Do collection accounts age off your credit report after 7 years?
So I have debt from store lines of credit to a bank credit card. I haven't paid on them since at LATEST December 2007. Chase, citi financial (store line of credit) and Sears line of credit all have it showing closed but I am getting reporting from some debt collector companies.
I live in Arizona and just ordered my actual credit report today. I viewed the information online through a credit score tracking website. I read a lot of comments and researched online somethings. My questions are can any of them take me to court still because from what I read some debts are 3 years and some are 6 here in Arizona, I am not sure what they fall under, also at 7 years they have to stop reporting to my credit so I am told. Does this mean that it will show the old reports but they cant continue to report and since the original lenders have the accounts closed can the debt collector who purchased the debt also show up as a closed account or do they just disappear forever?
Any information to better understand when or if this will ever not be an issue for me would be helpful, as these debts were ran up by my ex and are thousands of dollars I cant and haven't been able to afford to even attempt to fix.
Do collection accounts get removed from my credit reports after 7 years?
—Jennifer
Short answer
Yes, but the clock is not the one most people count from. Negative items stay on your credit report for up to 7 years measured from the first missed payment to the original lender, and every entry tied to that same debt should age off on that same date.
Key points on this page
- Original lenders and creditors show payment default for up to 7 years from when you stopped paying.
- The 7 years starts at the first missed payment to your lender, not at the date a collection agency or debt buyer picked up the account.
- All negative trade lines related to the same collection account should age off at that same 7 year mark.
- Only one entry for a bill should show an unpaid balance. If a debt buyer reports a balance owed, check that the original lender no longer shows one.
- A collection account reporting a newer date of last activity prolongs the credit damage, so compare that date against the original lender’s.
- If the debt is still inside the statute of limitations to sue, a dispute can wake a collector who was not bothering you. Weigh that before sending one.
Original lenders and creditors show payment default on your credit reports for up to 7 years from when you stopped paying on the account.
When you first miss payments to a creditor or lender, you will see late pays show up in 30 day blocks of time on your credit report. If the accounts remain unpaid long enough, those 30 day incremental late pays turn into a charge off reporting on your credit. With credit cards, charge offs normally occur within 180 days of consecutively missed payments (they can happen sooner than 180 days).
The 7 years the negative item stays on your credit report starts from the first missed payment to your lender.
When your accounts get this far behind, it is standard to have the account placed with outside collection agencies, and often repeatedly. Many creditors have a practice of selling off debts that remain unpaid long enough to debt buyers. They are legally transferring the rights to the debt to someone else, as is often laid out in your original contract with them.
Collection Agencies and Debt Buyers Showing Up on Your Credit Report
When an additional entry from a collection agency shows up on your credit report it is important to look for some key items:
- Is the new entry showing a balance due? A debt buyer who reports a collection account to the credit bureaus with a balance owed should be matched with the original lenders negative credit reporting to be certain that the original lender no longer shows a balance is owed to them. You should not have more than one credit entry showing an unpaid and due amount on your report for the same bill.
- Does the collection account show a date of last activity on your report that is different than the date your original lender is showing? Collection accounts that are reporting separate from, but related to an existing negative item on your report, should not show a newer date. If a newer date is used by a collection agency reporting, it prolongs the credit damage and will take longer for you to improve your credit.
All negative trade lines related to the same collection account should age off of your credit report at the same 7 year mark you use to calculate your first missed payment to your original lender. The exception used to be when people got sued for collection and ended up with a judgment over one or more of the debts – which would show in the public records section of your credit report for 7 years from the date judgment was entered in the court.
Most judgments obtained in state courts were taken off our credit reports with Equifax, Experian, and TransUnion as of July 2017
What to Do If You Need to Dispute a Collection Account on Your Report
I will have an upcoming article about disputing incorrect information on your credit report, but for now, it is important to consider the following:
If your debt is within the SOL (statute of limitations), to legitimately sue you for collection, you should carefully consider whether or not to send a dispute about a collection account on your credit report, even if it is showing incorrect information. When there is still room on the clock to sue you, sending a dispute may wake the collector to the fact that you are:
- Still an unpaid account.
- Care enough to start cleaning up your credit report (usually for some credit goals, which means you are more collectible).
If your debts are beyond the SOL to sue you legitimately, you should have less concern about waking a sleepy debt collector who may not have been bothering you, with disputes about getting your credit reports corrected.
Legislation was passed in 2011 that changed the SOL from 3 to 6 years in Arizona. Given the information you shared about 2007 being the earliest date of last payment, your debts may/may not be off of the current debt owner’s radar. You would need to be certain about the date each of account was last paid. Any of them you know were paid last in 2006 would be clear of the SOL.
Reviewing your credit reports for accuracy when you know you have old collection items is important. Staying on top of when and how to get your credit reports corrected will help you plan for future access to credit at fair prices.
