leadberry
Established Contributor

Re: HELP!!!


@RSCo wrote:

@Burned2manybridgesB4 wrote:

The materials you're describing fit the "publication" of information, that's visible during a typical Hard Pull. CRTP ensures that everyone gets a fair shake by not "publishing" that information on a credit report once it's time barred. However (and there's always a however), not publishing it for all eyes to see does not prevent it from still being sold for a higher price, for a limited viewing "complete credit file," as is typical for high dollar loans, or a position managing money.

 

SOL on the other hand is just the time limit of being sued. That alone does not bar the attempt to collect a debt. It just takes the fangs out of the bite. If it were the way you're believing, then no JDB's would exist.


Are we talking about the same laws that we all live under in the United States.. 

 

They are gone forever after 7 years, period.. There is no visible v non visible tradeline on outstanding debt after 7 years.. It's gone..

 

SOL does in fact protect debtors.. After the SOL have expired, they have zero obligation to pay anything.  Any collection agency that buys any debt from another collection agency AFTER SOL is nuts.. They hope to scare people in to paying, but if a debtor chooses not to respond, then that's it.. It's GONE after 7 years from everywhere where it can impact your credit score.. If a debtor does respond to a debt, by making a small payment, that has gone beyond the state's SOL, then that renews the debt and the SOL clock starts all over again.. Ie. there's an outstanding 100.00 debt that remains outstanding after a 3 year SOL and the debtor contacts the creditor and makes a 5.00 payment towards it, that very action refreshes the SOL and the clock starts all over again in terms of SOL in the creditors ability to collect the debt.. BUT, even if the debtor doesn't pay the remaining 95.00 balance, the debt falls off after 7 years FROM DATE OF FIRST DELINQUENCY... This is the law.. Just google "date of first deliquency"

 

There is absolutely ZERO incentive given to people to pay old debts.. NONE..  It will not raise their credit score by paying it, the report will just reflect that it's a paid collection.. ( for fact that it shows as a paid collection may impress those who view the report manually, but has zero impact to the score as it's still counted as a collection) The real thing to do is tell the creditor that you will pay off the debt in exchange for them REMOVING the collection from your report.. But they should get that in writing BEFORE paying the debt off.. Removing the collection from the report is what will increase your Fico score, not paying it.. It sucks, but that's exactly how it works.. Just google this info.. Zero incentives to pay off collections, other than for moral reasons to pay off your debts..

 


Like others have said, the information you're spreading is just plain wrong.  After seven years unpaid debts are not reported on your regular consumer credit report, but the debts still exist, they are still in your file, and lenders can still see them under certain circumstances.  Burned2manybridgesB4 is correct in this case, and you are absolutely wrong.

 

Also, your understanding of SOL is wrong as well.  SOL doesn't mean your obligation to pay has gone away.  The SOL is simply the date after which a creditor cannot take legal action to collect on the debt.  Statute of Limitations is a legal term that is applied in all facets of law; its definition does not change.

 

You are extremely overconfident in your spreading of misinformation and it needs to stop.  I would never advise someone not to pay a debt they admit responsibility for.  You can get someone who doesn't understand what they're doing in serious trouble this way.  You need to do some more research before throwing so much weight behind your words.

   
FICO Scores 800+
Message 26 of 36
DaBears
Senior Contributor

Re: HELP!!!

Message 27 of 36
guiness56
Epic Contributor

Re: HELP!!!


@RSCo wrote:

@Anonymous wrote:

Ok, so another question.  I see that legally I have 30 days from the date I recieved letters from these collection angiencies to send a DV.  However all my accounts are at least 5-7 years old, so obviously I missed my window.  I see that some places say I can still send it but the CA is not legally required to respond to it.  So do I bother sending the DVs?


yes because by sending a DV letter, you are basically putting the work back on the collection agency to prove you owe it.. there are a lot of collection agencies who keep poor records and make short cuts hoping you'll just pay it, and most people just do because it's morally the right thing to do on a valid debt.. But, google Debt Validation letter examples on here and on google to get a good example of what to ask for.. many collection companies can't provide that proof and will just delete the account from your report because it's easier for them to do..

 


Here are two products you may wish to read and get to know.  They will help tremendously when you attempt to provide helpful information to others:

 

http://www.ftc.gov/os/statutes/031224fcra.pdf

 

http://www.ftc.gov/os/statutes/fdcpa/fdcpact.shtm

 

The DV is used for validation of the debt.  It also starts cease collection activity until the CA does validate.  Per the FDCPA there is very little the CA has to provide in order to satisfy the validation.  Those letters you refer to are full of things the CA in no way is responsible to provide.

