Posted on: 15th Jun, 2010 07:22 pm
In 1994 I had a debt with a local jewelry store, I live in a different state now I found out about this charge off just recently, since then I have been trying to contact that jewelry store, their phone is disconnected, Google local Business search shows their locations has “Space for leasing sign†no website or any other search results.
My understanding is, after 7 years charge off falls off from the credit report. I also know, charge off can be sold to somebody else to try to collect then the collection agency can sue for the debt till the SOL period is over. Once the period is over, the collection agency cannot sue unless you start the payments again
In my report it shows Date open 1994 and balance date 04/01/2010. I can't find out who is still reporting after 16 years and what can I do to fix this negative from my account??
Please help me..
My understanding is, after 7 years charge off falls off from the credit report. I also know, charge off can be sold to somebody else to try to collect then the collection agency can sue for the debt till the SOL period is over. Once the period is over, the collection agency cannot sue unless you start the payments again
In my report it shows Date open 1994 and balance date 04/01/2010. I can't find out who is still reporting after 16 years and what can I do to fix this negative from my account??
Please help me..
Hi jayy,
Check out the name of the company from your credit report, who holds this debt. It is supposed to be listed there on your credit report.
Balance date is the date on which the information furnisher had last reported to the credit bureaus about your account.
As far as I understand from your post, you didn't know about this charge-off till now, and that you haven't made any payments on this account. Thus, the Statute of Limitations (SOL) on this debt has expired. Once the SOL expires, the collection agency won't be able to win a lawsuit against you. Moreover, a negative falls off after 7 years. Thus, you can file a dispute with the credit bureaus.
Send a dispute letter to the credit bureaus, along with the copy of your credit report, mentioning the date when the charge-off was first entered on your credit report. Send this letter through certified mail, requesting a return receipt.
Hope this helps.
Thanks,
Sandra
Check out the name of the company from your credit report, who holds this debt. It is supposed to be listed there on your credit report.
Balance date is the date on which the information furnisher had last reported to the credit bureaus about your account.
As far as I understand from your post, you didn't know about this charge-off till now, and that you haven't made any payments on this account. Thus, the Statute of Limitations (SOL) on this debt has expired. Once the SOL expires, the collection agency won't be able to win a lawsuit against you. Moreover, a negative falls off after 7 years. Thus, you can file a dispute with the credit bureaus.
Send a dispute letter to the credit bureaus, along with the copy of your credit report, mentioning the date when the charge-off was first entered on your credit report. Send this letter through certified mail, requesting a return receipt.
Hope this helps.
Thanks,
Sandra