RyReb

Should I let a sleeping dog lie?

Recommended Posts

After a decade of Peter Pan syndrome I decided to grow up last year :smile:

I started back to college full time and after getting approved for student loans, the CC apps started rolling in. I decided to open three accounts just have something positive on my CR.

I have now decided to take the next step of trying to repair the damage done earlier. My questions is though, because nobody has contacted me about any previous debt, should I try to repair at this time. It may seem like a silly question because who would'nt want to fix the problem asap but what concerns me is if I do start trying to repair, will I just offer msyelf up to them considering they havent contacted me yet?

I've read and reread the PRIMER above and could follow it but the talk of court scares me for I could'nt/would'nt be able to pay at this time.

So I'll as again, should I wait until I could pay if it goes to court or start now.

Much thanks for any advice.

Link to post
Share on other sites

My two cents?

First, I wouldn't advise you to wait until these go to court. I am never a proponent of court...why give judges and attorneys OUR hard earned cash? (No offense if there are lawyers/judges at the site, lol-I just think that should be a LAST resort, not a first inclination)

Second, how old are the debts in question?

Are they with collection agencies or are they still with original creditors?

Your answers to those questions will help us to help you. Good luck with whatever you decide to do. If it were me, I'd see how much MULLA I had to work with, contact ONE creditor at a time (preferably the ones still with original creditors or debts that are only "assigned" to CA's) and go from there. This all depends on how old these are though. If you have a 6 yr old collection, forget it...paying it or contacting anyone about it will probably re-age it on your CR and bring your score down.

Congrats on going back to school by the way!

Elyse

Link to post
Share on other sites

Second, how old are the debts in question?

The last time I paid on any of them was 09/2001 but many were reported at a much later date(as late as 11/2003)

EQ shows four CO(latest date being 11/2003) and one Closed or paid account zero balance(EX shows this as sold to another lender)

All of these are with the OC and this is all EQ lists

EX on the other hand shows three of the four CO's that EQ showed(matching dates)

EX lists a CA on one of the CO (CO'ed off 09/2001) and it states ---Collection as of Aug 2006, Jul 2006, Mar 2005

Creditor cannot locate individual from Aug 20, 2006 to Aug 20, 2006

EX also shows a CA picked up one of the CO in 01/2007 (Co'ed 07/2003--last payed 09/2001) and it states---- Collection as of May 2007, Mar 2007, Feb 2007

As far as the mulla lol I have very little if any to work with being a full time student atm. Hence my concern if I should worry with this now or later.

Edited to add---according to this website http://www.cardreport.com/laws/statute-of-limitations.html

The SOL in Mississippi is three years, so its up on everything listed with the exception of the two CA's that bought them from the CO. Does it start over from the time they purchased or start with the original?

Link to post
Share on other sites
Second, how old are the debts in question?

The last time I paid on any of them was 09/2001 but many were reported at a much later date(as late as 11/2003)

EQ shows four CO(latest date being 11/2003) and one Closed or paid account zero balance(EX shows this as sold to another lender)

All of these are with the OC and this is all EQ lists

EX on the other hand shows three of the four CO's that EQ showed(matching dates)

EX lists a CA on one of the CO (CO'ed off 09/2001) and it states ---Collection as of Aug 2006, Jul 2006, Mar 2005

Creditor cannot locate individual from Aug 20, 2006 to Aug 20, 2006

EX also shows a CA picked up one of the CO in 01/2007 (Co'ed 07/2003--last payed 09/2001) and it states---- Collection as of May 2007, Mar 2007, Feb 2007

As far as the mulla lol I have very little if any to work with being a full time student atm. Hence my concern if I should worry with this now or later.

The date of last reporting means nothing. That is just the last time the CA reported on your debt. If you are using EQ, they show the DOFD (date of first delinquency) which is the date they are basing your credit reporing period on. You also need to know the SOL (statute of limitations) for your state or any states that you incurred these debts in. If they are outside of the SOL then I would say go for it. You can always pull the SOL card if they do go to court and if they start harassing you via phone / mail then you can use the C&D to get them to stop.

Link to post
Share on other sites

If you really want to clear this up I applaud your efforts, the sooner the better.

However, don't pay ANYONE unless it benefits your new efforts. I would DV first. If that didn't work, I would try a PFD. If that didn't work they wouldn't get my money. It's as simple as that. A paid charge off won't do you much better than an unpaid one. Think long and hard before paying anything that is closer to falling off than it is new debt. If you've waited 4-5 years with this on your credit, what's 1-2 more?

Collection as of May 2007, Mar 2007, Feb 2007

All CAs do this. Just ignore it.

Link to post
Share on other sites

If they are close to coming off your CR I'm saying YES. I called (yes never do that) a CA and asked about a debt they reported on my CR that were to be removed in December of 2007. They said, huh we don't know about those debts but you owe for a broken lease from 2001 pay in 30 days or we're reporting and we will send you proof of debt. Not only did I not receive proof of debt they did report a collection owed of 3325.00 on my CR as of April 2007, just in time for my refinance of my home. 88-)

Lesson...let them lie brotha or wake each one up slowly and one at a time.