If you have a particular issue or question you can post in the comments below for feedback.
About Michael BoveeMichael started CRN in 2004 with a mission to provide people in need with detailed debt and credit help and education. Michael has participated as an expert panelist in federal consumer protection rule making, collaborated on state law changes governing debt consolidation, has worked as an expert witness in court matters related to the debt relief industry. He is available to speak with you about your financial struggle and helps people resolve their debt problems daily.
Question;
If SOL is 7 yrs why are the chargeoffs still on my credit reports after 10 yrs and 7 months I have a trip merge report from 2003 to prove these should’ve been removed. I’m in Texas and recently a collector from a repo I had in 2002 has been calling harassing my parents, the original lender went out of business Americredit. The collection agency name is Great Lakes Collections. Thank you for any assistance you can provide.
A charge off from 2003, and a repo/deficiency balance from 2002 should not be appearing on your credit reports today. Collection calls to your parents should not be happening either.
I can email you contact info to an experienced collections violation attorney in Texas if you like? The initial consult is no cost, and you could learn some valuable information that will help you handle this from here.
Yes please. Exactly what I thought thank you so much for the confirmation. I figured they were just trying to scam my parents out of money and then start a new date on my report for the collection. I appreciate your assistance and you are a blessing to those of us that are in the dark about credit reports and laws pertaining to them.
Hi Michael,
I’m in CA. I have some student loans. My report shows that one of them will be removed on 10/2015, but it also says “claim filed with gov’t”. Another does not have a date just says “claim file with gov’t”. For the last 3-4 years I have not received my tax refund since it goes to pay one of my student loans.
I was planning to file for bankruptcy to get rid of all my bad c/c reports but since I see that they go away and I’m not planning on buying a house for another 5 years or so, i figured I would just wait until they go away.
My question is the following, do student loans go away after 7.5 years as well? or do they stay on my record permanently? If they stay on my record permanently is my only option to pay them off?
Hi, I just checked my credit report and it states that some of my 7yo now debt has been charged off. I was wondering what now? What is the next step,? I’m clueless of how this is because it’s been 7 years now is that they charged off . Should I expect it to be cleared from my credit report? And if it be wise to take advantage in building up my credit ? Thank you any info will be much appreciated
Are these all credit card debts? If not, list the other types of debts that are showing on your credit reports.
Did you start missing payments on all of these debts at around the same time?
Are debt collectors reporting on some of these debts in addition to what your original creditors are showing? And if so, do the dates for the collections to fall off show the same for both creditor and collector?
The time period for negatives to remain on your credit can be 7 and one half years from the date you first missed those payments. It is most common to wait for this period of time to pass before making efforts to improve your credit.
Yes, I was covered blue a Blue Shield PPO plan at the time. This must have been part of a deductible or copay to the hospital that I was responsible for paying.
Settling with medical debt collectors for 50% is a realistic target.
One concern will be whether you are able to negotiate any form of settlement on the debts because of insurance contracts. Settling for less than owed is a form of discounting. Discounting can be contractually limited, or prohibited, in insurance company contracts with medical products and services.
The fact that these bills have remained unpaid this long will be helpful. You will want to be sincere in how you lay out any financial hardships that you were, and are experiencing.
Although I did have medical insurance, this was not a bill with Blue Shield. This was a bill from the hospital for a procedure. Does that make a difference. Also, is it wise to pay up with the collections or since a fair amount of time has passed should I just wait for it to drop from my credit report? If I pay the amount will it start fresh on my credit report and stay on for 7 more years?
I am not sure whether that will make a difference. You will find out as you connect and begin any negotiations.
The debt will likely stay on your credit reports as unpaid collections through much of 2017. If you want to accomplish certain goals that require better credit, you may still want to negotiate and pay a settlement. Paying any amount will not reset collections on your credit reports, or allow any additional time for this to continue to stay on your reports.
If you are good with waiting for this to fall off your credit, you could do that.
Hi Micheal,
I have a $2,700 medical bill that went to collections in California as of 5/2/11. I have made no payments and have since relocated to Costa Rica. They have only contacted me once to let me know of the debt in 2011 and I have had no further contact. I am trying to fix my credit score, currently at 650. I have good payments and history with other student loans and credit cards. My question is should I try to negotiate settlement and deletion from my credit report, if that is even possible. Or just hold out until the 7 year mark? I do not have plans to buy a car or home though, that may change in the next 3 years. The Statue of Limitations according to California should be up in May 2015. Thank you for your advice.
How much can you pull together as an offer to settle the bill?
Who is the collection agency showing up on your credit reports?
I could possibly manage $1350 at most which would be 50% of the debt plus interest accrued. The company is called Progressive Management System out of California.
