I need help. Don't know where start

Discussion in 'Credit Talk' started by Thee One, Aug 10, 2003.

  1. Thee One

    Thee One Well-Known Member

    One other thing, I should dispute with CRA as not mine, correct?

    Rexcar: you are so right. Evertything fun here is illegal. Never stopped me from doing it though! = )
     
  2. FedUp2003

    FedUp2003 Well-Known Member

    Re: Re: Re: I need help. Don't know where start

    Thee,

    Please read the advice of lbrown59, as you are about to open up a hornet's nest!

    1 account will fall off this year, 5 others next year, on the 3rd, 5th, and 9th months, and finally 1 in 2005.

    The ONLY account I'd mess with would be the one with DOLA in 98, or the oen not due to fall off till 2005.

    If you start messing with the others all you might end up doing is causing them to start after you again and/or get the accounts sent to CA and then you may very well find your self being blasted with letters and phone calls and may end up having to pay/settle some of these.

    If you just leave them alone, they will very shortly go away. You can probably safely dispute with the CRA's on each account that gets within a month or two of its drop-off date.



    FedUp2003
     
  3. Thee One

    Thee One Well-Known Member

    Re: Re: Re: I need help. Don't know where start

    So I'd probably do more harm than good, if I started disputing with CRA's now, considering the age of the accounts. OK...I just hate waiting...feel like I should be doing...something. Patience is not one of my strong suits. But I'd prefer not to bait the insects if not necessary.
     
  4. sassyinaz

    sassyinaz Well-Known Member

    Re: Re: Re: Re: I need help. Don't know where start

    hmmmmmmm

    FedUp, you are misunderstanding LBrown

    He said:

    The hornet's nest is GONE!!!!!!!!!!

    Everyone of them is beyond the SOL means there can be no legal action for enforcement, it has expired.

    Validate and dispute away!

    Sassy
     
  5. sassyinaz

    sassyinaz Well-Known Member

    Re: Re: Re: I need help. Don't know where start

    No, past the SOL for enforcement means that no legal action can be taken against you. If so, you can raise the expiration as an affirmative defense.

    Don't wait!!!!!!!!!!!

    In fact, there is a letter at WhyChat's site, previously linked, for alleged debts beyond the SOL for enforcement.

    Knock yourself off, they'll all go!!!!!!

    No hornet's nest possible.

    Sassy
     
  6. FedUp2003

    FedUp2003 Well-Known Member

    Re: Re: Re: I need help. Don't know where start

    Okay,

    Guess I'm really confused on SOL's then. I thought that only meant they can't SUE you, but that they could still try to collect on them, hence I thought a hornet's nest of letters and calls would ensue if Thee were to "awaken" these creditors.


    If various State's SOL's expire in 5 years, 6 years, 4 years, etc ... then why don't the CRA reporting periods for those State match?

    If once the SOL runs out, and the CA's and OC's can't come after you or sue or try to collect, then what's the purpose of the CRA's carrying the Tradeline beyond the SOL's?

    Am I missing something?


    FedUp2003
     
  7. lbrown59

    lbrown59 Well-Known Member

    Re: Re: Re: Re: I need help. Don't know where start

    Yes you are.
    I will explain more latter.
     
  8. jshimmer

    jshimmer Well-Known Member

    Re: Re: Re: Re: I need help. Don't know where start

    Just because you no longer are legally obligated to repay the debt (e.g., 4 year SOL), this does NOT mean that creditors want to extend you NEW credit at 4 years and a month.

    The intended purpose of maintaining a credit history on potential borrowers is so that a potential lender can judge your credit risk or worthiness -- more or less, your potential to repay the (future) debt *IF* the lender extends you the credit.

    The Federal legislature agreed upon this ~7 year clock for reporting -- a time period during which your credit UNWORTHINESS will follow you around. Obviously, if you made reporting follow the individual state statutes, not only would it cause more confusion (diff states = different SOL, based on type of contract/debt), but then you'd probably have a bunch of deadbeats moving to states with 3 or 4 year SOL's, just to avoid paying their debts AND getting NEW credit from creditors that were NOT aware of their TRUTH credit worthiness.

    However, Congress also decided that you shouldn't be punished for the rest of your life because of bad debt. The 7 year limit is just that -- a limit. Perhaps some in depth study of the number of seeds in a watermelon led them to believe that, if you suffered for 7 years, you might do better next time around. Who knows.

    In my personal opinion, it wouldn't be fair for a deadbeat to get new credit cards and loans every four years, while another person had to wait seven years, simply because he lived in a different state.
     
  9. Thee One

    Thee One Well-Known Member

    Re: Re: Re: Re: I need help. Don't know where start

    OK, so I'm really confused now. Should I or shouldn't I start disputing the CRA's? It seems I should, as per my original understanding of the opinions of this thread and elsewhere on this site, is that once you're past the SOL they can't legally collect. If that's the case I can't see a reason not to dispute, what's the worse they can do? Send letters? They don't even have the current Phone Numbers anymore, so they can't call. Before I forget, thank you all for your advice, I really appreciate it.
     
  10. jshimmer

    jshimmer Well-Known Member

    Re: Re: Re: Re: Re: I need help. Don't know where start

    The ultimate choice is yours. Unless you are planning on trying to obtain a mortgage or you have some god-awful DIRE need to obtain credit during the next year or so, then it won't matter.

    If a tree falls in the forest and nobody is around, does it make any noise?

