If i had an old debt and it was sold several times to collections?

Question

does that keep it active on my credit?

i have an old bll for 400 from 2002. i was told not to pay anything after 2 years as it would damage my credit more. its the only blemish on my credit report.

my question is when they sold it to a collections agency that is a new debt with a new start date? and then they sell it again and thats a new date?

or is it removed 7 years from the original creditors date?

Answer 1

Jamie-I have a friend who is going through the same thing. Yes It is a blemish on your credit report that WILL NOT go away unless you pay it. PERIOD. it will keep gaining interest and will never stop-Track down the new agency and just talk to them about payments. Pay off all of your debt. It will not just float away-it is there lurking and will shut you down from getting loans, opportunities on the future.

Please don't sit and wait and look stupid like my friend is looking now-and she is still shopping. Pay it off.

God Bless you Ma'am

Answer 2

if its a disputed debt you should dispute it with the credit bureau paying it will not harm your credit and it will appear on your credit report until the person reporting it stops reporting it

Answer 3

The original company did not collect the money from you for a period of time, then they will report to the "credit bureau" (which will hurt your credit), They will sell your debt to other companies.   You need to contact the newest collection agency and arrange payment and pay the total bill off before your credit is completely ruined.

Answer 4

I am curious who told you to not to pay it.

Answer 5

it should get removed from the original creditors date. but there are collection agencies that like to illegally re-age debts so that they can continue to report them.

Answer 6

People need to start doing research, because no one here has got the right answer yet.

The 7 year reporting period begins on the date of first delinquency and CANNOT be legally reset under any circumstances. This is clearly spelled out in the Fair Credit Reporting Act.