Thanks. Did you have health insurance at the time? Did insurance cover any part of the health products or services rendered?
Hi Micheal
I have been following much of all your posts. I had excellent credit 720-775 credit scores for 16 + years. I was divorced in 2007, paid off all marital debt , sold our home, then I purchased a new smaller home. Paid all my bills on time and began to find out 6-12 months later that my x husband was reopening joint accounts and before I figured it out he had debt ran up to nearly 25k to Dell, Capital 1, Amex, Home Depot, Lowes, jewlery stores, etc etc. He was ordered to pay the balance of my bankruptcy attorney & he did not. So I found my self giving up, stressed out by trying to cancel, make payment arrangements, etc, etc, etc and keep up on everything while still paying my own bills, feeding our children. After some time of trying to do this I was diagnosed w/ multiple sclerosis and unable to work. Everything fell behind and eventually just surviving was of most importance. The last payment I made to bankruptcy attorney & or any credit cards was in Nov 2007. For a while creditors bothered me, I just changed # s ignored them, returned to sender on all mail. I couldnt afford an attorney didnt understand bankruptcy. My home was forclosed upon & sold in sherrifs sale along w/ my vehicle in 2008. I recently ( last 2 years) got back on my feet, got back to work, opened 2 credit accounts and have paid on them for over a year and they continually raise my limit. I purchased a buy here pay here vehicle that reports to the credit bureau and paid that off. All of a sudden after nearly 8 years of not being bothered myself & my employer receive a letter from an attorney who collects debts for my former divorce attorney and attached to the letter was a Notice of application for Wage Execution written in form of court document. Is this legal???? My credit report shows that all of the above are charge offs or closed or most are just gone off the report!
How is this happening? Do my employer & I respond?
Please advise
Stressed out
Carissa in NJ
Your employer has an obligation to meet via what is apparently your prior attorney looking to collect on a judgment. Ideally you will want the advice of an experienced debt defense attorney in New Jersey. I can help you locate one nearer you that offers a no cost initial consult if you like?
After 7 years of bad CC report they finally removed it. However, now that they removed it another collection agency is contacting me for payment on the same account that was removed from my report. They told me that if I don’t respond to them after 30 days of the letter, they will assume that this account is true.. I am from Texas and my main concern is my credit report, so, can this agency report this and put a negative item on report “again” and for the same account? Please help. Thanks
No, they cannot, not based on the info you have given me to go off. If they do, post an update and lets go from there.
I would please like Michael Bovee help me with my concern.
Michael, after having more than 7 years of negative CC item on my report, they finally removed it and my score went up and made me real happy, however, now I’ve been contacted by another collection agency and offer a monthly payment on the same account. They letter says: if I don’t contact them within 30 days they will assume that the depth is valid. Now, my main concern is my credit score. Do you think they could put it back again on my credit report? Please help this issue is giving me unrest. Thanks.
Hi David – Who was the prior collection that just dropped off being reported by? What company is trying to collect on that same debt now?
The letter about the debt being assumed valid if you do not dispute it is normal. Debt collectors use verbiage like that as a catch all in order to comply with laws, and limit their exposure to being sued themselves.
The debt collector should not put this back on your credit reports, but that kind of thing has happened from time to time. It is not complicated to get really old debts off your credit reports, if they do reappear inexplicably, or as some collection tactic. Do you have copies of your credit reports with the old company on there? Have you made recent copies showing that being removed?
Hi Michael, prior collection was LVNV Funding LLC
new company: First National Collection Bureau, Inc.
No I don’t have copies of the old company on there, but in my account with Credit Karma it shows the “removed negative credit” with the LVNV. I could click on old collection and see it. This account was in 2006 and removed in 2014. The new company is trying to tell me that a 70% discount payable in 5 payment each payment within 30 days of the previous payment. Like I mentioned earlier, the only concern I’m having is for them to put back the same debt back on my report.
Most regular debt collection/unpaid bills have up to a 7.5 credit reporting shelf life. That clock started ticking when you first missed a payment to the original creditor. It ended sometime this year, as it was removed. All entries to do with the one single unpaid bill (other than a judgment in the court) would need to be removed from your credit reports on the same day, when the time allowed for it to stay on your reports is up.
Debts do not go away just because they fall off your credit report. It is normal to still hear from debt collectors after that. You can tell them to cease contacting you (do that in writing), and that leaves them the courts, where the limit to have legitimately sued you is likely to have passed. What state are you in?
This debt collector should not show back up on your credit reports. If it does, post an update and lets go from there.
i have a question..there were medical bills i didnt know i had from 2007 ect. what is statue of limitations in ohio. I checked credit report and they were in keybridge which have all been removed and now all the sudden..or did they sell them and remove them from my reporti got 5 bills for all the same amounts from care credit..whats happening and am i still liable if they were in a different agency name and taken off my credit report
Signing a contract or agreement for those medical services could mean the SOL is 15 years. If those bills are related to a revolving consumer debt such as care credit, the SOL would be less.
