I have a debt that the statute of limitations ran out on in 12/13/2008. It was NEVER reported on my credit report until January 2009 and does not list the original creditor. It only lists the company that purchased the debt and the collection agency that it hired to collect the debt. I asked the collection agency if they could send me information on the original debt and they said they couldn't do it and just told me over the phone that the last activity on the account was 12/31/2004. Is it legal for them to JUST START reporting an item that the statute of limitations has already ran out on? Also, the credit reporting agencies are saying that the estimated date of removal is 6/2013. How can they tack on two add two additional years to the 7?
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KMIST.....does your CR state what the SOL is? I think the 7 years starts from the 'Date of Last Activity'. ..it should say the '..Last Activity' date on the CR, also. You can send the a DV (Debt Validation) letter. They have 30 days to reply with a VALID response. I would start there. Since the SOL HAS expired already ( if that's the accurate SOL on the CR) then don't make arrangments on the debt right now. If you DO make arrangements AFTER a SOL has expired on MOST debts, all you're doing is 'Re-Aging' the debt ( you're starting the SOL over again) and giving yourself that much more time for them to 'come after you'. Example: If the SOL is 4 years and you 'Re-age' the debt, you'll be 'extending' your SOL ANOTHER 4 years. Hope this makes sense. I don't know if it's legal for them to report an account AFTER the SOL date. However, in a way, it sounds like that's in YOUR advantage. Hope the advice helps.
Yes, the creditor or the collection agency can report an item till the time the seven years and six months has expired from the date you have become delinquent towards the debt. However, if the SOL on the debt has expired, it only means that the creditor can no longer legally collect the debt. If the SOL has expired, you should not make any payment towards the debt.
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So, it's really a disadvantage to the Creditor if he reports the debt AFTER the SOL date. I've never had this happen to ME, however. (Just speaking outloud here), if the Creditors KNOW this is a disadvantage to them, why would they NOT report the debt until after the SOL date?