Link to post
Share on other sites
Not only did I not receive proof of debt they did report a collection

I would send them a DV CMRRR. If they don't validate, make a copy of your letter and send it to your state AG. Tell them you never received proof of the debt. They will contact the CA and ask why they never validated. Guess what, I bet it disappears.

owed of 3325.00 on my CR as of April 2007

This is reported date so don't worry about it. DOFD cannot change. However, I would double check (make sure they don't reage)

Link to post
Share on other sites

Sorry, I'm an example of letting sleeping dogs lying, the probelm is they seem to take on a life of their own and begin talking, not alwlays the truth.

Never let your credit go (check your FICO, the three CRA), follow the advice of this board.

Also, like state previously, the CA will go off of the the best date they cna site-not always the correct one. They redate items, which make for dog years on our credit files, but against the law.

Get going today-no excuses anymore-take charge and get going!

Link to post
Share on other sites

Elysse449

Does contacting a CA about an old debt re-age the account? Im trying to get some old stuff off my CR in which SOL has passed already (DOLA are 6/02, 7/02,1/03,5/01 and 4/04...SOL 3 years on all accts) I'd really like to get these items cleared off. Any ideas? What do you think the chance of PFD is? Thanks for any insight!

Link to post
Share on other sites
Elysse449

Does contacting a CA about an old debt re-age the account? Im trying to get some old stuff off my CR in which SOL has passed already (DOLA are 6/02, 7/02,1/03,5/01 and 4/04...SOL 3 years on all accts) I'd really like to get these items cleared off. Any ideas? What do you think the chance of PFD is? Thanks for any insight!

Contacting them does not re-age the account (although they will sometimes do it illegally). Chances of PFD are slimmer than deletes. I haven't found a single CA that will accept a PFD even when the SOL has passsed and the reporting period is ending within 4 - 6 months. Sound really stupid.. take half or even full in some case vs. nothing and they always take NOTHING???

Link to post
Share on other sites
Does contacting a CA about an old debt re-age the account? Im trying to get some old stuff off my CR in which SOL has passed already (DOLA are 6/02, 7/02,1/03,5/01 and 4/04...SOL 3 years on all accts) I'd really like to get these items cleared off. Any ideas? What do you think the chance of PFD is? Thanks for any insight!

scb, you need to DV those accounts if they are with a CA. Don't dispute. I disputed for years and they all came back 'verified'...it's a waste of time. I DV'd and got rid of 3-4 CAs. Some sold it to another CA and I DV'd them, all with success.

To answer your question, once an account goes delinquent that never changes, even if the debt is sold.

http://law.freeadvice.com/resources/gov_material/ftc_credit_information_providers_10_97.htm

Link to post
Share on other sites
I would send them a DV CMRRR. If they don't validate, make a copy of your letter and send it to your state AG. Tell them you never received proof of the debt. They will contact the CA and ask why they never validated. Guess what, I bet it disappears.

This is reported date so don't worry about it. DOFD cannot change. However, I would double check (make sure they don't reage)

I called them about another debt Kevin, I never sent a letter about the debt they verbally told me I owed.They reported this debt to the CB without sending me information on the debt they told me I owed when I called about a medical bill. They have my address because I gave it to them to send me the proof of debt they said they would send along with a bill I had to pay in 30 days. It never came.

I still stand by my original statement. Wake each dog up slowly and not all at once. Oh yeah and like everyone says, never call!!!!

Link to post
Share on other sites

I have disputed the 5 on EQ, the 6 on EX, and the 6 on TU. I plan on following the Primer to the T. From All I've read, the older things are the better chance I have for the first batch of disputes to delete TL's.

And thanks to this site I am now familer with the SOL for my state and the two collections I'm having to deal with are long expired so my fear of them sueing me is gone.

Thanks to the TU report which showed me estimated times items will drop off my report(last being 08/2008) Im now know that worse comes to worse, my report will start to look better soon. As I stated before, Im a full time student and by the time I graduate I'll be looking much better when I attemt to start my life as a responsible adult(these past 35 years have been a blur)

Link to post
Share on other sites
They reported this debt to the CB without sending me information on the debt they told me I owed when I called about a medical bill. They have my address because I gave it to them to send me the proof of debt they said they would send along with a bill I had to pay in 30 days. It never came.

They will sometimes do this. If you have their address, you don't have to wait for the letter. Just DV them CMRRR. That way you will have proof. Of course, if you don't have their address you will have to wait for their letter. I would take a proactive approach though, and get to them first.

Link to post
Share on other sites

RyReb

Just FYI- MS is also a SOR (statute of repose) State. Which means- once a debt is past the SOL - then it is no longer collectable. So, if you do "wake" a sleeping dog- living in MS- you also have that on your side- if a CA attempts to sue, of course you respond with the SOL as your affirmative defense, but you can also counter sue for violations of the SOR- and you will win.

Link to post
Share on other sites
Guest
This topic is now closed to further replies.