Perpetual CR entries from LVNV (Does this 7 yr thing really mean anything?) I was trying to get a car loan yesterday and was told I had bad active accounts active as of this current month on my credit report that were collections from a bad debt from like 2001. When I was in college I basically went under financially and presumed that eventually the bad debts would drop off after 7 yrs. (I guess bad advice from people who didn't know) Anyway what is happening is the debt keeps getting resold to various collectors and each is renewing the date of last activity. So there doesn't seem to be any end in sight. I challenged the CRA's for verification and they are coming back verified as of this very month. The finance guy at the car dealership basically told me that it can go on like that forever. So what is this 7 yr stuff about then? Does that mean it will go away after 7 years IF a collection agency decides to stop pursuing it? B/C it seems that they can keep it alive for forever and even charge me more money on it. These accounts should have been written off in like 2001... I'm really confused and can't seem to find any straight answers. I keep hearing radically different stories from different angles. I have some stuff about LVNV providing fraudulent documents for verification. Does anyone have experience with this?
The 7.5 year drop off date is a statutory reality. Illegal reaging is also a reality. Suing those who reage illegally is a necessity if they won't voluntarily delete their derogatory tradelines. If you are not informed enough and determined enough to know your rights and stand up for them, others will trample them unless and until you decide otherwise. At 28 years old (give or take) it's time to get both smart and tough.
Its starting to dawn on me. I had retained assistance to send in some verification challenges on my behalf (I admittedly do not know enough yet on my own...I'm new to the boards) If necessary I am more than willing to take these SOB's to court.
