Promise to settle extend by 7 years ?!!?1?
Weird one for you guys-
I had a debt from 2002 for about $2000 and something dollars. I made a promise to retribution half of it a couple of weeks ago but I decided not to rate it since it falls off my credit report in 2009.
They call me today and said that they can still report it for another 7 years because i made a promise to pay and then broke it.
She full of crap and trying to receive my money?
Anybody know a clear answer and have experience in this nouns? Thanks
Answers: Even though you had made a promise to pay and even if you did clear the debt, they can not reset the clock on the reporting time to the Credit Reporting Agencies.
The rule is as follows.
Running of Reporting Period - Section 605 [15 U.S.C. § 1681c]
As of December 29, 1997 the reporting period runs 7 1/2 years (7 years plus 180 days) from the date (month and year) of the last delinquency (known as "later missed payment:).
So, regardless of how long a creditor waits to charge past its sell-by date, sell or transfer a debt, they must report the true and correct "delinquent or ultimate missed payment" date (month and year) that preceded the creditor's action.
This means the actual date you missed your later payment. Not any promise. If they try to redate the debt then they are contained by violation of:
RE-DATING OF THE DEBT IN VIOLATION OF
[CITE: 15USC1681s-2] § 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 practice of errors A person shall not furnish any information relating to a consumer to any consumer reporting agency if the person know or has reasonable inflict to believe that the information is inaccurate. (B) Reporting information after notice and confirmation of errors A party shall not furnish information relating to a consumer to any consumer reporting agency if-- (i) the person has be notified by the consumer, at the address specified by the person for such notice, that specific information is inaccurate; and (ii) the information is, in reality, inaccurate.
NOW the bad communication, your action may have reset the SOL for your state. Check near your state attorney generals office to see if a promise to pay resets the SOL.
LEGAL DISCLAIMER: The direction contained herein is for informational purposes only. It is not to be construed as Legal Counsel nor Legal Advice.
Wrong.There is only one seven year reporting cycle (technically up to 7.5 year).This cycle cannot be re-started below any circumstances.
If you made a commitment in writing to them to re-pay it, then you've purely re-set the statue of limitations, which is the time allowed to take legal accomplishment on debt...This is a totally separate time period than the 7 year reporting cycle on credit cards. If you made this promise over the phone, then here is no way that they can hold you to this...unless they have a official tape recording of the conversation (unlikely).
Collection agencies scam empire all the time with phony promises to find people to pay...Morally, one could argue that it's wrong for you to renege on your promise to salary...but on the other hand.you're dealing with debt collectors.culture for whom the word ethics/morals does not exist.
If you do not make a payment they cannot reset it. However they may try. Immediatly find a copy of you credit report and print it out. Therefor if they do reage the account you can sue them for 1000 dollars. And if they do reage write them a certified letter, you can find preview letters at creditboards.com, demanding they remove it from your credit or you will be forced to take legitimate action.
http://creditcardwarehouseonline.com If you've made a commitment to repay a debt (or acknowledge the validity of a debt) that re-sets the statute of limitations on the debt - which is separate from all along time an account can appear on a credit report.
Don't pay to delayed for that, and it will report on your credit report for another seven years from the date of last activity.
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I had a debt from 2002 for about $2000 and something dollars. I made a promise to retribution half of it a couple of weeks ago but I decided not to rate it since it falls off my credit report in 2009.
They call me today and said that they can still report it for another 7 years because i made a promise to pay and then broke it.
She full of crap and trying to receive my money?
Anybody know a clear answer and have experience in this nouns? Thanks
Answers: Even though you had made a promise to pay and even if you did clear the debt, they can not reset the clock on the reporting time to the Credit Reporting Agencies.
The rule is as follows.
Running of Reporting Period - Section 605 [15 U.S.C. § 1681c]
As of December 29, 1997 the reporting period runs 7 1/2 years (7 years plus 180 days) from the date (month and year) of the last delinquency (known as "later missed payment:).
So, regardless of how long a creditor waits to charge past its sell-by date, sell or transfer a debt, they must report the true and correct "delinquent or ultimate missed payment" date (month and year) that preceded the creditor's action.
This means the actual date you missed your later payment. Not any promise. If they try to redate the debt then they are contained by violation of:
RE-DATING OF THE DEBT IN VIOLATION OF
[CITE: 15USC1681s-2] § 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 practice of errors A person shall not furnish any information relating to a consumer to any consumer reporting agency if the person know or has reasonable inflict to believe that the information is inaccurate. (B) Reporting information after notice and confirmation of errors A party shall not furnish information relating to a consumer to any consumer reporting agency if-- (i) the person has be notified by the consumer, at the address specified by the person for such notice, that specific information is inaccurate; and (ii) the information is, in reality, inaccurate.
NOW the bad communication, your action may have reset the SOL for your state. Check near your state attorney generals office to see if a promise to pay resets the SOL.
LEGAL DISCLAIMER: The direction contained herein is for informational purposes only. It is not to be construed as Legal Counsel nor Legal Advice.
Wrong.There is only one seven year reporting cycle (technically up to 7.5 year).This cycle cannot be re-started below any circumstances.
If you made a commitment in writing to them to re-pay it, then you've purely re-set the statue of limitations, which is the time allowed to take legal accomplishment on debt...This is a totally separate time period than the 7 year reporting cycle on credit cards. If you made this promise over the phone, then here is no way that they can hold you to this...unless they have a official tape recording of the conversation (unlikely).
Collection agencies scam empire all the time with phony promises to find people to pay...Morally, one could argue that it's wrong for you to renege on your promise to salary...but on the other hand.you're dealing with debt collectors.culture for whom the word ethics/morals does not exist.
If you do not make a payment they cannot reset it. However they may try. Immediatly find a copy of you credit report and print it out. Therefor if they do reage the account you can sue them for 1000 dollars. And if they do reage write them a certified letter, you can find preview letters at creditboards.com, demanding they remove it from your credit or you will be forced to take legitimate action.
http://creditcardwarehouseonline.com If you've made a commitment to repay a debt (or acknowledge the validity of a debt) that re-sets the statute of limitations on the debt - which is separate from all along time an account can appear on a credit report.
Don't pay to delayed for that, and it will report on your credit report for another seven years from the date of last activity.