Can a debt collector switch dates?
Date: Sat, 08/13/2005 - 16:53
Can a debt collector switch dates?
There are some debt buyers who purchase pre-charge off and post-charge off accounts and they try to hold the dates of the first party position. Those debt collectors who work on behalf of the creditors cannot switch dates.
If you are making payment on a charged off debt and the collection agency is reporting your monthly payments to the credit bureau, then the seven years period renews because the last activity date comes into effect.
If your account is with a collection agency and you are wishing to make payment arrangements with them, first have a clear understanding of how they report the payments, settlements, balances, etc… then inform them about your move based on what is the best for you and your credit.
Regards
Roxette
Does this mean when a collector buys a new account, the dates st
Does this mean when a collector buys a new account, the dates start over. I've always been told that accounts usually fall off after about 7-10 years. Is this still true?
Sometimes, the collection agencies try to purge the dates which
Sometimes, the collection agencies try to purge the dates which is a complete violation of the law. This results in wrong information and needs to be disputed.
Although the dates are changed with the change in the lenders, but the negative information once originally placed, will stay in the credit report for a period of 7 years. The SOL will also come into question at that point of time if no payment has been made in the defaulted account.
However, if a payment is made on the defaulted account, then the reporting time is automatically renewed. That increases the length of negative information on the credit report.
Mikeyindetroit, let me know if it is unclear.
Regards
Roxette
Unclear
Okay... so I have two things on my credit report. One from Household (the original holder) and it is up this year (7 years over). It also shows the last activity as being over the SOL. The only other negative thing is Sherman Acquisitions. They show the date as being only 1 year ago (I'm assuming when they bought it?). And the same time for the date of last activity (which is funny because I've never given them anything and never EVER told them the debt was mine). Is this allowable or should I fight it? Especially when it comes to the SOL of the original debt. With Sherman its like they started the clock over again but I've done nothing with them except get harrassed on the phone.
Hi Homer, The first entry i.e..Household is past the seven ye
Hi Homer,
The first entry i.e..Household is past the seven years reporting time so it should automatically disappear from your credit file. If it has not been done, please pull your latest credit report from the three bureaus and do a thorough comparison. You can dispute the entries with the concerned credit bureaus and get it removed from your credit file.
Regarding the second entry which is Sherman Acquisitions, you can ask the agency to validate the debt as it is your legal right to know the complete details of the account. If they are unable to validate it, you can take necessary actions against them.
Regards
Roxette