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Answered 2009-10-13 04:22:31
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Yes, it does. When it is sold, or they talk to you or a payment/s are made it starts the 7 yrs over again. Also it depends on the State you live in as to how long is the statute of limitations. http://www.bankrate.com/brm/news/cc/20040116b1.asp?print=on

It seems that there is a lot of money to be made on old collections. We will be seeing more and more people complain about this as more and more collections appear on their reports.

The best thing to do is to try and settle on an amount that is agreeable to you and to the collection agency. Get it in writing with a signature from the person authorizing the settlement. The letter should also have your name or the name on the account, and the account number that is being settled. When you get that letter--DON'T EVER THROW IT AWAY. Send your check with a COPY of the letter registered mail. Your proof that you sent it.

Follow up in a few days to make sure they got your letter--once you get confirmation--Keep that too. You need to play "collector" and call until you have in your hand that they accepted the settlement and will be submitting that information to the 3 credit repositories. You may have to call several times before you get such a letter. ( You can have them fax it first but always get the original).

Keep your "cool" during your conversation no matter what happens--this does tend to aggravate the collector. Just as when they call you and you get aggravated.

When you have that letter, you can do one of two things--wait and see in 2 months that your credit refects that no balance is owing OR you send a copy of the letter to all 3 repositories and get it corrected right away instead of waiting.

You will keep all your originals -- "my opinion" -- for several years. Unfortunately sometimes, these things keep popping up on the credit--may times because the accounts get sold over and over.

I disagree. Once an original creditor sells the account to collections they do not have another 7 yrs of reporting.

They can only report from, basically the date of last activity on the ORIGINAL debt. yes you will get collectors that try to re-age the account but it is illegal and you should call them on it. If the original answer was true, you could never, ever "turn over a new leaf" Hope that helped... btw, NEVER pay an old bill without an agreement to delete the tradeline. IF, and I stress, IF you pay them then that becomes the date of last activity and they CAN report for 7 yrs from the last payment. DO NOT PAY WITHOUT an agreement to delete the tradelines. NEVER agree to them marking as "settled" its almost as bad as not paying for your score. Please read other credit sites before you do anything.

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