    Meaning, if you go through the hassle to clean up your credit, but your NOT planning on applying for credit or a mortgage within the time period that they would just fall off on their own, was it worth the effort and/or the possibility of waking the sleeping dog?

    If you are 100%, absolutely, positively certain that the SOL is past *AND* the owner of the debt (original creditor, CA who bought it from them years later, etc.). never obtained a judgment, then you have no reason to STOP you from disputing it with the CRA's (who will, in turn, attempt to contact the creditor to verify). You MUST Be SURE that, somehow in between you moving from one place to another or changing employers, that the creditor/owner did NOT obtain that judgment! If they did, and you just didn't get served and/or get a copy of the default judgment, then you could be opening up a huge can of worms for THAT particular debt owner.

    Even if no judgments were ordered and the SOL's have expired, as far as I am concerned, you are STILL inviting problems. You could dispute something with a creditor that wants to be a dillhole, so they change the original delinquency date or something stupid, just to make you go through the hassle of writing, mailing, calling, etc. All that will come of it (really) is they'd eventually remove it, and you'd have spent time, effort and money to get it removed.

    If you let it lie, I *highly* doubt that the creditors are actively monitoring old, charged-off accounts that are approaching 7.5 years from ODD so that they can screw with you ... :)

    Personally, I'd let them sit, unless I was 100% sure the above mentioned points were a "for sure".
     
  11. lbrown59

    lbrown59 Well-Known Member

    1*Guess I'm really confused on SOL's then. I thought that only meant they can't SUE you, but that they could still try to collect on them, hence I thought a hornet's nest of letters and calls would ensue if Thee were to "awaken" these creditors.
    2*If various State's SOL's expire in 5 years, 6 years, 4 years, etc ... then why don't the CRA reporting periods for those State match?
    3*If once the SOL runs out, and the CA's and OC's can't come after you or sue or try to collect, then what's the purpose of the CRA's carrying the Tradeline beyond the SOL's?
    FedUp2003
    ++++++++++++++++++++
    1*They can sue you before or after S O L, same goes for trying to collect.
    Only thing is they can't collect after S O L.
    2*Because The reporting period and SOL are 2 different things for 2 different purposes.
    The 7 year reporting period has to do only with how long an item can be reported to a CRA. It is a reporting issue.
    The SOL is a time limit on how long of a time period A creditor can legally collect on a debt. SOL is a collection issue.
    3*Because Listing with a CRA is a reporting issue not a Collection issue like SOL is.









    THE END ** *** ** LB 59
    """"```--~~~~~~~~~--```'""'''
     
  12. lbrown59

    lbrown59 Well-Known Member

    Canceled
     
  13. jshimmer

    jshimmer Well-Known Member

    1 - Heck, anybody can sue you for anything, anytime. Whether or not it makes it to trial is another issue altogether.

    3 - Not accurate at all. The SOL is not "how long a time period can legally collect on a debt" -- it's the limit on how long they have to SUE YOU to obtain the RIGHT TO COLLECT [in other words, the judgment).

    Once they obtain a judgment, then can legally attempt (lawful) collections -- essentially -- forever (civil judgments in most states can be renewed indefinately).
     
  14. Hedwig

    Hedwig Well-Known Member

    They CAN collect after the SOL--if you don't know any better. They can call you, write you, or sue you. But all you have to do is tell them (in writing if they call or write, in court if they sue) that the SOL is up.

    If they call or write, write to them and tell them the SOL is past and to CEASE AND DESIST. If they continue to try to collect, sue them. Might as well make a little money on it.

    I disagree with those who say leave it alone. Let them know you know they are there, and that you won't stand for their shenanigans. If they sell it to another CA, go after them because you told them it was past the SOL.

    But first, just dispute with the CRAs. Since it's so old, it might not be validated.

    And don't wait until you need to do something like buy a car. I wasn't planning on buying a car for a while when I totaled mine last year. So I had to buy a car on short notice. I certainly couldn't have cleaned my reports in three weeks. So keep them clean. It's a hard job, too, but keep at it and eventually you'll prevail.
     
  15. Thee One

    Thee One Well-Known Member

    Thanks Hedwig. I was thinking of my Credit when I saw a Nike Commercial and thought...Just Do It! My only worry is possible judgements against me that I don't know about, though those would appear on my CR correct?
     
  16. laurie33

    laurie33 Well-Known Member

    Re: I need help. Don't know where s

    I think that judgements do appear on your credit report. I'm not positive because I've never had one but there is a section for them on the CR's so I assume they would show up there. Maybe somebody else knows for sure?
     
  17. jshimmer

    jshimmer Well-Known Member

    Re: Re: I need help. Don't know where start

    Yes, they typically DO show up. However, the absence of a judgment on your credit reports does NOT mean that there aren't any, just as the absence (or presence) of a delinquent trade line or CA doesn't necessarily mean it does or does not exist.
     
  18. lbrown59

    lbrown59 Well-Known Member

    Re: Re: Re: I need help. Don't know where start

     
  19. lbrown59

    lbrown59 Well-Known Member

    Re: Re: Re: I need help. Don't know where start


    To find out about judgments you go to the court not the CA !
     
  20. Thee One

    Thee One Well-Known Member

    Re: Re: Re: I need help. Don't know where start

    So I go to the court and ask what exactly? Anyway, I'm pretty sure I have no judgements against me, I've had the same address my enitre life. Had I been sued, I'm pretty sure I would've been served.
     

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