If my debt is sold, does the 7 years start over?

Question

If my debt is sold, does the 7 years start over?

Answer 1

NO!

Answer 2

The Fair Credit Reporting Act says that derogatory accounts can be reported for 7-years from the date of first deliquincy period nothing resets this time line.

Answer 3

No it can not be re-dated.  This is per the following

15USC1681s-2]  ÃƒÂ‚§ 623. Responsibilities of furnishers of information to consumer reporting agencies

a) Duty of furnishers of information to provide accurate information (1) Prohibition (A) Reporting information with actual knowledge of errors A person shall not furnish any information relating to a consumer to any consumer reporting agency if the person knows or has reasonable cause to believe that the information is inaccurate. (B) Reporting information after notice and confirmation of errors A person shall not furnish information relating to a consumer to any consumer reporting agency if-- (i) the person has been notified by the consumer, at the address specified by the person for such notices, that specific information is inaccurate; and (ii) the information is, in fact, inaccurate.

Hope this answers your question (I should say it looks like all of us did)