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Recommendation Please

Discussion in 'Credit Talk' started by imchain, Feb 16, 2007.

  1. Feb 16, 2007 #1
    imchain

    imchain New Member

    Hello everyone, I just stumbled into Credit Net and have found the forum very useful so far.

    If I may, I have a couple of questions that I hope I can get answered. The other day I pulled all 3 credit reports with a long list of derogatory items. But there are old and are about to hit the 7 year mark.

    My questions are:

    1. Do I let them get to the 7 year mark and then have them removed or do I make an offer to CA and settle the account.

    2. Can the CA sell the account to another CA, thus keeping the trade lines on my report.

    3. Do I go ahead and get the CA to verify my accounts and hope they can't produce any verifiable paperwork, thus getting the items deleted.

    4. I also have 2 charged off accounts, that were sold and currently being collected by above CA, can I do anything about these items.

    Thank you in advance.
     
  3. Feb 16, 2007 #2
    ontrack

    ontrack Well-Known Member

    Under FCRA, negative information can be reported at most 7.5 years from the original date of delinquency. Sale of an account does not change this, so if a new buyer of the debt were to keep an account on your reports past this period, it would be illlegal "re-aging".
     
  4. Feb 16, 2007 #3
    bizwiz41

    bizwiz41 Well-Known Member

    1) If it is very close to the end of the reporting period, your best bet may be to wait them out. If you "dispute", this could wake up the "sleeping dogs" of CAs.

    2) The CAs can sell the debt, but the FCRA prohibits reporting based upon the original dates of the account going deliquent. Also, the statute of limitations for legally collecting the debt by taking you to court is most likely expired. The CA can sell the debt, and the new CA can try to collect, but it is illegal for them to report it to the credit reporting agencies, and IF they try to take you to court (to win a judgement) YOU MUST bring up the defense of past the Statute Of Limitations.

    3) Once again, if you are so close to them falling off due to age, I would most likely not bother with the validation request. Again, check the legal standings for your state for SOL on consumer debt.

    4) Need a little more detail to help; how old are the accounts, are you paying on them, how long has the CA been trying to collect, etc. As much detail and information you can give the better.

    Good Luck
     

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