7 years on my collection/charge off?????? Sold to a collection company.?

Question

I have a few charge offs, It will be 7 long wait years in 2-3 months from now. They were sold to a collection company many years ago. Is it 7 years from the first company that reported it say (capital one) or now 7 years from the time capital sold them to the collection company. Transunion told me 7 years from the first time it was reported from capitalone.... not the date that they were sold to the collection company. I am lost please help.

Answer 1

They will still send you letters offering you a great bargain if you settle for a reduced amount but just throw those in the trash because the statute of limitations has run out on their legal efforts. The delinquency starts from the last date that you made any payment so if you went 4 years without paying then you got one of the collection agents to accept a $20 payment the clock now starts over from that point.

Answer 2

It will be 7 years

Answer 3

Derogatory items age off 7-1/2 years from the date of first deficiency.  NOTHING restarts the clock.  This is governed by the FCRA.

People often confuse and merge the reporting periord with the Statute of Limitations (SOL), the timeframe to bring lawsuit.  Check for your state:  http://www.bcsalliance.com/statute_of_li...  The SOL typical starts from the last activity or last payment.  Payment restarts the clock.  In some states even acknowledging the debt can restart the clock.

It is likely that a 7 year old credit card debt is beyond the SOL.  If the collection agency continues to call you, send them a certified, return receipt letter asking them to cease and desist all contact as the SOL has expired.

They will probably sell the debt off to another zombie debt collection agency but if another collector calls, just send them a cease and desist.

Answer 4

This is correct. It goes by the age of the debt not the amount of time the debt is held by its current holder.

Answer 5

the collection company buys bad paper at 10 cents on the dolllar and now reports for 7 years. and if not paid they will sell to another for 8 cents just as the statute is about to run out

Answer 6

The 7 year reporting period begins from the date of first delinquency. This is clearly defined in the Fair Credit Reporting Act.

Once an account is charged off, NOTHING can LEGALLY reset the 7 year clock.

Answer 7

first poster is correct.... the 7 yr "re-added" rumor is indeed false. No debt can ever be re-added after the 7 yrs are up, it's called re-aging, quite illegal.