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greygirl

AMEX account disputes

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Has anyone had any success in disputing a AMEX account that has passed the SOL?  I know AMEX accounts aren't sold to JBD's and they try to collect themselves.

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@greygirl

 

You can always dispute, but as long as they are reporting accurately, their entry can remain on your CR for 7 years from the date of first delinquency (DOFD).   Whether or not your dispute is successful depends upon AMEX.

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The only thing you can do with AMEX is get them off your credit report after 7 years.  Amex has sent me collection notices for the past 22 years.  They never give up.  But as long as you don't respond to them and reaffirm the debt there's nothing they can do after 7 years.

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@Pluvrr

 

What do you mean by reaffirm the debt?

 

When you communicate to a creditor that you owe the debt it resets the Statute of Limitations on when they can collect the debt to the date you reaffirmed.  So, let's say you have a debt of $10,000 that was defaulted in 2010 and you enter into a repayment plan and make a payment that is only $100 and you make it only once in 2013.  The Statute of Limitations for collecting on that debt now does not begin from 2010 it resets to 2013 because you reaffirmed that the debt is owed in 2013.  The same thing can be done with a communication that you admit you owe the debt.  That is why you should avoid talking with creditors over the phone (especially recorded calls) and in writing when requesting info or negotiating a settlement never admit that you owe the debt.  Negotiating a settlement is ok but keep in mind that a payment plan will need to be followed through or the SOL will reset once you start making payments. 

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@Pluvrr

 

I apologize because I wasn't clear and didn't include my entire question.   What did you mean by as long as you don't reaffirm the debt, there's nothing they can do after 7 years? 

 

In regard to the SOL, consumers need to check their state laws.  I agree that one should never admit to anything, but in most states, a verbal admission of the debt or promise to pay does not reset the SOL.   To reset the SOL, an acknowledgment of the debt must be in writing or by making a payment.

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