Message 28 of 36
DaBears
Senior Contributor

Re: HELP!!!

Im doing the HAPPY Dance LOL!!!!!

Message 29 of 36
RSCo
Established Contributor

Re: HELP!!!


@Leadberry wrote:

@RSCo wrote:

@Burned2manybridgesB4 wrote:

The materials you're describing fit the "publication" of information, that's visible during a typical Hard Pull. CRTP ensures that everyone gets a fair shake by not "publishing" that information on a credit report once it's time barred. However (and there's always a however), not publishing it for all eyes to see does not prevent it from still being sold for a higher price, for a limited viewing "complete credit file," as is typical for high dollar loans, or a position managing money.

 

SOL on the other hand is just the time limit of being sued. That alone does not bar the attempt to collect a debt. It just takes the fangs out of the bite. If it were the way you're believing, then no JDB's would exist.


Are we talking about the same laws that we all live under in the United States.. 

 

They are gone forever after 7 years, period.. There is no visible v non visible tradeline on outstanding debt after 7 years.. It's gone..

 

SOL does in fact protect debtors.. After the SOL have expired, they have zero obligation to pay anything.  Any collection agency that buys any debt from another collection agency AFTER SOL is nuts.. They hope to scare people in to paying, but if a debtor chooses not to respond, then that's it.. It's GONE after 7 years from everywhere where it can impact your credit score.. If a debtor does respond to a debt, by making a small payment, that has gone beyond the state's SOL, then that renews the debt and the SOL clock starts all over again.. Ie. there's an outstanding 100.00 debt that remains outstanding after a 3 year SOL and the debtor contacts the creditor and makes a 5.00 payment towards it, that very action refreshes the SOL and the clock starts all over again in terms of SOL in the creditors ability to collect the debt.. BUT, even if the debtor doesn't pay the remaining 95.00 balance, the debt falls off after 7 years FROM DATE OF FIRST DELINQUENCY... This is the law.. Just google "date of first delinquency"

 

There is absolutely ZERO incentive given to people to pay old debts.. NONE..  It will not raise their credit score by paying it, the report will just reflect that it's a paid collection.. ( for fact that it shows as a paid collection may impress those who view the report manually, but has zero impact to the score as it's still counted as a collection) The real thing to do is tell the creditor that you will pay off the debt in exchange for them REMOVING the collection from your report.. But they should get that in writing BEFORE paying the debt off.. Removing the collection from the report is what will increase your Fico score, not paying it.. It sucks, but that's exactly how it works.. Just google this info.. Zero incentives to pay off collections, other than for moral reasons to pay off your debts..

 


Like others have said, the information you're spreading is just plain wrong.  After seven years unpaid debts are not reported on your regular consumer credit report, but the debts still exist, they are still in your file, and lenders can still see them under certain circumstances.  Burned2manybridgesB4 is correct in this case, and you are absolutely wrong.

 

Also, your understanding of SOL is wrong as well.  SOL doesn't mean your obligation to pay has gone away.  The SOL is simply the date after which a creditor cannot take legal action to collect on the debt.  Statute of Limitations is a legal term that is applied in all facets of law; its definition does not change.

 

You are extremely overconfident in your spreading of misinformation and it needs to stop.  I would never advise someone not to pay a debt they admit responsibility for.  You can get someone who doesn't understand what they're doing in serious trouble this way.  You need to do some more research before throwing so much weight behind your words.


What is the name of that "mystery file" that apparently everyone has attached to them forever like a scarlet letter, detailing all of their financial misdeeds.. Can you provide me with the name of that file and contact info on how to get a copy of it?  Our system is set up to allow us to see these "forever files" if they are being used against us in any way, right?

 

I also made the notation that we each have a moral obligation to pay our debts. However, businesses can't simply say you owe xyz and then if you don't pay it because it's wrong, they can't forever harass, stalk and define your propensity to pay back future debts. Scaring people to think that they are forever tracked with the threat that old debt, valid or otherwise, may just pop up in the future only provides a value to credit collection agencies and those who buy old debt in hopes that people will just get scared in to paying up.. Just because someone says you owe them money, doesn't make it so, nor does it mean that their belief or claim that you owe them money will forever follow you around..

 

Please let me know what other files exist outside of the major reporting agencies that forever keep track of our debts, paid or otherwise.. I'm interested in seeing mine.. Thanks

 

 

 

$30,500$18,500NPSL$15,000$10,000$25,000$32,000
Message 30 of 36
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