If the debts are valid, they never really go away. They can pass the time allowed for filing a legitimate lawsuit to collect, and grow old enough to drop off your credit reports (which appears to have recently occurred).
Be sure to keep an eye on your credit reports to be certain the debts do not reappear.
Did you have a care credit account?
Hello, I got a call out of the blue yesterday from EOS CCA trying to collect a debt from 2005. At the time I lost my job and made settlements of over 85% on my cards all except this one major bank who would not do any sort of settlement or even a payment plan. I never paid it thinking that they would eventually settle but they just amazingly stopped calling after a few months. The debt at the time was $16,000. Every now and then I would get a call from new agencies trying to collect….it suddenly went from 16k to 20k then 30k and then out of the blue yesterday these guys call with an “urgent” message telling me that they are trying to collect a whopping 42K !!!!!
I told them that the original debt was a much small amount, and most importantly that debt was uncollectable because it is nearly a decade old. They told me it doesnt matter.
They alluded it would ruin my credit if I didnt pay….but I told them that they are not to contact me again on that number and that they are only allowed to contact me in the future by mail.
They hung up, but now I am fearful of what they might do next. That job loss took me years to recover from and I worked hard to rebuild my credit to today where I have a 732 FICA.
My question is, can they report this to the credit agency and if they do, have I any legal recourse to permanently stop them? I have heard horror stories of companies like this who simply report it over and over again after it is removed through the dispute process. My credit score is VERY important because I run a small business and frequently need access to credit to make deals and usually I need to move quickly. Having something like this reported ESPECIALLY at the laughable $42,000 BS claim would be especially harmful. Secondly is there any justification for a credit card balance going from $16,000 in a CO to $42,000. The last few calls years past, the collectors claimed it was interest and fees, but that is hard to believe. Thanks!
There would be little justification for the balance to have increased that much. In any case, it should not matter. If your state time limit to be sued for this debt has passed, and the credit reporting limits are over, they cannot throw it back on your credit. If they do, post an update and lets go from there.
Did you get the name of the collection agency?
Thank you. The credit agency is EOS CCA. I had never heard of them so I called and got their name then looked it up. Their website is https://www.eos-cca.com/
I will keep a close eye on my credit…I subscribe to Equifax reporting so if they do anything I will know fairly quickly.
I learned a good lesson from this past episode, I know it was tough back then but I think I would play it a lot differently if it happened again. I really did not understand the ramifications at the time. This CO actually came back to haunt me when I went to apply for a business loan a few months ago. I have a good standing business account with the issuing bank….10s of thousands of dollars flowing through each month. When I applied for a small business loan, I was shocked to hear that it was immediately turned down because of the CO from nearly 10 years ago. Was told by the lending officer that they keep this data on file FOREVER, and will NEVER loan you money unless you become a very large company looking for a minimum of 250K, and then maybe they will look the other way. Until then…as he told me…it is a 100% show stopper. Who would ever have thought!
I paid off all outstanding debts I owed several (5+) years ago, but they are still showing on my credit report as “Charged Off” and “Account in Dispute” — what’s my best course of action in getting all of this resolved?
What are your current and near term (12 to 24 months) credit and finance goals?
I’d like to get a small loan from the bank for purchasing a house within th next six months — and purchase a new car as well.
The big issue is getting my report to reflect the fact that I have already (many years ago) paid and taken care of the debts.
Charge off is going to remain on your credit reports for the typical 7.5 years since you last made a regularly schedule payment. For you, it sounds like that was at least 5 years ago, and more than that on some accounts.
Do all of those accounts showing as negative, but that you settled with all that time ago, show a zero balance due and owing? If so, that would generally be considered correct reporting, and if old enough, are probably not impacting your credit score all that much any more.
Do you know your credit scores?
Do you have current and positive credit reporting entries? How many? Are any of them newer than when you settled these old debts?
The part about under dispute is often the result of something you sent to the credit reporting agencies to… dispute.
Post an update with the names of any creditors or debt collectors that are showing you still owe a balance even though your reached a mutually agreed upon settlement.
I need your advice about a collection I just received. In Aug. 2005, I opened a secured credit card from B of A, using my Tax ID number. I got my social security # in January 2007 (I wonder how the account got associated with my current social security #). In Aug 2010 I stopped paying this card and it was eventually charged off. A year later, I tried to contact B of A to pay it off but I was told it was already sold. I was not given a name or contact of a collection agency so I didn’t know who to approach. In Sept 2012, Cavalry Portfolio purchased the collection and reported it on my credit report. The balance is $702. They offered a settlement of $500. I am willing to settle for $300 as I am settling the other debts I got from my former spouse. I am afraid that if I call Cavalry, the SOL (California) will be reset if they don’t agree to the $300 I intend to pay. Yesterday, I got a mail from LTD Financial Services stating that the Cavalry collection has been placed with them. What can I do at this point? Can Cavalry or LTD sue me even when the SOL has passed? Thank you for your help.
