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I piled up a lot of debt while in college. I was foolish and unaware of the need for a good credit history. But after I graduated and got a job I have been monitoring my credit report. I accounts have been passed to several collection agencies. They have changed hands so many times; I don’t even recognize few of them as mine.
Some have changed dates, making them look they are new debts. If I remember correctly, some debts should have fallen off by now. But I do not have anything to prove the correct dates. Can anyone suggest the right way to dispute?
Hi greatday,
Some have changed dates, making them look they are new debts. If I remember correctly, some debts should have fallen off by now.
The SOL period of a debt account, is not the date when it was passed to a collection agency. The SOL period begins from the day you first missed payments. Your credit report must have a column with the heading "Last Date of Activity" against the debt accounts. The SOL period of the debt account begins from the date mentioned in this column. If any of your debts are well past the SOL period, you should send a "Dispute Letter" to the credit bureaus, in order to remove them from your report. You will find a sample "Dispute Letter" in the Letters of Credit section.
For the debt accounts which are within the SOL period, you can contact each of the collection agency. You should send them a "Debt Validation Letter". The CA will reply to your validation request with the detailed records of your debt accounts, and the exact amount they are trying to collect. You can request the CAs to put you to a repayment plan, if you cannot afford to pay down in full at once.
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