Re: Old Credit Card Debt

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Posted by Bob on June 01, 2001 at 20:45:27:

In Reply to: Old Credit Card Debt posted by Amy on June 01, 2001 at 13:26:45:

Even if the account was closed in 1993 like they say, the debt is still too old to be listed on your credit bureau reports.

The time limit is counted from the date of the original delinquency with the original creditor. The clock can NOT be legitimately re-set just because a collection agency later bought the debt. However, some collection agencies might try it anyway, by including misleading dates when they submit the info to the credit bureaus. Get your credit reports periodically, to keep an eye on the situation check the *Credit Reports* link on the left-hand side of the screen to find out how. If the collectors sumit the account, you can file a dispute with the credit bureaus, stating that the debt isn't yours, or that it is expired.

Also, the statute of limitations for filing a lawsuit against you has probably already expired. Check out the *Credit Laws* link at the left side of the screen to find out the SOL for your state.

The collection agency knows that they don't have much chance for a full recovery of such an old debt. That is why they are offering a discount. DON'T call them again, and DON'T encourage them in any way. Here are two things you can do:

1. Send the a letter stating that you don't recognize this debt, and request that they send documentation that it is legitimate. They are required to do that before they can continue their collection efforts. This will send them the message that your are generally resistant, and that it might not be worth their time.

2. Simply order them to stop bothering you, as per the federal Fair Debt Collection Practices Act.

Check out the link below, and read the "Collection Agency FAQ (Frequently Asked Questions)" article, and the "Bad Credit Time Limits" article...

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Re: Old Credit Card Debt Amy 06/02/01 (0)

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: Even if the account was closed in 1993 like they say, the debt is still too old to be listed on your credit bureau reports. : The time limit is counted from the date of the original delinquency with the original creditor. The clock can NOT be legitimately re-set just because a collection agency later bought the debt. However, some collection agencies might try it anyway, by including misleading dates when they submit the info to the credit bureaus. Get your credit reports periodically, to keep an eye on the situation check the *Credit Reports* link on the left-hand side of the screen to find out how. If the collectors sumit the account, you can file a dispute with the credit bureaus, stating that the debt isn't yours, or that it is expired. : Also, the statute of limitations for filing a lawsuit against you has probably already expired. Check out the *Credit Laws* link at the left side of the screen to find out the SOL for your state. : The collection agency knows that they don't have much chance for a full recovery of such an old debt. That is why they are offering a discount. DON'T call them again, and DON'T encourage them in any way. Here are two things you can do: : 1. Send the a letter stating that you don't recognize this debt, and request that they send documentation that it is legitimate. They are required to do that before they can continue their collection efforts. This will send them the message that your are generally resistant, and that it might not be worth their time. : 2. Simply order them to stop bothering you, as per the federal Fair Debt Collection Practices Act. : Check out the link below, and read the "Collection Agency FAQ (Frequently Asked Questions)" article, and the "Bad Credit Time Limits" article...

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