I plan to dispute a large number of negative marks on my credit report, many are about 5 years old. What stops the creditors from re-reporting them and continuing the cycle, and restarting the 7 yr clock?
So as I see it, the debt is removed from the credit report, but I still owe the debt. So if I don't pay on it.. would that be default? But, wouldn't that bring the account current again? I'm sorry, I'm still confused about how to NO LONGER have look over my shoulder for zombie debt collectors!
I'm sorry, I'm still confused about how to NO LONGER have look over my shoulder for zombie debt collectors!
If a debt is out of SOL, it is your right to send a cease and desist letter. It is the CA's right to sell the debt for someone else to try to collect on. When that happens, send another CND letter...the cost of a few stamps is a small price to be paid for not paying a debt; time itself does not make debts go away.
Current: You go 30+ days late, then pay the required amount (min. payment + late fees + interest)...that is bringing the account current--when the account is not past due.
Default: When payment is past due.
Note: I do not agree with some of the tactics employed by JDBs, but the practice of buying and selling debts is perfectly legal. To restrict this would result in even more lawsuits against debtors...
Okay, so as i see it... sending the CND letters keep CA from bothering me and posting on my credit report. If a new company gets the debt... send letters again. Do you think its possible that 10 years from now, the debt in question goes from $600 + $400 interest... to $600 + $2000 interest and so on. Then a suit comes? Or, if I dispute the claim, and there isn't enough evidence to fight it from the CA end, they might "drop" it? I'm just trying to look long term and worst-case-scenario here. I don't need a fabulous credit score for anything at the moment. I just don't want to get attacked 10 years from now...
Thanks for you time!
Just remember that you still owe the debt even if it is not on your report. A lot of times you can negotiate with a creditor to remove the debt and pay privately. Interest will still accumulate but as the debt is sold to other collectors it is discounted so if you are going to pay it off ask for a reduced amount and tell them you want it off the report. Let them know that they can get the reduced amount or nothing, and don't pay the full amount until they comply with what you want.
7 year clock does not move, unless:
A) the account is still open
B) you brought the account current
C) you default again
defaulting again v bringing current
So as I see it, the debt is removed from the credit report, but I still owe the debt. So if I don't pay on it.. would that be default? But, wouldn't that bring the account current again? I'm sorry, I'm still confused about how to NO LONGER have look over my shoulder for zombie debt collectors!
I'm sorry, I'm still confused about how to NO LONGER have look over my shoulder for zombie debt collectors!
If a debt is out of SOL, it is your right to send a cease and desist letter. It is the CA's right to sell the debt for someone else to try to collect on. When that happens, send another CND letter...the cost of a few stamps is a small price to be paid for not paying a debt; time itself does not make debts go away.
Current: You go 30+ days late, then pay the required amount (min. payment + late fees + interest)...that is bringing the account current--when the account is not past due.
Default: When payment is past due.
Note: I do not agree with some of the tactics employed by JDBs, but the practice of buying and selling debts is perfectly legal. To restrict this would result in even more lawsuits against debtors...
Great thread. I was always wondering what happens after things are settled.
a little more clarification :)
Okay, so as i see it... sending the CND letters keep CA from bothering me and posting on my credit report. If a new company gets the debt... send letters again. Do you think its possible that 10 years from now, the debt in question goes from $600 + $400 interest... to $600 + $2000 interest and so on. Then a suit comes? Or, if I dispute the claim, and there isn't enough evidence to fight it from the CA end, they might "drop" it? I'm just trying to look long term and worst-case-scenario here. I don't need a fabulous credit score for anything at the moment. I just don't want to get attacked 10 years from now...
Thanks for you time!
Credit Reporting
Just remember that you still owe the debt even if it is not on your report. A lot of times you can negotiate with a creditor to remove the debt and pay privately. Interest will still accumulate but as the debt is sold to other collectors it is discounted so if you are going to pay it off ask for a reduced amount and tell them you want it off the report. Let them know that they can get the reduced amount or nothing, and don't pay the full amount until they comply with what you want.
Mr ACE
Gateway Real Estate