Jump to content

how soon should you write the cb's


Recommended Posts

So I disputed some items on my cr. That were legitamately incorrectly reported my score jumped over 20 points. I have some charge offs that are on there which are past 6 years should I even begin to try to see if I can get them removed sooner then the 7 years. Some are accounts where oc sold or transfered and reported them. Then the ca is reporting the same account. Any advice. What should I write in my letter and what are the steps to do it. Also should I mail the cb's. And the ca's at the same time? And how many should u dispute at once?

Link to comment
Share on other sites

You've got a lot going on in there--let's decompress it a bit.

I have some charge offs that are on there which are past 6 years should I even begin to try to see if I can get them removed sooner then the 7 years.

Firstly, you need to realize that CRAs can continue to report negative entries for up to a maximum of 7 years (sometimes up to 7.5, though most get rid of it at 7. For an explanation on why they do this, do some research here and on the net--my explaining it here is beyond the scope of this discussion). Secondly, you need to know that a CA/JDB/Atty cannot successfully litigate a debt that is beyond your state's SOL. Now, this doesn't mean that they can't still continue to take collection actions (calling, letters, reporting entries to the CRAs), it just means that a legal judgement cannot be made against you.

By way of example, let's say ABC Bankcard Inc. was the OC, and they sold the account to a JDB. Seven years after the delinquency took place (which is when the account stopped being paid) ABC Bankcard's record with the CRAs should be removed. Now, let's say 5 years later, the JDB that owns the account sold it to some other JDB, and then another few years later, yet another JDB buys the account. That JDB can attempt to collect on the debt, hire a CA, heck even hire an attorney, and all of these entities CAN add a record to your CR, even if the debt is past the SOL, even if the OC was taken off your report for being past 7 years old. The point I'm trying to make is this cycle of JDBs purchasing zombie debt can continue in perpetuity and you need to consider this possibility in parallel with my next question, which is this: what are your objectives in regard to these records? It's really important you understand what you want to accomplish and why you want to accomplish it.

Some are accounts where oc sold or transfered and reported them. Then the ca is reporting the same account. Any advice.

Like I described above, the OC has the right to report the account to the CRAs, and so do JDBs/CAs even if it's the exact same account. Try not to look at this linearly but rather visualize with the account in the center of the frame and a line going to the OC and the CA on either side--each has a right to make the claim.

What should I write in my letter and what are the steps to do it. Also should I mail the cb's. And the ca's at the same time? And how many should u dispute at once?

My recommendation is to not bother with the CRAs and the OCs right now--focus on the CAs. Have the CAs sent you a letter yet? If so, have you responded with a DV? That is really the first step. My strategy is to not dispute with the CRAs until after the CA receives the DV, then launch a parallel dispute with the CRAs. We can of course get into all of that later.

*DISCLAIMER: I'm just another guy (or gal) like you that is ready to stand up and fight for my rights. I have no law degree, I am not an attorney, and this is by no means legal advice. It's just my interpretation of the research I've done and experiences I've had.

Edited by SalParadise
Link to comment
Share on other sites

Thanks sal! I want to get them removed of course. But I will hold tight.

Can they still report the debt after 7 years? even if a new collection agency takes it on? like in the scenario they sell the debt to another jdb?

I am under the assumption they can only ask for payment but cannot put it on your cr if its past the sol of suit?

Link to comment
Share on other sites

By way of example, let's say ABC Bankcard Inc. was the OC, and they sold the account to a JDB. Seven years after the delinquency took place (which is when the account stopped being paid) ABC Bankcard's record with the CRAs should be removed. Now, let's say 5 years later, the JDB that owns the account sold it to some other JDB, and then another few years later, yet another JDB buys the account. That JDB can attempt to collect on the debt, hire a CA, heck even hire an attorney, and all of these entities CAN add a record to your CR, even if the debt is past the SOL, even if the OC was taken off your report for being past 7 years old. The point I'm trying to make is this cycle of JDBs purchasing zombie debt can continue in perpetuity and you need to consider this possibility in parallel with my next question, which is this: what are your objectives in regard to these records? It's really important you understand what you want to accomplish and why you want to accomplish it.

I respectfully disagree. A negative entry cannot be reported after 7 years from stated date of 1st delinquency, no matter who owns it. The date that the OC states as the date of first delinquency determines when their own entry AND any related CA and JDB entries will fall off.

If an OC states a date of 1st delinquency as 4/2005 (and you never paid again), their entry will fall off in 2012. If the account is sold, and every JDB reports it to the CRAs, it doesn't matter when they purchased the account. All the entries will fall off in 2012.

A JDB who purchases an account that is past that 7 year reporting period cannot legally report it to the CRAs.

§ 605. Requirements relating to information contained in consumer reports [15 U.S.C. §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.

Edited by BV80
Link to comment
Share on other sites

  • 2 weeks later...
Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.