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.
I have a have an account in collections it was a credit card in 2005, the account was sold to another collections agency in 2010, this account still on my credit report. is legal for them to re star my debt, also My Mother in-law took my son to the hospital, I never authorize treatment nor was aware he was taken to the hospital, this account has been added to collections, can they do this? they had my information from years back that I had a surgery, but I never signed paperwork nor received a call from the hospital for authorization for treatment.
When you say the account was from 2005, is that also when you fell behind with payments? What is the name of the collection agency showing on your credit reports?
You can be liable for the debts incurred regarding your minor children.
Cavalry Portfolio they are the ones that have the account now.
I would not be surprised if Cavalry Portfolio is reaging collections on your credit reports. You can dispute this fact with the credit bureaus, and directly with Cavalry too. But first, can you verify when it was you stopped payments on the original credit card?
Just when I stopped payment or when I made last call to the previous creditor? when I try to dispute it last year they told me that going by the last contact I made to them.
When you made last payments.
Contacting the debt collect does not extend the permissible time for a negative item to stay on your credit reports. Did someone at Cavalry say that to you over the phone, or is it in writing?
When I disputed the account last year they send me a letter by mail stating that their records show I contacted the previous debt agency by phone therefore the debt was set to the contact date.
If you have a copy of that letter, could you scan it and email it to the email address you get these comment notifications from (that is my direct email address)?
If you no longer have a copy, you can dispute the entry again with all credit bureaus who have it on there, and with Cavalry too. Send your dispute certified mail return receipt. Keep a copy of your letter and the return receipt card. If that does not take care of it, post an update and lets go from there.
You have not answered when you stopped making payments to the original creditor. If that date is less the 7.5 years ago, it is not yet time to legitimately expect the Cavalry collection to drop off your credit.
Hello,
Just ran my credit report and I have a few debts that under “Status Details:” says this account is scheduled to conintue on record until….One is until sept 2015 and the other for Oct. 2015.
Is it best for me to leave these alone and then they will “drop off” my credit report?
Or is it better for me to pay them off now?
Post the names of the original creditors, the date you last made a payment, and the state you live in. I can then be more specific to your situation with my feedback.
Hello,
for the 1st item: the original creditor is Sprint, and I probably went delinquent sometime in 2008-2009, I have never made a payment to the collection agency. It says date opened 3/2011 (I am unsure if that is when it went into collection?) is also says Reported Since/Date of Status:/Last Reported/ All are 01/2014
This debt was acquired while I was living in Utah, but now I live in Washington and have been for 3 years.
2nd item: probably went past due in 2008-2009, again never made a payment to the collection agency. It says date opened 04/2011 Reported Since: 05/2011 Date of Status: 05/2011 Last Reported: 02/2013
Again this debt was acquired while I was living in Utah but now I reside in Washington for the last 3 years
If you plan on buying a home, or have other large financing needs in the next year to two, you could benefit more from these collections showing paid than not. If you have no tangible credit goals in the next 1 to 2 years, I would let these lay if it were me.
If you want to pay them, settling for less than the balance owed will provide the same zero balance owed getting updated to your credit reports. How much are the balances on these accounts?
I have some concerns that the collection companies are reaging the trade lines. If you do not settle or pay the debts, but decide to wait this out, be sure that the collections entries drop from your credit at the same time the original creditors reporting does. If that does not happen, you can dispute them with the collector and with the credit bureaus.
they are amounts of about 270-390 not very large amounts. I am looking to purchase a home somewhere in the next 2 years.
What does “reaging the trade lines” and how do I know if the collection entries drop the same time as the original creditors?
On my credit report I do not see a separate report for the original creditors. I only know what original creditors this came from because it says so next to the name of the current collection agency that has this debt.
Reaging in this context is using a different, and more recent date, for when the account would be considered to have gone delinquent. The affect of this is having an account drop from your credit reports later than should have happened. You keep tabs on this by watching for the original creditor negatives drop date, and that all collection items (other than court judgments for the same debt) fall off at that time too. It is a bit odd that none of your original creditors are reporting the debts on their own. Are these mainly utility types of bills, like the Sprint account?
Yes it is Sprint and then Direct TV
It seems both have been sold to a collection agency but the original creditor is no where on my credit report
If it were me, and I were looking to buy a home a year or mare after these are going to fall off my credit reports, I would be more likely to let them lay. If you have a 620 or higher credit score, you have a shot at FHA home loan underwriting approval. But they would want to see any collections on your credit reports as paid. If your home loan goals accelerate to before these collections are set to fall off next year, that is when I would settle them.
