I saw an inquiry was posted to my credit report from a collection service. Its an old debt from 1997 the wiz who is now out of business. My question is 1) its 9 yeras old iam i still resonceable for this? 2) Can they repost this on my credit report again? 3) What is the stature of limitations in NY for a situation like this. Iam looking to buy a home in the next year or so and my credit is in good standing after 3 years of repair. Thanks for your help
If it has been 9 years since the last payment, they can inquire, and even send you collection letters, but they cannot post a new negative TL on your reports. They are required to notify the CRAs within 90 days of posting any negative TL of the original date of delinquency, so that the CRAs can remove old negative items to comply with FCRA. If they do send you collection letters, those letters better comply with FDCPA. See: http://www.ftc.gov/os/statutes/fdcpa/fdcpact.htm#809 Since they can't legally post a negative TL, under FDCPA they also cannot legally threaten to do so. Sale of a debt to a new JDB does not reset the reporting period, nor do payments. SOL for filing suit to collect depends on state law. You will have to check on that.
Thank you for your responce. I called transunion and checked the state law. They told me its a new loop hole they are trying to take advantage of. Useing an old debt with the new resale of the debts date and try to get people again. I did dispute this and being that the co went out of business and around 10 years old i was told they cannot report this on a credit report. becarefull everyone and keep on top of your credit.