It is unlikely LTD Financial or Cavalry will sue you in California on a debt passed the SOL. And I do not think you can verbally acknowledge a debt in California and have that reset the SOL to legitimately sue.
If you are not in a hurry to get this settled for a near term credit or financing goal, you have time on your side, and without the risk of being sued. I like your chances for settling at 300 dollars.
#4. Student loans, if loans are traded or sold, does the initial student loan company come off when the new company is done being paid or 7 years after their last received payment?
I can help with this one. Student loans are not traded or sold per se. Claims are paid thru default. The original trade line remains for 7 years from the date of default, not the date of last payment. Are these federal or private??
Dear Michael,
Hi, I am writing you to ask for your advisement. I have 4 issues I need help on. I am an emotional wreck just letting you know up front. I feel as though I worked so hard from 2010 to now to improve my credit. and I feel like it’s all for none. I have paid off approx. 20k in debt. I have been living dirt poor. I pull my credit report two weeks ago and it is worse than when I started, all these new places, and the old places, and other places between. all reporting on the same debt, (balance is 0 on some) but it still reflects negatively. and even after paying 20k in bills, my score went down 87 points. 🙁
#1. I have moved many times between 3 states in the last 7 years. In 2008 I moved to Kansas, I bought a car in Missouri in March, then moved to Oregon 4 months later. I was in a car accident 3 month later in October/November 2008. I had full coverage insurance, and Gap insurance. The loan was from GMAC. Insurance paid, and I thought gap insurance paid. GMAC contacted me in 2009, at that time I told them what I knew, faxed them about 15 pages of information; and after that I never heard from them or any other collection company until a month ago. (Before the month ago) I disputed this information on my credit report and told all 3 agencies that this had been paid. They opened an investigation, and said it was valid. (Fight happened) then was contacted a month ago. I pulled my credit report (the actual report) two weeks ago and the report date is now 2013 instead of 2009. Does this make any difference? In addition, the last payment was 11/2008 when my insurance paid them. I contacted the collection agency and told them I dispute this debt and to send me proof. (The sent some bs ledger) I took this to my attorney’s office and they said they would write a letter; They called prior to sending the letter to get some more information, and they said the debt was no longer there that it was sent back to the creditor (GMAC) GMAC hasn’t contacted me but What law applies? (KC (where I lived when I bought the car), MO (where I bought the car), OR (Where I lived when the accident happened), or MT (Where I am from and have lived for the last 10 years minus the year mentioned above) ) When will this come off? Should I keep disputing it or wait for it to fall off? Can they sell it (in turn) renewing the 7 years and the amount?
#2. Debt Buyers—- I have a debt (many debts like this). Original creditor is Enterprise Rent a car, the collection company reporting on it is Atlas, (connected to #1) my insurance again should have paid the bill in full. They arranged the pickup and drop off, of the car, after my accident. (Atlas has been unable to reach consumer) for many year after I disputed this in 2010. It shows they still have it nonetheless; can they in a year sell it, renewing the 7 years?
#3. Debt buyers again—- The original creditor’s debt is 9+ years old (last payment made) the original creditor is not on the report but the 3 buyers after them are. When I requested proof, (ie., contract, loan documents, things of the sort) They said they could not supply them because they didn’t know who the original creditor was, that they only had to show proof that they bought the debt, is this true? (Do all 3 collection companies get to stay on there for the full 7 years?)
#4. Student loans, if loans are traded or sold, does the initial student loan company come off when the new company is done being paid or 7 years after their last received payment?
Another question—if a debt is 6.5 years old (Last payment made), is it better to pay it off, or better to just avoid the company(ies) for the next year?
Thank you.
I understand all the negative collections, and will comment on each point you raised, and will have my own questions to ask. My first question popped up after reading how your credit dropped… What types of accounts, and how many, are reporting as current and positive on your credit reports?
1. The credit reporting surrounding the car loans would typically fall off of your credit reports after as much as 7.5 years from the first time you missed a payment… at least, according to them. The issue appears to be that the collection should not be showing on your credit, because the finance company was paid, and they have not come up with anything convincing to say you have not.
I would file a credit reporting and/or debt collection complaint against GMAC and any debt collector currently involved with this account, or who may be appearing on your credit reports. You can file that complaint here. Be as detailed as possible with dates, names of companies, people, and describe the actions you have taken along the way.
2. No, they cannot renew the 7 years limit on credit reporting by selling it. But this too should another complaint filed with the CFPB as a paid debt, that should never have ended up in collections, and certainly not on your credit reports.