My mom bought a car in Texas in 2006 and paid on it until mid 2009. She lost her job and because she was retirement age, she retired and moved to Oklahoma. When she could no longer pay, she voluntarily called the finance company to pick it up. The original lender is reporting it on her credit report as legally paid in full for less than the full amount. They apparently sold the vehicle for less than she owed and now in 2014 she was served with a court action from a collection agency that the original lender sold the debt to. She has no income other than Social Security and owns no property other than a car she paid cash for. What can she do about the court case. She is not too worried about credit report impact, just is afraid of what can happen at court.
Based on what you shared, she is not collectable. If you want to know the threshold for all relevant exemptions from judgment creditors in Oklahoma, post a comment about that at the bottom of this page: https://consumerrecoverynetwork.com/question/social-security-pension-state-exemption-debt-collector-garnishment/
You can see more about how to deal with a debt collector when sued here: https://consumerrecoverynetwork.com/question/can-you-negotiate-and-settle-a-credit-card-debt-if-you-are-being-sued/
I stopped making payments on a car that I signed my name on to in 2000 – 2001, within the same year that i bought it.
I know now that i was 20 years old and never could afford it. The Haundi Elantra was 2 years old when i bought it, in Virginia. I was defiantly ripped off @ 22. something apr and 22,000.00 or around that amount. I remember this because of all the comments i got from others at how stupid i was to do that. That car was recalled after I let it get impounded. Bad seatbelts i think.
Anywho. I have recently had it removed from my credit reports via Lexington law.
Parents called me today to read me a letter stating that I owe another collector 16,000.00 and threats of wage garnishment.
Today the car is worth 235.00 max trade in, and 532.00 private,. KBB ( Kelly Blue Book).
This is probably the third or fourth collection agency that I have seen this being sold and bought through.
What is the best way to handle this?
I just want to have them send me an agreement stating that I can pay this off and make it disappear for 300.00 .
Does this sound do-able, if I handle them correctly?
Cody – Were you ever sued for this debt? Debt collectors cannot garnish without suing first. Threats of garnishing if they have not sued, and in writing nonetheless, if there is no judgment in place, is likely a violation of federal debt collection laws (and maybe state law too).
Would you mind faxing over a copy of the letter to me to look over? You can also scan and email a copy to the email address you get these comment notifications from. I can then post better feedback for you.
If you have not been sued on this debt, and given the age of it, I would not pay them anything at all, and would connect with an experienced FDCPA attorney about your options to sue them.
Hello, I just checked my husband’s credit report to find that he has 1 account in collections. The debt has already been transfered to a collection agency and the “last reported” date as well as the “opening date” are 09/16/2009. My husband did not know he had this debt and we have never received any letters or phone calls. We live in CA and want to build his credit because we are planning on buying a house in 2017. If I have my research correct, the SOL has expired since in CA its 4 years and it has already (come this september) been 5 years. Therefore, the collection agency cannot sue us for the money correct? Also, is there any real benefit in trying to pay it off since we only have 2 more years to go for the collection to fall off the credit report? My worry is that we open a can of worms by trying to do the right thing and pay it off. Or is it better to pay it off? Will the debt fall off the report sooner if I pay it off, or is 7 years, 7 years regardless of paying it or letting it “expire”? Also if we do have our credit run in say feb of 2017, there should be no history of this debt right? What are the chances of the collection agency “finding us” after 5 years of no contact? Thanks.
You want to base your SOL to be sued on when the account was last paid, not when the account was opened, or last reported date on credit reports.
I can respond better to your time lines, and questions about settling or letting this lay, if I you can post when the account was last paid? Can you look through any records you have and answer that with confidence?
Also, what is the balance being reported as owed? The cost to resolve a debt (if that is something you decide to do) can enter into consideration.
Hubby says he never paid on it. So, the date of last paid should be right around (or at most 6 months prior to date opened right?) that time frame. The debt is fortunately the smallest of them all, and the others have already dropped off/been paid. Its a little over $1000. This amount is completely do-able, I just don’t want any repercussions for trying to take care of this!
Okay, thanks for the additional details.
Paid or unpaid, the account should drop from the credit reports at the same time. I do not think you will hurt your goals by settling this far in advance, but I also do not see how you would hurt them by doing nothing and waiting for the account to drop off on its own without payment. Yours appears to be a situation where more than personal finance math and credit reporting will guide your decision to settle or not.
