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10 Apr, 2008 04:39 AM, posted by Healthspecialist
they will fall off from 7 years of the date of last activity. Don't touch them or contact them because they can update the date of last activity. If you make a payment to a collection agency, the 7 years will start over.
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Loan Officer
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10 Apr, 2008 04:53 AM, posted by My Credit Group's Answer
HealthSpecialist – welcome and thank you for contributing. However, collection agencies cannot, under any circumstance re-age a debt. That may be the most commonly misquoted law we see.
Only original creditors can re-age a debt if a payment is made, not collection agencies.
To decide how to handle an old collection, you should start with your state’s statute of limitations (SOL). In short, if it’s within the SOL they can take legal action i.e. lawsuit, liens, wage garnishments
If it’s outside the SOL, rarely can they do anything legally.
In most cases, if it’s past the SOL and nearing 7 years since the date of last activity, you may want to settle (pennies on the dollar, pay for deletion) or just leave it alone.
Or, you could dispute it. Older debts usually come off pretty easily. If you dispute the debt, it should be because you think is something wrong about its reporting. Credit repair techniques shouldn’t be used to escape legitimate debts.
Source:
http://www.mycreditgroup.com/state.html
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To the staff at My Credit Group,
As a senior loan specialist for one of the nations top lenders, being able to deliver top notch services to our clients is paramount. Admittedly, I was hesitant to refer my clients to a credit repair company.
That was two years and several successful loans ago, and I can honestly say that you've handled every aspect of your business with complete professionalism. I've heard nothing but but exceptional feedback from my clients, and outstanding results in their credit scores.
To anybody considering using a credit repair company, My Credit Group is the only choice in my opinion.
Sincerely,
Eric Atilano Sr. Loan Specialist
~ Chase Home Loans