3. Are all three collection companies you refer to in item 3 related to the same debt outlined in number 1?
No, they are not just allowed to continue to report the same negative on your credit reports that relates to an account that has already aged off of your credit reports. The exception to that would be if this ended up as a judgment in the court, which can add a new negative to your credit reports.
Please provide more detail of which collection agencies are showing on your credit reports, and for which specific debt.
4. Please provide more details about your delinquent student loans, and which are federal or private.
Hey, Michael
I have 21 positive reports; some predate 8 years but are still on there. Most are installment student loans. Many of the positives are both installment and revolving. I went through the report again last night with a fine tooth comb. I have 2 more questions but will ask when I’m done answering your questions. That’s the thing, Farmers Insurance did pay them, I (had) a copy of the check at one time but with so many moves, that information is probably somewhere in a black hole, Even on the Credit Report it says they got a lump sum in November 2008.
So once a debt buyer buys a debt (say at the 5 year mark), if the last payment to the creditor was 6 years ago they can only be on there until the 7.5 year mark?
No they are different miscellaneous other bills. All for relativity small amounts. I have 3 separate creditors, one (Credit card) has been sold, then sold again, and then sold again. The other two (Installment) have been sold 3 or 4 times, the original debts are between 9 and 12 years old. But the debt buyers are insisting because they bought the old debt, it became a new debt and I owe them, and they will stay on my credit for ANOTHER 7 YEARS. (one was just rebought in 2013) I didn’t even know anything about it until I pulled the credit report. Never even heard of the company.
I have never had any judgments, or public records.
Debt A. Enterprise Rent a Car- Sold to We Collect it, Inc.,- Sold to Atlas- both debt buyers are showing- one is a zero balance, but the dates, one starts and ends 2009-2012 then the next one starts 2012- to come off 2019.
Debt B. 1st Premier- Opened in 12/2008- Never have made a payment, was sold 2 times, (I disputed this information with all 3 credit bureaus and the two companies were deleted off) but Premier is on there now showing a balance due to them as of the dispute date.
Debt C. Pinnacle- I have no Idea about this debt, it says it started 11/2013 but trust me, I would have known about it that was a month after my wedding, but this is the first I have learned of its existence, they are the ones who do not know the original creditor, and the debt is so old the original creditor isn’t on my report anymore.
Debt D. GMAC- Already covered.
THESE ARE THE ONLY 4 DEBTS WITH A BALANCE. NOT INCLUDING STUDENT LOANS OR THE POSITIVE DEBTS I CURRENTLY PAY EVERY MONTH.
W/O a balance:
Debt A. BPCU- showing as: paid charge off amount.
Debt B. HSBC- sold to LVNV Funding- then paid
Debt C. Wells Fargo-1, opened in 2004, last payment in 2008, says it was sold, but the above debts with balances are the only balances. This one’s number is 3191
Debt D. Wells Fargo-2, sold to Asset Acceptance- sold to ? This is a different account then the above, both Wells Fargo and Asset Accept. are on there with the same account # but the last buyer isn’t on there. (Asset Acceptance shows 0 balance and all other entries are N/A but opened in 2010, its number is 6382) (2 Different account numbers, two different amounts, different open dates…)
** STUDENT LOANS**
– Loan 1. ISL- this is an interest free loan, Private, I currently pay it every month to the owner of the loan, and it shows as a collection account. High credit of 3945.00.
– Loan 2. ISL- shows 0 balance, federal, shows pays as agreed, shows sold to DSM college Loan, opened 2005, last payment and closed 2010, (Shows original debt of 1313.00 with payments = 905.00)
– Loan 3. ISL- shows 0 balance, federal, shows pays as agreed, shows sold to DSM college Loan, opened 2005, last payment and closed 2010, (Shows original debt of 2000.00 with payments = 1535.00)
– Loan 4. ISL- shows 0 balance, federal, shows pays as agreed, shows sold to DSM college Loan, opened 2004, last payment and closed 2010, (Shows original debt of 2625.00 with payments = 1811.00)
– Loan 5. SAF- shows 0 balance, federal, shows 120+ days past due, shows sold, opened 2007, closed 2010, (Shows original debt of 1334.00 with payments = 1560.00)
o Loan 11. (Same loan as 5 I’m pretty sure) SAF- shows balance of 1661.00, opened 2007, – deferred (Last payment was in May, I had it set up on Auto Pay, so I don’t know where the payment was going.)
– Loan 6. SAF- shows 0 balance, federal, shows 120+ days past due, shows sold, opened 2007, closed 2010, (Shows original debt of 2651.00 with payments = 2762.00)
o Loan 10. (Same loan as 6 I’m pretty sure) SAF- shows balance of 2938.00, opened 2007, – deferred (Last payment was in May, I had it set up on Auto Pay, so I don’t know where the payment was going.)