Your in a good position if you want to settle. Who is the debt collector?
Some more information when they took it over it was already in collection 07/08. They changed that to 2010 when it went into collection.
What were the terms they added? Was it a joint account with a co-borrower, or is this completely false?
What state are you in?
I would not leave an account alone that was re-dated so that it will show on my credit report for 2 more years than is legitimate. But what state you are in will impact my feedback if you can still be sued for collection.
The terms they added were 99 months. The never was a co borrower they just made that up. I live in Kansas.
If it were me, I would skip filing a dispute with the credit reporting agencies, and copying the collection agency furnishing the info to the bureaus. They sound like the type to have either poor data management systems and staff, or are willing to just fabricate stuff they send to the credit reporters. Either way, sending disputes to them would probably be a waste of time.
I would file a credit reporting dispute directly with the CFPB here: https://www.consumerfinance.gov/complaint/.
SST/CIGPF1CT took over one of my accounts from SS/SYNOVUS. When they reported it to
the credit bureau they changed some of the inforomation. They added terms when there wasn’t any and they have it as a joint account instead of individual. Should I dispute it or
just leave it alone. It is scheduled to drop off in 2017.
So my wife has debt ~1700 and ~2400 from when she was 20 back in 2004. They are unpaid, what i’m wondering is if they will still have a negative impact on her credit score? And if in the next year or so I decide to pay them off in full, will that show up again on her credit score?
If the debts have gone unpaid since 2004, there should be no trace of them on her credit reports. If debt collections do still show on her reports, it would be in error after this long.
Are either of these judgment debts, where she was sued for collection? If not, there is really no benefit to her credit scores, or credit reports, from paying anything on these debts.
If the date she last paid on these is anything newer than 7 years, post the dates last paid, and lets go from there.
In 2002 I purchased a car. In 2007 I was laid off and ran behind on my payments. When I became employed again in 3/2008 I made my final AGREED payment of $800. The balance of $1,200 was supposed to be “forgiven” and I haven’t heard from them since. On 8/1/2014 I received a letter from a collection agency. I called the original debtor. They say I still owe the balance. The car has been “junked” since 2009. I don’t have any paperwork to prove anything. What should I do?
What is the name of the debt collector? What state do you live in? Is the debt showing on your credit reports?
I am in Wisconsin. The car was purchased in Wisconsin. The Collection agency is in Minnesota. It is NOT on my credit report.
—Also, The agency called me yesterday and now claim I owe on a “Bonneville”, which is my CURRENT vehicle. I owe no money on that Vehicle because I paid CASH last year. I don’t think they know what they are doing! I told them I do not owe money on any “Bonneville” because I paid cash for the car, and I am not paying any balance on any “Bonneville”. Is this a loop-hole because they are trying to collect on the wrong Vehicle?
The 6 year statute to legitimately sue you in Wisconsin would appear to have passed. It is a good thing the late pays, or any collection item, are not showing on your credit reports.
What is the name of the debt collection company contacting you?
The debt collector could be a scam. I would not have jumped to that assumption until you mention what they pulled on the Bonneville. You could call the original lender and verify if they still own the account, who they have it placed with for collections. If they sold the debt (that happens too), find out the name of the company they sold it to.
Post an update and lets go from there.
it is called Northland group. They asked me to send a letter of dispute, which I was reluctant to do because I read somewhere that can reactive the “clock”.
I did speak to the Bank, and they were supposed to email me copies of my file. The guy just called and yapped in my ear about what he “saw” in the file, but I have yet to receive that paperwork. The original debtor apparently sold it to the bank (who NEVER contacted me this whole time) and the bank sold it again to the agency -who is now contacting me 6 years later. The agency seems legit. Although they have 300+ poor BBB reviews sighting inaccurate information, abusive language, threats etc.
–Not to mention, the bank claims my last payment was made in 3/2009, which is incorrect. it was 3/2008. I do not have any paper proof of that.
so your saying they cannot sue me anymore? I should do nothing? What should I do if they call me again?
A letter disputing the debt does not reset anything for credit reporting purposes. And given the fact that your dispute is basically saying you do not agree with the debt, you would generally not have to be concerned about the letter resetting an SOL timeline for them to sue to collect in your state. Talk to a consumer law attorney in your state to verify that.
Northland group is a legitimate debt collector.
