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Debts removed from credit report in 7 years, even if payments resumed!


thouston
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Well this is good news! I just called all three bureaus and was told the clock begins from the first delinquency date with ORIGINAL CREDITOR, even if the debt is sold and payments are resumed with the debt buyer. So I just had two items removed from my credit report that I will be making payments on for the next 3 years to debt buyers. So that's SOME good news. Yes I know many say don't pay them, but these were within SOL and I'm positive they were going to sue, as they've already taken me to court for another one. :)

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Well this is good news! I just called all three bureaus and was told the clock begins from the first delinquency date with ORIGINAL CREDITOR, even if the debt is sold and payments are resumed with the debt buyer. So I just had two items removed from my credit report that I will be making payments on for the next 3 years to debt buyers. So that's SOME good news. Yes I know many say don't pay them, but these were within SOL and I'm positive they were going to sue, as they've already taken me to court for another one. :)

You are aware that in some states, payment resets the SOL clock! :roll: I don't know what state you are in to tell you if it applies to you! :lagerlouts:

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You are aware that in some states, payment resets the SOL clock! :roll: I don't know what state you are in to tell you if it applies to you! :lagerlouts:

It only resets the clock for collectors to sue you for the debt, but not on the time it remains on the credit report which I originally thought based on information I read from a few people on the credit boards. This is for all states.

I plan to pay the debt, so I don't care that the sol is reset for them to sue.

As mentioned in my previous message, two items were removed today from my credit report, since my first delinquency with both original creditors was 7 years ago, and I'm still making payments on both collection accounts.

I need to pay those debts as I want to obtain service from both creditors in the future. So not paying them isn't an option. Either way, it's not on my report which doesn't effect me if other creditors check, and I can do business with both companies later. So that works out for me. :)

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No need to call the CRAs, it's in the FCRA under ?605.© "Running of the reporting period":

"The 7 year period...shall begin...on the date of the commencement of the delinquency which immediately preceded collection activity, charge to profit and loss, or similar action."

According to the FCRA, a CA must provide this date within 90 days when furnishing any information to a CRA:

?623(5)(a). "Responsibilities of furnishers of information to consumer reporting agencies"

Duty to Provide Notice of Delinquency of Accounts

In general. A person who furnishes information to a consumer reporting agency regarding a delinquent account being placed for collection, charged to profit or loss, or subjected to any similar action shall, not later than 90 days after furnishing the information, notify the agency of the date of delinquency on the account, which shall be month and year of the commencement of the delinquency on the account that immediately preceded the action.

As you mentioned, paying it won't change the DOFD.

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Edited by kevin3344
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It only resets the clock for collectors to sue you for the debt, but not on the time it remains on the credit report which I originally thought based on information I read from a few people on the credit boards. This is for all states.

I plan to pay the debt, so I don't care that the sol is reset for them to sue.

As mentioned in my previous message, two items were removed today from my credit report, since my first delinquency with both original creditors was 7 years ago, and I'm still making payments on both collection accounts.

I need to pay those debts as I want to obtain service from both creditors in the future. So not paying them isn't an option. Either way, it's not on my report which doesn't effect me if other creditors check, and I can do business with both companies later. So that works out for me. :)

I was told in another post that in California, making a payment, acknowledging, promise to pay, etc does not restart the SOL. Where can I find this out?

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I believe somewhere in here there is a sticky about California Law. Retmar has a post in there and I am pretty sure he states that in California in order for the SOL to restart, the agreement has to be written.

Retmar is the resident California Law guru. Maybe he will read this and chime in. Do a little searching, it's here somewhere and I am almost positive that's the info I found one time.

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