I have Charge offs reporting High Credit/Balance and Past due all at the FULL amount? (making my debt to high credit report as 2463%). Isnt this incorrect. (I have charge offs from both original creditors and collection agencies doing this) If the statute of limitations to collect on the debt has expired for my state wouldnt it change the amount past due since they can no longer collect? And does this apply to collections also? I'm posting because although I think something they are reporting IS wrong - if I dispute it won't it validate the debt as mine? - and arent I better sending out validation letters? - or is there a better way to dispute these and get them removed?
The original creditor's charge off entry will remain on your credit report for seven years. But so will the collection agency's entry - even though the SOL has expired. Legally they can NOT come after you anymore for any payments, but they can keep it on any credit report, just to keep your overall credit rating in the toilet.
That's not true, they can *try* to collect from you until you die if you let them. If the SOL is up then you need to send them a ceast and desist letter explaining that the debt is time-barred and if they sue you, that is your defense.
Actually, they can even sue. You have to go to court and assert the affirmative defense that the SOL has expired. There are many people with judgments against them because they failed to show up to defend themselves and the creditor got a default judgment.
This is so true, and this cannot be stressed enough for everyone to understand. Expired SOL is your legal defense if sued, and YOU MUSt raise this as a defense. No one else will, or can, raise it for you. An "expired SOL" does not make the debt, or the credit reporting go away.