– Loan 7. DEPT OF ED/SALLIE MAE- Date opened 08/2014- pays as agreed- deferred (I’m currently in school)
– Loan 8. DEPT OF ED/SALLIE MAE- Date opened 05/2014- pays as agreed- deferred (I’m currently in school)
– Loan 9. Sun Trust/GLHEC- shows pays as agreed, opened 2004, deferred, (Shows high credit debt of 5938.00 ** I currently pay this monthly to GLHEC. ( Mathematically this appears to be Loan 2, 3, and 4) (With ZERO payments made previously.) (How do I go backwards and state my case for the amount owed? It was also with DSM College Loans previously.) They should get what I borrowed, + interest + reasonable collection and transference costs…. I kind of want to get payment ledgers from all the places showing, costs, interest, principle and all the payments I have made…. What the hell, I just realized this.
– Loan 10. DSM College Loan- shows 0 balance, federal, shows CA, shows sold, opened 2010, closed 2011, I disputed this information and it was deleted.
You really need to log into NSLDS and get a listing of your loans and status.
In response to your 7.5 year mark, and it having been 6 years already… yes, that is correct. It would mean there is another year and a half before it would have to drop from your credit reports.
If I were you, I would file collections and credit reporting complaints with the CFPB against all debt collectors that are reaging your debts that are long passed the time for them to report on your credit. They are flat out lying to you about their ability to report for 7 more years. And many collectors will only start listening when regulators speak to them, or it affects their bottom line. Which leads me to an additional suggestion.
Contact an experienced Fair Debt Collection violations lawyer in your state. I only know of 3 in all of Montana, but distance is not always an issue with this type of case. Each of them offers a no cost initial consult. Talk about any actions that can be taken with any of the collectors behaving badly. Many attorneys take FDCPA cases at no cost to you, and I think you have a couple of issues that need to be looked at. I can email you all of their contact details if you like?
I want to be sure I am reading your comments correctly about the Wells Fargo accounts on your credit reports. Was there 2 Wells accounts you opened, or just one? If two, did Asset Acceptance have both? Have you spoken with Asset Acceptance about the debts, and who is the current debt owner?
As relates to all of your student loan questions, I will defer to Lynn. She is a former student loan debt collector of many years, and knows her way around the issues well.
Michael,
Yes I would like that, that information will be helpful.
Sorry that wasn’t very clear, as far as Wells Fargo is concerned, I am confused because I only ever had one card, opened my freshman year in college, (2004) This is not with Asset Acceptance, I have no idea who it is with. Asset acceptance is showing a different account number that I have never seen before. It also says it’s sold, but I still have no idea who that one is with either. (They are two different and separate matters)
Lynn,
For the student loans, I will do that. Looking at it now, I feel like after so many years, I have gotten no where. All these loans are at a balance higher than what I originally borrowed, even after making 3 3/4 years of consistent monthly payments, never skipping a payment, and not being late.
— Loan 9. Sun Trust/GLHEC- shows pays as agreed, opened 2004, deferred, (Shows high credit debt of 5938.00 ** I currently pay this monthly to GLHEC. ( Mathematically this appears to be Loan 2, 3, and 4 of ISL) (With just the original loan amount and ZERO payments made previously.) (How do I go backwards and state my case for the amount owed? It was also with DSM College Loans previously.) They should get what I borrowed, + interest + reasonable collection and transference costs…. I kind of want to get payment ledgers from all the places showing, costs, interest, principle and all the payments I have made…. What the hell, I just realized this.
I am sending an email to you with the contact details for the experienced Montana consumer law attorneys. Talk to any one of them about your concerns with the credit reporting by Asset Acceptance. With the account number discrepancy, and the fact they no longer hold legal right to the debt, you may just be able to dispute that entry by them off.
I have debt from the original lender from 2008, 2007, 2009, 2001. According to my research I am beyond the SOL in Florida. My question is, the debt collector has marked three of the accounts as established in 2011. Making the debt only a little over 3 years old. I thought the last payment began the SOl. Also, I just filed for a CC and am hoping that they don’t now start coming after me after all these years. i am trying to repair my mistakes in the past.
Who are the debt collectors involved?
The account you have not paid since 2001 should not be on your credit reports, and maybe the one from 2007 depending on the month payments stopped.
You can reasonably expect some type of renewed collection activity with hard inquiries from credit applications. But with the SOL to sue having passed, it is debt collector bluster.
Good evening!
I have recently been monitoring my credit score via Credit Karma in order to obtain a home in March. Since September, my score has dropped 25 points. The only thing that I can see has changed is that 3 collections accounts aged off the report without being resolved. I have not known this to impact a score negatively, am I wrong? I’m at a loss. Thanks for your assistance, it’s greatly appreciated!