If it were me in your shoes, and Northland Group, nor any other collector, appears on my credit report, and I am confident about the date I last paid being passed the 6 years to sue in your state, I would do nothing (unless for some other personal reason not attributed to credit reports, collection risks, or affordability). If were called again I would let them know you dispute the debt, as it was paid to your knowledge. You can send them a letter to that same effect. Be sure to keep a copy for your records, and use certified mail return receipt (save the green card you get back).
Great. Thanks a lot! 🙂
Hello, I have private student loans that are old. I filed for a ch.13 bankruptcy which held them off from collecting from me and now I am finished paying the 5 year bankruptcy. I finished the bankruptcy in 2013 and am now recieving phone calls from collectors for the private loan. I live in California and the Experian report does not show a start date. It’s NCO Financial Services and says its a closed account. Lately I have been getting phone calls from an attorneys office about it. I’m not sure what to do. I don’t know when it started being reported as late but I did start my bankruptcy in 2008. I can’t figure out what date the loans started or any info on them. I’m wondering if they can still sue me for money because it is a large amount. Any information on what I should do or to better understand it would be wonderful. Thanks!
Ok…the bankrutpcy would have frozen the clock until the discharge. Was your loan current or in default when you filed? If in default, when is the default date? If you were NOT in default, the bankruptcy would have triggered a default and the clock would have started when the bankrutpy discharged.
I think it was in default already because I never made any payments on it. I finished school in 2005 so it should have started sometime after that. I only paid my federal loans as far as I can recall. I believe I deferred the loans as long as I could but I have no idea how to find out this information. Any idea how to figure it out?
When you finish school you got ~6 months of deferment….so if you graduated in say june of 2005 that would take you thru the end of the year. Then any deferments…add those on. Then it takes 6+ months to default. So if you filed BK in 2008, it is possible that it had NOT defaulted, or was a new default. 5 year bk freeze….clock starts ticking again in 2013. So it is very possible that you will now be sued, which is standard practice for private loans in default.
Monarch was the collector. I am attempting to raise my Fico to utilize my VA entitlements for a home purchase. The original creditor shows Chase as Zero balance/ Zero Due/charged off- transferred. Is it legal for a collector to pursue for a balance that is different from what the original creditor reports??? That does not seem logical, however I wonder if somehow legal financial book keeping practices allow for this, maybe you can confirm or enlighten me. Oddly enough, as I review the line item for this account it shows no reporting dates for 30/60/90 lates and only shows the High Credit=1,300 Balance=0 and Payment =0 Past due=0. Last reported March 2011. Your thoughts on this??
I am concerned my rapid rescore may improve now for initial paperwork to start but that closer to close in 30-60 days Monarch might appear and ruin the close. Any advice?
Debt collectors will often be collecting a balance other than what is showing on your credit reports. The difference may be fees and interest, or the charge off balance from the creditor being something other than what was last reported to the credit bureaus, and prior to the sale of your account. It is a huge problem though, and debt collectors have a hard time justifying inflated balances they try to collect, when held to a rigid standard of proof. The problem here is that the rigid standard is often not applied until the debt reaches the court, and most of us want to avoid court collections.
How much is the balance on the other account? If you get everything cleared with VA underwriting, but this collection account shows up in credit reports to gum things up, are you in a position to raise the money to settle it quickly?
Old Worries Returned-
I have and old Chase credit card accound in collection since 2011. the account has been been charged off and is closed with chase. I do not see any other lines on my credit report relating to this account.When I called to settle a different account with a collection company I was told that they had the chase account on file as well. I played along like it was not mine and moved on to paying the other account off. I am concerned that I just woke the Beast and that they will begin coming after me for this account that is charged off. Chase shows Charged off Zero balance, but can the collection company come after me almost 3 yrs after chase closed it. I live in Illinois, how long would I have to worry about this.
You have to worry about the statue of limitations to sue in Illinois being 5 years (from the date you last made a payment).
It is quite possible that you have created a situation where the Chase account will now see collection activity, including it showing on your credit reports, where it had not been showing by the debt buyer before.
What is the name of the debt collection company?
Why settle the one you were talking to them about, but not the other?
Michael, I have a bunch of collections on my credit report as it seems alot of people do. Anyway, I was laid off work in 2008 and unable to pay my credit card bills or mortgage. I lost my home (forclosure). NOW the problem.
1) I have no idea what charge off means and can a collection agency collect for it?
