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A TU rep told me that every time a CA sells a debt, the new CA can start reporting it all over again for another seven years, and so on, potentially forever. I always thought that the DOFD determined how long the debt stays on a report. He said that every time the debt sells, it resets the clock. That's incorrect, right?
@krit wrote:A TU rep told me that every time a CA sells a debt, the new CA can start reporting it all over again for another seven years, and so on, potentially forever. I always thought that the DOFD determined how long the debt stays on a report. He said that every time the debt sells, it resets the clock. That's incorrect, right?
I'm sure that's wrong. These people will say anything.
Hopefully that's incorrect. I didn't think the debt could be reinserted after seven years.
@SouthJamaica wrote:
@krit wrote:A TU rep told me that every time a CA sells a debt, the new CA can start reporting it all over again for another seven years, and so on, potentially forever. I always thought that the DOFD determined how long the debt stays on a report. He said that every time the debt sells, it resets the clock. That's incorrect, right?
I'm sure that's wrong. These people will say anything.
@krit wrote:A TU rep told me that every time a CA sells a debt, the new CA can start reporting it all over again for another seven years, and so on, potentially forever. I always thought that the DOFD determined how long the debt stays on a report. He said that every time the debt sells, it resets the clock. That's incorrect, right?
The TU rep is mistaken.
Don't take credit advice from customer service representatives, in general, they are not trained in credit/scoring; they are trained to perform simple tasks to help callers.
I'm certain the rep is wrong. What the rep is describing is called "re-aging" and it is in violation of the Fair Credit Reporting Act, the federal law that governs credit reporting.
The rep is wrong. While it's true that the new CA *can* re-report their newly acquired debt, that's only IF it's still within the 7 year reporting window. Outside of that, it's illegal and you can easily dispute it off your reports if it does come up.
Thank you. I appreciate everyone's input. I was certain this person was wrong but I started wondering if any new CAs could report since the debt would be new to THEM, even after seven years. I was sure they couldn't, but wanted to be certain. Thanks again.
@krit wrote:Thank you. I appreciate everyone's input. I was certain this person was wrong but I started wondering if any new CAs could report since the debt would be new to THEM, even after seven years. I was sure they couldn't, but wanted to be certain. Thanks again.
What is the DOFD of said debt?
It'll be gone next month. Congrats!