Need help reviewing my credit report

Discussion in 'Credit Talk' started by hv1000, Jun 27, 2015.

  1. hv1000

    hv1000 New Member

    I just requested a copy of my credit report and need help reviewing it.

    http://www.frugalvillage.com/forums/attachments/debt-reduction-money-management/36945d1435393789-i-need-help-reviewing-my-credit-report-image.jpg


    The image shows pages 1, 7 and 8. There are two unpaid debts with a total of $47,724. The larger debt ($45,665) was credit card debt. It was accrued when I ran a Quiznos restaurant with my friend back in 2006-2007. We lost a lot of money and eventually sold the restaurant for a fraction of our initial purchase. On this report you will see this debt appears twice, one when it was held by the original creditor, and another one when it was passed off to a collector.

    The smaller debt ($2,059) is an unpaid rent to a landlord. I rented an office for another business of mine and closed it in 2009. I had 8 months left on the lease contract. I asked the landlord to release my contract. He found someone who agreed to take over my office so I moved out. Six months later I was hit with an unpaid bill. I was not able to pay so I just ignore it.

    I read online and learned about "statute of limitations". In California, the state where I live, the deadline for filing a lawsuit against bad debt is 4 years. Here're my questions:

    1. Can you look at my report and tell me if my debts have passed all deadlines? Can my creditors still sue me or not?

    2. My credit report does not show any judgement (public records are empty at end of report). Does that mean I have never been sued for these debts?

    3. What do you say about my credit scores (third line on page 1), good, bad, terrible?

    Thanks.
     
  2. JoshuaHeckathorn

    JoshuaHeckathorn Administrator

    Welcome to Creditnet, and first let me say that I'm sorry your post was missed for so long somehow. Also, sorry to hear about the failed Quiznos business venture. The restaurant business is tough, isn't it?!!!

    Anyway, the statute of limitations clock starts running on the date of your last payment. If you can share what those dates are for both debts, then we can help you determine if the statute of limitations has expired.

    Also, if you do not have any judgments against you, then yes, that means that no one has filed in court against you yet and received a judgment to collect those debts.

    Lastly, your credit scores don't look too bad considering the size of the debt associated with the business failure. What's happened to your credit scores recently, since I'm assuming you've been continuing to track them since your first posted here? Let me know and I'd be happy to try and help from this point on.
     

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