2) I have a credit card with Bank of America, FIA Card that has been closed on my credit report but a collection attorney Daniel Gordon sued and won a judgment/garnisment on my wages. They collected $1358.oo from me and then sent me a check back saying that the account was closed. Ok no problem, my bad, I assumed the account was done and all good. WELL, not so much I guess because now a NEW attorney has sued and won a garnishment on my paycheck for the same debt? same case no. I am not sure what to do at this point I cannot afford to let them take 300 for 3 more paycheck just to send it back and then how many other attorneys will grab the same debt and sue me?
When the garnishment is up in 60 days should I contact the attorney and ask for a satisfaction of judgment? so that I can be sure that it comes off my credit report as paid?
3) what is the SOL in washington state? I have 15 collections on me and I have not paid any of them for numerous years.
I am just trying to get back on my feet and would love at some point to purchase a home again.
Thank you for the time and hopefully an answer to my problem.
1. Here is some good details about charge off and collections afterward: https://consumerrecoverynetwork.com/my-credit-card-account-just-charged-off-and-a-debt-collector-keeps-calling-me/
2. I cannot say what happened for the first lawsuit to have been tossed and you refunded. But you have the judgment and garnishment now. If you cannot afford the amount they are garnishing, and can show you meet a the standards for full or partial exemption, you can request a hearing through the court to show that to bethe case. I see many instances where garnishments are stopped completely, or way less is allowed to be taken from your paychecks.
You can definitely expect that the court would be updated as to the paid status of the judgment. Once the court file is updated, and the data miners that share/sell the court info with the credit bureaus do there thing, your credit report should reflect a paid judgment. But it will not typically “come off” until the 7 years time frame (from the date of judgment entry).
3. The statue of limitations for credit card debts and the like is 6 years in Washington state. There is some confusion about the SOL in WA being 3 years, but that is not how the courts have ruled.
If you can clear up your credit reports, and get any unpaid collections resolved and settled (often for much less than the balance owed) you can find yourself in good shape for home loan approval sooner than you may think. If you would like to post the approximate balances owed, and the debt collectors or creditors showing on your credit reports for each of the debts, I can offer you feedback on what to aim for in negotiating with each.
Hi,
I just received a call from a collection agency regarding an ATT bill from 2009. I just checked my credit score and it is currently at 735. The ATT bill doesn’t show up on my credit report at all. I want to pay the bill because it is the right thing to do (I let a family member open a phone line under my name – BIG MISTAKE and lesson learned!). The collection agency is offering me a deal to settle at 50% of original debt. Would it be better for me to pay the debt in full or to pay the settlement price they are offering? I am in my early 20’s and don’t fully understand all of this. Thank you in advance for your help!
When it comes to debts that are this old, paying the full amount, or settling for less, accomplishes the same goal. And if this does show up on your credit afterward, either option will show as a paid collection, which is as good as it gets more often than not. Your collection account with ATT is not showing at all, which is great. I just hope it stays that way once paying or settling.
I have another question. In 2013 the VA sent a survivor benefit check to me for my father
pension. That was an error on their part because I’m not eligible for any benefits. That was
in Feburary. They didn’t contact me until January of this year to till me I had to pay it back.
I made arrangements to pay what I could a month they said it was fine. Three weeks later they
said no they needed more money. By the last of May they put it in collection. I paid it in full
the last of June. My question is should I dispute it to see if they will remove it from credit report? I got a letter from the VA saying it was paid in full.
Who was the debt collection company?
The Debt collection was Debt Management Center Department of Veterans Affairs.
It is worth a shot to send a dispute, but if it does not work, and the paid collections stays on your credit report, it may not hurt you much over time.
If you do not mind my asking, with this collection account, and the First Equity collections showing, what are your credit scores (if you know)? And do you have several other positive items on your credit reports that are paid on time all the time?
My credit score is 556 and the fico score is 608. I have 3 positives and the same
amount of negatives. I was trying to see if there is any way to raise the score but
two of the negatives have been on for almost 7 years and the other one since may of this
year.
The two older collections that are going to fall off soon are probably not causing near the damage combined, as the one from last month. Now that the Veterans Affairs collection shows paid, you need time to improve the scores (if unable to get it removed).
Thank you for answering my questions. I have one more that I would like to ask
you about. Advanta closed my account in 2007. They have been reporting it on
my CR since then . This month a company by the name of Cardworks started
reporting it and they say the drop off date is 2017. If they are a collection agency
that took over shouldn’t that drop off my credit report when Advanta wrote it off
and closed it in 2007? Thank you in advance for the help.
