Re: credit card debt

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Posted by Bob on May 31, 2001 at 19:08:01:

In Reply to: credit card debt posted by rick67 on May 15, 2001 at 09:36:53:

Because this item is so old, it cannot legally be listed on your credit reports.

However, if you respond to the collection agency, and especially if your agree to pay anything, they might use that as an excuse to report it. They might also come up with lies about the time limit somehow being re-set when they bought it, which is *not* true. The credit reporting time limit is based on the date of the original delinquency with the original creditor.

Also note that the statute of limitations for filing a lawsuit on this debt may also have expired already. Check out this site's *Credit Laws* section for the SOL in your state.

<--- The link is over there.

The fact that the debt is so old, that the time limits has passed, is why they are offering you such a discount. Even the collection agency knows that there is a very small chance of this debt actually getting paid.

If you don't want a third-party collection agency to bother you with payment demands, you can order them to stop, as per the federal Fair Debt Collection Practices Act. Read the article at the link below for advice on dealing with collection agencies...

Collection Agency FAQ (Frequently Asked Questions)

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: Because this item is so old, it cannot legally be listed on your credit reports. : However, if you respond to the collection agency, and especially if your agree to pay anything, they might use that as an excuse to report it. They might also come up with lies about the time limit somehow being re-set when they bought it, which is *not* true. The credit reporting time limit is based on the date of the original delinquency with the original creditor. : Also note that the statute of limitations for filing a lawsuit on this debt may also have expired already. Check out this site's *Credit Laws* section for the SOL in your state. : <--- The link is over there. : The fact that the debt is so old, that the time limits has passed, is why they are offering you such a discount. Even the collection agency knows that there is a very small chance of this debt actually getting paid. : If you don't want a third-party collection agency to bother you with payment demands, you can order them to stop, as per the federal Fair Debt Collection Practices Act. Read the article at the link below for advice on dealing with collection agencies...

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