I have the following issues: 1) Taxmasters C/O 2/99 for $517 2) Collection Doctors office 9/99 $ 102 3)Electric Co. C/O 10/99 $98.00 4)American Credit educators(extortionists) $250 from 10/99. Never charge on this card I have disputed all to no avail Total amount owed is $967.00 I got the $967 I dont want to wait 3 more years. Help credit experts what is the best way to approach this? Is there a certain way to pay these off? A method? Thanks for the help!
Perhaps some of these are outside of the Statute of Limititations (SOL) in your state. That might help in getting them off your credit report. Other than that you can try sending a 2nd validation after 30 days is up.
Nope, it's 4 years in your state ... http://www.creditinfocenter.com/rebuild/statuteLimitations.shtml
Statute Of Limitations (SOL) --- IMHO --- You must understand what SOL is ... it's a statute prescribing the time period during which legal action can be taken. Even though a debt is a promise to pay, if the SOL expiring is in force and the creditor has failed to file a lawsuit, you have the right not to fulfill the promise. This has NOTHING to do with the information in your credit report. FCRA § 605 (a)(2) uses the SOL only to prohibit including of [color=0066FF]civil suits, civil judgments, and records of arrest[/color] in a consumer report. On the other side, FCRA § 605 (a)(4) clearly states that CRAs may not report [color=0066FF]accounts placed for collection or charged to profit and loss which antedate the report by more than seven years[/color]. According to FCRA § 605 (c)(1), credit reporting clock starts at the original delinquency date. But, depending on what state you live in, if you make a partial payment, you could be postponing the SOL expiration (as I know this doesn't apply for Texas). So, the bad news is you have to wait few more years to request deleting of these TLs. The good news though is that you might be able to clear up some debts. If a CA or OC tries to collect a debt with an expired SOL, use a letter like this: «Your Name» «Address1» «Address2» «City», «State» «Zip» «Company» «Address1» «Address2» «City», «State» «Zip» «Date» Dear Collector/Creditor, I am writing in response to your letter dated [insert date], (copy enclosed) about a certain debt that you are attempting to collect. I have checked with my State Attorney General and verified that the legal Statue of Limitations for collecting this type of debt in the State of Texas has expired. Now that I am aware of my rights in this matter, consider this letter as official notification that, should you decide to pursue this matter in court, I will invoke my rights and use the "expired statue of limitations" as my defense. Be advised that I consider this matter closed and demand that you, or anyone affiliated with your company, stop contacting me regarding this or any other matter except to advise me, via mail only that your debt collection efforts are being terminated or that you or the creditor are taking specific actions allowed by law. Sincerely, «Signature» «Your Name» HTH
