Bluebyu Posted July 29, 2003 Report Share Posted July 29, 2003 I have a BK7 from last year. On my most recent CR'S, most of the CA's are not on there anymore. Why is this ? The SOL is not up yet. Is it because after the debt with the OC is discharged , the CA'S are not allowed to report the debt anymore ??? Link to comment Share on other sites More sharing options...
kb9tbq Posted July 29, 2003 Report Share Posted July 29, 2003 Exactly, the collection agency reporting can not exceed the 7 years already reported by the original creditor. That would be a double whammy on one debt which they state is not allowed. (that is where you have to watch out for unscrupulous collection agencies that would re-age debt for the purpose of extending the reporting time.Now in the case that the OC never reported then, you would see the CA maintain reporting the 7 years themselves.Oh, and judgments are exempt from this rule, not sure why on this part, but it just is and they go 7 years from the file date paid or not. Link to comment Share on other sites More sharing options...
Bluebyu Posted July 29, 2003 Author Report Share Posted July 29, 2003 Thanks for the info. But my question was not about the SOL. It was if the debt with the OC is discharged are the CA'S not allowed to report it anymore?? Link to comment Share on other sites More sharing options...
kb9tbq Posted July 29, 2003 Report Share Posted July 29, 2003 Thanks for the info. But my question was not about the SOL. It was if the debt with the OC is discharged are the CA'S not allowed to report it anymore??Information I give you was specifically on reporting rules, not SOL that is different.You say discharged (was this a judgment?)If you settle with the OC, they can still update the CA to reflect paid collection. They may have an agreement between them that the OC can't affect the business of the CA once the account has been taken over for collection.The only time the CA can not longer report debt, is if the OC has retraced the collection from them.If you are talking about a judgment, this does not affect the collection agencies ability to report. Just all depends on what exactly your situation is on many things. And if you can convince the OC they have reason to re-track the collection account from the CA. If you can get this accomplished then the CA reporting will be removed.Not an easy thing to accomplish - Link to comment Share on other sites More sharing options...
Bluebyu Posted July 30, 2003 Author Report Share Posted July 30, 2003 Ok, Now I am really confused. When you were talking about the 7 years, I thought you were talking about the 7 year SOL on reporting a debt on my CR. No, I was not talking about a judgment, I was talking about the CA'S.I did not settle with the OC the debt was discharged threw the BK, so now I don't have to pay the debt to any of the creditors listed in my BK.So there is no reason for the CA'S not to be reporting anymore.I guess I just got lucky.... Thanks again for everything... Link to comment Share on other sites More sharing options...
kb9tbq Posted July 30, 2003 Report Share Posted July 30, 2003 Sorry, it does get to be much - SOL is the period of time the debt is collectable on legally. 7 year Reporting is how long it stays on your credit report. They are 2 different things.When you file bankruptcy - this does not take away from a collection agencies right to continue reporting data. They still have 7 years (or the remaining time that the original creditor has to report on the debt). Which ever is the lesser of the two. Paying; discharging, or just leaving debt unpaid - does not change the period of time, or the fact that the collection agency has a right to report in this matter. Technically they are only required to update to show as being included in bankruptcy with zero balance. I can't explain in your case why a bankruptcy filed last year; and all of a sudden all the collection agencies drop off, unless you went a long time between initially going delinquent on the account and then finally filing the bankruptcy?!?Are the original creditors still showing up on your credit report? Link to comment Share on other sites More sharing options...
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