Collection companies that later show up on your credit reports should drop at the same time the original creditors charge off is removed. There are very little exceptions to this, such as a court judgment that gets its own fresh set of years to stay on your credit.
Cardworks on your credit report should be removed at the same time as Advanta. If it does not come off, you can dispute it with card works and the credit reporting agencies. If for some reason that does not work, post an update at that time, and lets go from there.
Keep a copy of the credit reports you see today in a safe place for later comparison purposes (hopefully you do not need it).
Hi I have a collection on my credit that origionally dates back to 2006 but the collection agency has it listed as 2010? Can they do this? Does this mean it will be another three years till it’s off my credit? From what I was told by a financial advisor they have to go off of the original date? I am in Texas any help or advise is appreciated 🙂
If your first missed payment to the original creditor (that the debt collector is now reporting on) was in 2006, all collections reporting tied to this same account should be gone from your credit reports… unless you were sued and a judgment entered in court.
Who is the debt collector showing on your credit report for the 2006 account?
Trident Asset Management is the collector reporting in 2010 the original was BMG in 2006
Send a credit reporting dispute letter to Trident and the credit bureaus too. You are disputing that account as being passed the allowed time to report. Send your dispute letters certified mail return receipt. Keep a copy of your dispute letters, and green return receipts. You should hear back from the credit reporting agencies within 30-ish days of their receiving your letter.
Post an update with what happens and lets go from there.
I have have been looking at my credit report from transunion. I had a credit card with
First Equity. They closed and sold it to SST/SYNOVUS It was reported on my credit report 07/11 and in collection o7/08 . Was then sold to sst/cigpf1c and reported 04/14 and in collection 10/10 which was the dated reported as last activity on sst/synovus account. My question is it going to drop off my report in 7.5 years from the first time it was put in collection
or will it be the second time? I have not paid on it since it was sold by First equity.
Based on what you shared, the account will fall off of your credit 7.5 years from the date you last paid First Equity.
I have a few things I havent paid since 2007, visa card, cable bill and cell phone and they are still calling and wanting their money I was so young at the time and messed up, I dont even have the money to pay them what should I do? I dont want to go to jail or court as I am still struggling to get my life together. I dont have any credit cards nor any assets. please someone help me.
brits – Were you ever sued on any of those old debts?
You cannot go to jail for unpaid debts in the way you are thinking. But if you were sued, and ignored a judges order to show up in court for an asset hearing, or something along those lines, you should get a handle on that situation quickly.
What state are you in?
When was the last time you paid money on these accounts to anyone?
Hi,
I have been working on cleaning up my credit report for the last several months. There is a collection on my account that I’m trying to clear up. However, I was hoping you could help clarify some things for me as I kept getting confused reading your article and some of the other questions. The debt came about in 2008. But my report said it was opened in 1/5/11 then has a report date of 10/22/12. First off, is it right there are 2 dates on the report? Secondly, does the 7.5 years start at the most recent date, the open date, or the date the debt accrued?
Also, if I agree to settle the debt, and get them to agree to drop it from my report, will that help boost my credit; or will it still show as a former collection until the 7.5 years?
Is that MMI number still good to contact for free?
Mandy – The 7.5 year credit reporting clock starts ticking from when you first missed your payments.And even though you will see different dates on that same trade line – date last paid, date last updated, date opened… it is that first 30 day late that is going to dictate when this falls off your credit.
It is not common to pay a collection account and have it deleted from your credit reports. And each individuals credit scores changing, when you settle a debt, will vary from person to person, and even from one scoring model to another.
The MMI number for a free one on one review of how to read and understand your credit report is still good. Cal 877-721-9723 and let them know that is why you are calling.
Hi Michael,
I received a call from a debt collector at work telling today me I need to pay something back that is old. This is not on my credit report anymore do I have to pay this back this back should I be worried and can they sue me?
Mari – If the debt is too old to be on your credit report, it is in all likelihood too old to sue you for collection on that same debt. But to be sure, what state are you in, and when was that last time you paid anything on this account (to anyone)?
I live in the state of California it has been since 2006
You are in the clear based on what you shared Mari. If something does pop up on your credit, or a debt collector suggest they will sue you (when they cannot), or otherwise threatens to do much of anything, post an update and lets go from there.
Did you get the name of the collection agency?