@RSCo wrote:
@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
What "mystery" is there surrounding your credit file? Multiple people have already told you in this thread under what situations a complete credit file is obtained. These are not "other files" we are speaking of, nor do they belong to "other agencies." We are talking about the same files you and I access on a regular basis. The CRA's have the ability to situationally provide more complete datasets to certain entities who request them.
Also, I'm sorry, but again you're wrong. As was already said multiple times, unpaid debt will remain on your file indefinitely until such time that it is paid or forgiven. Just because you can't see it anymore doesn't mean it's not still there. These are not scare tactics or empty threats--this is simply fact. Businesses CAN make empty claims that you owe XYZ funds, and they CAN harrass you indefinitely in an attempt to collect those funds--until you take actions to disprove their claims. If they didn't, there are some here who probably would've never joined this board.
There is no need for you to get so defensive. We all make mistakes, and noone is always right. However, reasserting bad information against the advice of multiple people is just bad form. Your treatment of the situation like some sort of witchcraft only showcases your misunderstanding. In a situation such as this, the search bar can be an extremely powerful tool. A quick search brings up this thread:
§ 605. Requirements relating to information contained in consumer reports [15 U.S.C. §1681c]
(a) Information excluded from consumer reports. Except as authorized under subsection (b)
of this section, no consumer reporting agency may make any consumer report containing
any of the following items of information:
(1) Cases under title 11 [United States Code] or under the Bankruptcy Act that, from the
date of entry of the order for relief or the date of adjudication, as the case may be,
antedate the report by more than 10 years.5
The reporting periods have been lengthened for certain adverse information pertaining to U.S. Government insured or guaranteed student loans, or pertaining to national direct student loans. See sections 430A(f) and
463(c)(3) of the Higher Education Act of 1965, 20 U.S.C. 1080a(f) and 20 U.S.C. 1087cc(c)(3), respectively.
6
This provision, added in September 1996, should read “paragraphs (4) and (5)....” Prior Section 605(a)(6)
was amended and re-designated as Section 605(a)(5) in November 1998. The current Section 605(a)(6), added in
December 2003 and now containing no reference to any 7-year period, is obviously inapplicable.
22
(2) Civil suits, civil judgments, and records of arrest that from date of entry, antedate the
report by more than seven years or until the governing statute of limitations has
expired, whichever is the longer period.
(3) Paid tax liens which, from date of payment, antedate the report by more than seven
years.
(4) Accounts placed for collection or charged to profit and loss which antedate the report
by more than seven years.
5
(5) Any other adverse item of information, other than records of convictions of crimes
which antedates the report by more than seven years.
5
(6) The name, address, and telephone number of any medical information furnisher that
has notified the agency of its status, unless--
(A) such name, address, and telephone number are restricted or reported using
codes that do not identify, or provide information sufficient to infer, the
specific provider or the nature of such services, products, or devices to a
person other than the consumer; or
(B) the report is being provided to an insurance company for a purpose relating to
engaging in the business of insurance other than property and casualty insurance.
(b) Exempted cases. The provisions of paragraphs (1) through (5) of subsection (a) of this
section are not applicable in the case of any consumer credit report to be used in connection with
(1) a credit transaction involving, or which may reasonably be expected to involve, a
principal amount of $150,000 or more;
(2) the underwriting of life insurance involving, or which may reasonably be expected to
involve, a face amount of $150,000 or more; or
(3) the employment of any individual at an annual salary which equals, or which may
reasonably be expected to equal $75,000, or more.
Mystery solved. 
July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge
Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
June 2017 update: All scores over 820, just pure gardening now.
I wanna LOL, but I'm going to be an adult and have a cold beer and just enjoy this thread. He must have little man disease. <~~~~~Beer talking, I swear
@DaBears wrote:I wanna LOL, but I'm going to be an adult and have a cold beer and just enjoy this thread. He must have little man disease. <~~~~~Beer talking, I swear
You or him?
below the belt again 