I would like to receive an answer from someone who works at one of the bureau%26#039;s - I had a bad Credit Card that began to show negative on my report in 1998 - on a Credit report dated in 2001 it still showed from the CC with an open date in 1998 - then I pulled a credit report in 2003 %26amp; it showed a company called FMS (open date 06/2000) - On last years report it showed that the debt was estimated to fall off in 01/2006) - I pulled my credit report a few days ago %26amp; FMS then sold to a new collection agency with an open date on 09/2005 meaning it will stay on there until 2011!!!
I%26#039;ve disputed it with the credit bureau%26#039;s - %26amp; tried to explain what had happened鈥?will they delete off?
Does anyone here work at one of the credit bureau%26#039;s? I have a general question..? Trust me, I%26#039;ve been studying this for a year now....I%26#039;ve been to court and sued over this issue...and won!
Forget the previous answers, they don%26#039;t bother to research their answers. It%26#039;s all right there in the Fair Credit Reporting Act. Below is the section you need to know:
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605(c)(1) and 605(a)(4)
搂 605. Requirements relating to information contained in consumer reports [15 U.S.C. 搂 1681c]
(a) Information excluded from consumer reports. Except as authorized under subsection (b) of this section, no consumer reporting agency may make any consumer report containing any of the following items of information:
(4) Accounts placed for collection or charged to profit and loss which antedate the report by more than seven years.(1)
(c) Running of reporting period.
(1) In general. The 7-year period referred to in paragraphs (4) and (6)(2) of subsection (a) shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action.
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What this means is your debt can only be reported by the credit bureau for 7 years, beginning on the day of the delinquency.
NOT the charge off date.
NOT the day you opened the account
NOT the day it was sold to a new collection agency
NOT the last transaction date
NOT the last time you communicated with the creditor
What is happening here is the collection agencies are %26quot;re-aging%26quot; your debt in order to keep it on your credit report. This is ILLEGAL and you can easily sue them for $1000 in small claims court, plus any damages this false report may have caused you (higher interest rate or denied credit).
They are doing this because you don%26#039;t know the law and you are letting them get away with it!
You have disputed it with the bureau and nothing has happened. Why?
YOU AREN%26#039;T DOING IT RIGHT!!!
This is a simple fix. Follow these directions.
Send a certified letter/return receipt to the credit bureaus that are listing this debt. Dispute it with them, and send them any documentations you have to show the age of this debt. That 1998 credit report is a great start.
Send a letter to the collection agency/creditor and demand that they %26quot;validate%26quot; the debt. Note that you need to phrase it this way. Validate means they have to supply you with contracts, bills, receipts, and everything used to calculate what they claim you owe. %26quot;Verify%26quot; is what the credit bureaus will do, and that simply involves them contacting the creditor and asking if the debt is legit. They don%26#039;t really investigate anything.
After 30 days, they must either send you this proof that the debt is legit, or they must remove the listing from your credit report.
If they don%26#039;t, send one last letter to the credit bureau demanding a re-investigation. If the creditor/collection agent did not send you validation information, tell the bureau that you want the listing removed due to %26quot;lack of validation%26quot;.
If it%26#039;s still not removed, file a lawsuit in small claims court. It doesn%26#039;t cost that much, it%26#039;s easy to file, and you won%26#039;t need a lawyer.
Read the links I%26#039;ve supplied below.
Contact me if you need more help. I am not a lawyer or credit counsoler, just someone who has fought with creditors and have helped many others do it.
Does anyone here work at one of the credit bureau%26#039;s? I have a general question..? No not until the debt is paid or removed by bankruptcy court
Does anyone here work at one of the credit bureau%26#039;s? I have a general question..? As long as the debt keeps being sold, it will stay on your credit report.
Send a certified letter to the collection agency requesting signed copies of all receipts, as well as all statements for the card. They won%26#039;t be able to produce it, so they will have to remove the debt from your file.
