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CREDIT HELP
Posted by: HELP ()
Date: February 05, 2008 12:07PM

I was wondering how long things stay on your credit, i have herd its 7 years..?
I recently got a bill for alot but its from about 6 years ago, and i havent herd any thing in awhile.. im just thinkin theyre tryin to get there money b4 the 7 years comes up.. Am i right.. any help!!

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Re: CREDIT HELP
Posted by: Kiev ()
Date: February 05, 2008 12:11PM

Pull up your credit history.

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Re: CREDIT HELP
Posted by: Heres HELP ()
Date: February 05, 2008 12:31PM

Heres what to do:

1. Buy revolver
2. Insert in mouth
3. Pull trigger
4. DIE IDIOT

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Re: CREDIT HELP
Posted by: HELP ()
Date: February 05, 2008 01:50PM

suRE BUDDY, WHATEVER U SAY..

ANYBODY KNOW ABOUT THIS??

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Re: CREDIT HELP
Posted by: hmmm ()
Date: February 05, 2008 02:02PM

6 years as to a debt? Maybe you ought to consult a lawyer to look at the relevant statute of limitations. Just a thought.

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Re: CREDIT HELP
Posted by: HELP ()
Date: February 05, 2008 02:56PM

NOT THAT BIG OF A DEBT BOUT 1000 BUT I JUST WANT TO FIND OUT HOW LONG SHIT LIKE THAT STAYS ON UR CREDIT REPORT.I KNOW ITS NOT FOR EVER, BUT HOW LONG?

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Re: CREDIT HELP
Posted by: Radiophile ()
Date: February 05, 2008 03:22PM

If I understand the question correctly, what you have as called phantom debt. This is the term used to describe old debt that was written off years ago coming back to haunt you.

Do not worry about you credit except for this advise: DO NOTHING, SAY NOTHING! The law says negative items from your credit report are removed after 7 years from last activity (10 years for bankruptcy in most states). If a bill collector calls and you acknowledge the debt is yours by agreeing to installments or even saying "yes that is mine" the clock starts at zero again and it will take another 7 years for it to fall off your credit report and gives the company another 7 years to collect what you acknowledged was a legitimate debt.

As far as collections go, Virginia and Maryland and DC, and all states and possessions and territories, have a statute of limitations on debt. You can google this to find out exactly, but I believe it is 2 or 3 years in Virginia. Once this statute of limitations runs out, they can not take you court. UNLESS YOU ACKNOWLEDGE THE DEBT (am I making myself clear?). I know that this is a gray area, acknowledging the debt, BUT DO NOT DO IT!!!!

So my advice. DO NOTHING SAY NOTHING. If the debt is six years the statute of limitations has run out so they cant take you court and by acknowledging the debt - say by paying 25 cents on the dollar, you start the seven year clock over.

Also, if the debt is $1000 and you agree to pay half, say $500, you will stand a good chance of getting a form 1099 next year in the mail for the balance of the debt. Forgiven debt is considered income and is taxable.

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Re: CREDIT HELP
Posted by: Radiophile ()
Date: February 05, 2008 03:35PM

You must be new at this internet thing... So here it is. Go to www.google.com and type in Old Debt. The very first website listed as a result of you search will be an excellent article from Bankrate.com

http://www.bankrate.com/brm/news/cc/20040116a1.asp

Next, from the same www.google.com, type in Statute of Limitations Debt Virginia (unless, of course you are from Alabama, then type in Alabama). The very first response you will get is a web page that lists all 50 states and the statute of limitations.

http://www.bcsalliance.com/y_debt_sol.html

From this website we learn that the statute of limitations in Virginia for debt is three years and 5 years for a written contract.

Warning - do not believe everything you see on the internet though. The public library is also a good place to verify the validity of any information you feel needs verification or explanation.

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Re: CREDIT HELP
Posted by: WashingToneLocian ()
Date: February 05, 2008 04:24PM

You mean to say a bill from six years ago suddenly arrived in the mail? That has to be past the statute of limitations. Even if they notified you for years and never sent you to collections, I would have to question it.

Are you sure this isn't a scam of some sort? Have they asked you for a SS# or something like that? It's very odd.

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Re: CREDIT HELP
Posted by: billcollector ()
Date: February 05, 2008 06:42PM

Pay it you friggin' deadbeat!

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Re: CREDIT HELP
Posted by: Radiophile ()
Date: February 05, 2008 08:10PM

WashingToneLocian Wrote:
-------------------------------------------------------
> You mean to say a bill from six years ago suddenly
> arrived in the mail? That has to be past the
> statute of limitations. Even if they notified you
> for years and never sent you to collections, I
> would have to question it.


There are several companies, one big one is in Baltimore, that buys old debt in an attempt to collect something. They pay a couple cents on the dollar and if they collect anything on the debt, their margin is huge.

This bill has probably been bought and sold 10 times or more by different collection agencies in the past few years.

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