I have two old credit cards that I think the last activity date on both were in 1998. However, both have been sold numerous times to other companies. Now they are showing on my credit reports under EACH company with higher balances each time because they keep charging interest and fees. One is now in the hands of a "collection attorney", but I am sure the SOL on this account is 4 years, so why is he even bothering?? Anyone have any advice on how to deal with all of these different (but for the same freakin original card) companies reporting these balances? I have tried to dispute them with no luck! And if I were going to pay them..which company do I pay? The original company?? ALso, does the SOL apply to ONLY the original company with the loan was first deliquent, or is it still ticking because they keep selling the account? THANKS!
So many questions. There are CA's that collect old debts that are past the SOL. They buy them dirt cheap and sometimes scare the debtor into paying them, which is pure profit. We call these types of CA's "Bottom Feeders". I have heard of some BF's trying to shake money out of 15 years debts. Before you proceed with your credit report clean up mission, before you have covered your ass on the debt. Make sure that the SOL has expired. You don't sound so sure. The date the SOL clock starts is usually when they charge off the debt, which usually occurs 90 days after you missed the first payment deadline. To other board members... is this right? This sounds like a borderline case, so tread carefully. Some CRAs offer a service that alerts a creditor or CA whenever activity occurs on your file. So disputing one of the old CA entries could alert the current CA lawyer that you are doing something, which may prompt them to start going after you. So if CA's start calling, you know what triggered it.
Uhm no The SOL starts 180 days after the first delinquency such as the 30+ day late. It's right in the FAQ
The above starts the 7 year reporting on your credit report. The SOL for your state for collecting the debt starts 30 days after you missed a payment and never got caught up again. At least this is how I understand it. Tuit
