Hey, folks got a few questions I hope some of you might be able to shed some light on. I had some credit cards that I originally got in the mid 90's. All have been charged off. It has been 7+ years since they originally became delinquent and 6-7 years since they were closed/charged off. My questions are: 1. Will they OC's fall off of my report auotmatically when they reach the 7yr mark or do I need to dispute with CRA? 2. The accts have been sold to CA (some multiple times) and the SOL in my state is 4yr. Should I send the CA validation letters and then dispute because of age or should I just send C&D letter and tell them to pound sand? 3. With the exception of an occasional letter offering to settle, I do not get hassled. At this point aren't I better off leaving well enough alone and let the 7yr run out instead of trying to settle and opening up a can of worms? I hope you guys can give me some help. I really just want to try and get my CR cleaned up.
1. If DOLA on the cc debt is beyond seven years, the trade line *should* fall off the credit report. If you have TL [trade lines] that have remained beyond the 7 year benchmark, write CMRR to the CRA and dispute the TL by stating that it is "obsolete" - and to delete. 2. A CA can *attempt* to collect a debt that is SOL but that doesn't mean you are obligated to make payment. You can tell them to go pound sand but be advised that even old debt that's SOL can be sold and re-sold. 3. As accounts age, the closer they get to the 7 year mark, they become less attractive to CAs because their level of success diminishes with each passing year. The fact that you're getting fewer CA contacts may mean that the old TLs are falling off *but* that doesn't mean that some of these won't resurface as "zombie" debt sometime down the road. Just be prepared to save the letters, the envelopes and to send cease & desist letters due to the fact the alleged debt is beyond the SOL. At this point in time, with all the bad debt going beyond the 7 year mark, it's probably wiser to just leave well enough alone.
I'd leave it alone. Do NOT, in any case, settle and pay anything. You can only hope they sue you. The debt is out of statute and they probably know that. So there is no reason to pay. If it were the original creditor and they would give you credit again it might be something to consider briefly. But if it's a CA, no way. If any of them ever try to sue, go to court and assert that the debt is past the statute of limitations.
