Posted on 09/27/2007 1:17:56 PM PDT by AFreeBird
Credit Info Center
American Loan Search
Use the form letters they have and read their forums on credit repair. Lots of good information and you'll learn lots of credit stuff there. Most all of it can be done for free or for just the cost of Certified Mail Return Receipt deliveries to the credit reporting agencies.
DO NOT let this go. It will affect your credit rating without you knowing about it. Dealing just with the Collection Agency won't fix the negative credit listings on your credit reports from the 3 major credit reporting agencies.
Wow, that was a scary google. It’s amazing the lengths scumbags will go to.
I suspect 20 years is wayyyyyyyy beyond any statute of limitations for debt.
They offered me the same deal, they said I owed Sprint $140 but they would accept $70 and it would be paid in full, I responded by mail that I diodn't owe Sprint a damnd dime and the next thing I knew it was on my credit report.
I am going to pursue this.
Cingular cancelled a service contract because they weren't making enough money, and then charged me the cancellation fee! Scumbags all. I miss Ma Bell.
UNLESS YOU ACKNOWLEDGE THE DEBT!
That’s the important part. If they can get you to admit to the debt even after 7 years, the clock starts ticking again.
Just answer (or don’t even bother) that you don’t know anything about the debt. Period.
Send them a certified letter asking them to never contact you about this again.
That's it. Don't ask for verification, validation, etc... and whatever you do, don't send one of those stupid "validation" letters you can download from some of the message boards.
It's past the 7-1/2 year credit reporting period and very likely past your state's statute of limitations on debt. If you send them the above demand, there is nothing they can do but stop contacting you. If they do contact you after that, Freepmail me and I'll tell you how to get a quick $500 from them.
I heard that too, but apparently if you make a new payment, the clock is started all over again and your credit can suffer.
Clark Howard and his followers know very little about the reality of dealing with debt collectors. Clark himself isn't too bad but the people on his message boards really suck.
If it is within the 7-1/2 year reporting period they absolutely MAY list the debt on your credit report even if you dispute the debt. In that case they must ensure the account is marked as disputed on your credit report.
If you ask for validation and they haven't yet reported it to the credit reporting agencies, they CANNOT report it until they provide the validation. That is because the mere listing of the account is considered collection activity, which must cease until they validate the debt.
The whole thing is pretty complex, but in this case isn't. Send the "do not contact" letter an be done with it.
Also, the rep said that they got the file from other agencies, who had been mailing my old address for 15 years (yea right). But even so, it would be reasonable to assume that the "alleged" debt was reported to the credit bureau's long ago and has since expired. So if they report it again, then I figure they get sued.
Not true. You mean the FCRA and even then it's not true. The 7-1/2 year reporting period deals only with how long the debt may remain on your credit report. It has nothing to do with whether the debt is valid. A debt is perfectly collectable after 7 years. They can attempt to collect it forever. After your state's statute of limitation runs, they can no longer sue you for it. At that point they can continue to try to collect it until you tell them to stop contacting you (if you are dealing with a third-party collector).
Also keep in mind that the FDCPA only applies to third-party debt collectors. It does not apply to the original creditor. You can tell the original creditor to stop calling util you're blue in the face and they can keep on calling. As long as it doesn't rise to illegal harassment, there is nothing you can do.
Not so. Nothing restarts the 7-1/2 year clock on a delinquent debt.
Yup. I've sued four of these companies and in three cases they wrote me checks. In the last one, I let the suit die on the vine & the court dismissed it for want of prosecution. I also sued Equifax for an outdated entry from my college days that they refused to delete.
These people respond to lawsuits. The general strategy is: bait them into violations of the FDCPA and/or FCRA. Document those and then sue them. They will settle quickly as their legal bills quickly surpass any profit they would make by collecting from you. Win or lose, you aren't liable for their attorney's fees.
>> I heard that too, but apparently if you make a new payment, the clock is started all over again and your credit can suffer.
I am an attorney, and worked in debt collection law while I was in law school.
I know that is is the case in Texas ... I’m not sure about Florida (though I would assume it is similar). The Texas statute of limitations is 2 years from the point at which the debt first went into default. Making a payment can reset that date - thus restarting the statute of limitations, and allowing the debt-holder to sue.
Debt collectors will often try to pressure you to make a payment to reset that date (though they won’t expressly say so). You certainly don’t want to do that on a 20-year-old debt ... as I am virtually certain that the Statute will have run.
H
Estoppel letter. End of story.
Nope. There is no resetting the clock. The 7-1/2 years is from the date the account first went delinquent. A subsequent payment doesn't reset the clock.
That said, you could make a payment that brings the account completely current. Then a few months later you go delinquent again. That new delinquency will have its own 7-1/2 year reporting period. But partial payments that don't pay off the entire past-due amount have no effect on the reporting period.
Visit and post here:
creditboards.com
The people there know what they are talking about.
For those that don't know what it is, it's a fabrication of a non-lawyer on the internet that claims that by failing to respond in an arbitrarily-defined timeframe, a collection agency is barred from collecting by estoppel. There is no timeframe dictated by the FDCPA and the letter is worthless.
There are some VERY effective ways to deal with these people and that ain't one of 'em.
In some states a payment can reset the limitations period but never the 7-1/2 year credit reporting period. In most, but not all, states, a mere verbal acknowledgement of the debt won't restart the SOL.
Remember, the statute of limitations runs from the date of last payment made or the date of the “promise” to pay..
So, be aware of what you say to a bill collector..
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