THERE IS A STATUTE OF LIMITATIONS ON BAD DEBT ACCOUNTS. IF YOU MAKE ANY PAYMENT ON THE ACCOUNT THE THE TIME PERIOD STARTS FROM THE THE DATE OF THE LAST PAYMENT. BE CAREFULL COLLECTION AGENTS WILL ASK FOR A SMALL TOKEN PAYMENT SO THAT YOUR TIME FOR THEM TO COLLECT WILL BE EXTENDED. IF YOU DONOT INTEND TO PAY THE BILL NEVER MAKE A PARTIAL PAYMENT. EG. SAY THE LOAN WAS TAKEN OUT 12/1/2003 THEY CANNOT COLLECT AFTER 12/1/2008.IF YOU MADE A PAYMENT 12/1/2005 T5HEN THEY CAN COLLECT UP TILL 12/1/2010. GOOD LUCK,RODHOOK
Of course.
No the collection will not be removed from the credit report. They will show it paid in full.
It is possible.
If the debt has not been paid on in more than seven years than no. Otherwise yes.
When the collection agency contacts you, they have to give you the opportunity to request information concerning the debt. You will have thirty days to send a written request to dispute the debt. And to ask for confirmation of the original creditor, the amount owed, when the account was remanded to the agency, etc.
If the old collection company is still showing the debt being owed, it can usually be taken care of by supplying to them evidence of the payoff of the debt with the other agency. Should that not work, order your credit report on line (from whichever bureau is reporting it) and then instigate an on-line dispute. You'll have to supply to them evidence the debt is paid and then they'll handle it from there. This procedure usually takes 30 - 45 days to clear up.
Send the Collection Agency C&D letter letting them know that the debt they are trying to collect on is time barred by your states statutes and never contact you again.
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Yes. The new debt collector bought the entire debt, including interest that was added on. You will be responsible for the entire debt.
If you legally incurred the debt then you are responsible for it until it is paid. A company other than the company to which you were originally indebted may purchase the rights to your debt and you are responsible for paying them. There is no time limit on that debt. A collection agency can legally pursue you until the debt is paid in full. However, there is a time limit on the negative consequences of not paying the debt. In most circumstances that limit is seven years. Seven years from the time you became delinquent with your original creditor. Whether or not your debt was purchased by a collection agency, it should not be reported on your credit report or affect your credit score after seven years. The only time the debt could reappear is if you take an action on it. For example: In 1997 you applied for and received a store credit card and charged $1000 in merchandise. You did not pay the bill and after their attempts to collect the debt fail, the store sells your debt to a collection agency in 1998. That agency sells your debt to another agency in 2000. In the meantime, you pay all your bills on time and have an otherwise spotless credit history. In 2004 your $1000 debt will no longer appear on your credit report and your credit score will be higher because the old debt is no longer figured in the calculation. The collection agency is not doing anything illegal by contacting you regarding your debt. But it is no longer affecting your credit rating. In 2007 you pay $500 toward the debt. Your credit report would reflect you have a $500 debt to the collection agency and your credit score would drop. I hope this answered your question.
Account reaffirmed means that a creditor or collection agency has violated the FCRA by manipulating the dates of your debt to effect your credit more negatively. For example you may have a debt that is 6 years old, but a collection agency will attempt to make it look like you just got into more debt recently by changing the open date or past due date to something more recent.
Account reaffirmed means that a creditor or collection agency has violated the FCRA by manipulating the dates of your debt to effect your credit more negatively. For example you may have a debt that is 6 years old, but a collection agency will attempt to make it look like you just got into more debt recently by changing the open date or past due date to something more recent.