-Meredith
Any recent credit inquiries? What about positive credit history changes?
What are your current credit scores?
Dear Michael,
There have been some positive changes
From July, to September, it jumped approximately 20 points due to 3 credit cards being added. However, I’m starting to wonder if I’m over utilizing those accounts. I was told to add them in order to increase my score, could it be that I’m killing it with those same cards?
Thank you very much!
New accounts can lower your score for several months until they are considered a little seasoned. What were the months you opened the new credit cards? When you say over utilizing, what do you mean? It is best to keep your balance owed to less than about a third of the available credit limit.
My initial dispute to Equifax for these entries was “Duplicate acct #’s please consolidate”.
Please provide as much detail as you can in the comments here, so I can offer the best feedback.
I did see where you submitted some info in the contact form, but I do not want to assume it is okay for me to post that myself, so I need you to.
I submitted the dispute last week, I want to buy a car and I wanted to know if this would cause me to be denied. I submitted the dispute as a conformation on info on record is correct.
I missed what Lynn pointed out, which is there does not appear to be a negative connotation to the trade line. It is unlikely this entry would hold you back from getting approved for a car loan.
Do you know what your current credit scores are?
yes, it 593 based on credit karma. I was denied earlier this year for a veh. loan with my bank but i was trying to do a joint app. with someone with no credit as the applicant and me a coapplicant.
List any collections on your credit reports.
Also list any positive items showing on your credit. Lack of credit history can hold someones credit score down too.
Hello, this item is still on my credit report and I need to buy a car, based on the information provided it looks like this should have dropped off my credit. Any Ideas on when this should drop off. I have put in a dispute with the CB to have them check all information given.
Account Details
Last Reported Apr 30, 2012
Creditor Name MARKONE FIN
Account Type Automobile
Account Status Closed – Transferred
Opened Date Dec 11, 2004
Closed Date Apr 30, 2012
Limit —
Term 54 Months
Monthly Payment $281
Responsibility Individual
Balance $0
Highest Balance $15,175
Payment Status Current
Worst Payment Status Current
Date of Last Payment Dec 12, 2005
Amount Past Due $0
Times 30/60/90 Days Late 0/0/0
Remarks Purchased by another lender
If you last paid anything on this account in 2005, it should be gone already.
Are all 3 credit bureaus reporting the same way? What reason did you state you were disputing in your letter? How long ago did you send dispute?
I am not seeing anything negative with this tradeline …car loans like mortgages are bought and sold all the time. Positive tradelines from my understanding will continue to report for 10 years from date of closure.
So I co-signed for a car (never will I do that again) in October 2007. They date opened on my credit report as 10/2007, on one of my credit reports it is showing a fall off date of November 2014. However, my “mortgage lender” seems to believe that because the last reported date says 10/2014 that it will start the seven years from last month. Kind of a rhetorical question, but should I believe my credit report or my mortgage lender? And if the credit report is what I go by, when December arrives and if it is still on my credit report how do I go about having it removed from all three credit bureaus? Thanks!
You may want to shop around for a different mortgage lender….
Print a copy of how you credit reports appear today. If the item scheduled to be removed at the end of the month is still there in December, post an update. You will want to dispute that off your credit report. I will help you come up with a draft of the dispute letter you will send to the credit bureaus right here in the comments.
I have been trying to repair my debt for years since my mistake in college nearly 10 years ago. I had 3 credit cards with probably $2,500 in actual debt between the 3 cards. However, this debt has escalated dramatically. My debt have all been in collections since 2004. All my large debts have officially fallen off my credit report and aren’t reporting any longer. I haven’t received a call from a debt collector in years until today. They are threatening me and I don’t even know if this is a valid debt at this point. He told me I owe over $6,000. I don’t even know how after all this time they can still come after me, but I’m terrified because in the last 5 years, I’ve made great strides towards improving my credit score from in the low 500’s to the middle to high 600’s. How can I find out the SOL for Nevada and if technically they can still come after me for such stale debt. Any help would be great thank you!
The SOL to legitimately sue you in Nevada has long passed. The SOL for credit card debts in Nevada is generally 4 years.
The debt collector may be a scam, or you may be hearing from collectors who work zombie debt – debts that are too old to sue for, and are passed the time allowed to appear on your credit reports.
You do have some options available to make them go away. But first, are you confident the debts were last paid in 2004? What is the name of the debt collection company contacting you?
I follow credit karma and credit sesame very carefully. They say last reported 2007/2008. I’m not sure of the company. He said the name and then never mentioned it again just that he was a big very well known debt collection agency according to him.
If they reach out to you again, try to get as much information as you can, but while giving them none. You do need to know who they are if you are going to send them a cease communication letter that would stop collection calls and letter.