zombie debt

[fstrfvo]

I searched for this subject but was unable to find it so I apologize if it is around somewhere.

Is there a way to remove debt/charge off  that is beyond the SOL for collection (4 yrs in Ca) or do you just have to wait the full 7 years? The accounts I have are

Amex 7800$

BofA 2 accounts 16000$

Wells Fargo 2 accounts 15000$

Chase 10200

Chase only reported charge off for about a year but they still send letters, Amex just sent me a letter saying they would give me a new Amex card if I paid off my debt in full, credit control has called me about 1 BofA account, I asked them to validate the debt but they said I had to contact BofA as they did not buy the account. Have not heard anything on the other BofA or Wells Fargo accounts in quite sometime. Thank you for any advice.

[BV80]

5 hours ago, fstrfvo said:

I searched for this subject but was unable to find it so I apologize if it is around somewhere.

Is there a way to remove debt/charge off  that is beyond the SOL for collection (4 yrs in Ca) or do you just have to wait the full 7 years? The accounts I have are

Amex 7800$

BofA 2 accounts 16000$

Wells Fargo 2 accounts 15000$

Chase 10200

Chase only reported charge off for about a year but they still send letters, Amex just sent me a letter saying they would give me a new Amex card if I paid off my debt in full, credit control has called me about 1 BofA account, I asked them to validate the debt but they said I had to contact BofA as they did not buy the account. Have not heard anything on the other BofA or Wells Fargo accounts in quite sometime. Thank you for any advice.

It is doubtful that original creditors will remove their entries on your credit report.  You could request a pay for delete, but nothing requires them to delete after being paid.  After paying, you could try good will letters every few months.  Once in a while, when it gets close to the time for an entry to fall off, a creditor might remove an entry early.

Don’t believe anyone who tells you that you can keep disputing with the credit reporting agencies and the creditors will cave. That is not true.  By law, they are allowed to report for the full 7.5 years.  Even if part of what they are reporting is inaccurate, and you dispute it, all they have to do is correct or delete the inaccurate part.  They do not have to delete their entire entry.

In fact, disputing a correctly reported entry could hurt your credit score.

Note that the older a negative entry becomes, the less impact it has on your credit report.  

 

[BackFromTheDebt]

They are allowed to report the debt to credit reporting agencies

2 minutes ago, BV80 said:

 

 

 

Note that the older a negative entry becomes, the less impact it has on your credit report.  

 

The way the FICO scores are calculated has changed.  For whatever reason, while this statement is still true, it is LESS true than in the past.  The oldies do less damage, but they do more damage than they used to.  

[BV80]

25 minutes ago, BackFromTheDebt said:

They are allowed to report the debt to credit reporting agencies

The way the FICO scores are calculated has changed.  For whatever reason, while this statement is still true, it is LESS true than in the past.  The oldies do less damage, but they do more damage than they used to.  

Well, crud.  ?  Thanks for the info.

[fstrfvo]

would trying to negotiate a pay to delete restart the SOL?

[BackFromTheDebt]

56 minutes ago, fstrfvo said:

would trying to negotiate a pay to delete restart the SOL?

In most states, probably not.  The SOL has already expired.

Check the state laws.