Is this legal?Credit report question

If a new collection agency picked them up, it will show the date of last activity as when they started their collection actions. The date of first delinquency is the first time you were late that brought about the charge off. Everything should fall off your report no later than 7 years and 180 days after the DOFD. You should offer the collection agency a Pay for Delete where you pay them what you owe and they agree to remove it from your credit report. They would maybe even agree to a settlement where you wouldn't have to pay the whole amount.

What they're doing is just showing a new date of last activity. As long as they don't change the DOFD, they're not doing anything wrong. It also won't change when it falls off. You need to make sure you're outside of the Statute of Limitations for your state for the kind of debt it is. If its Louisiana and it's open ended debt such as a credit card or other revolving debt, I believe the SOL is 3 years. You just want to make sure they can't sue you, even if it falls off your credit report.

ETA: I went back and saw you said it was credit cards. They won't be able to sue you, but if you do something like make a partial payment to the collection agency, I think that resets the SOL. If you're not going to pay it, just leave it be and it will drop off at its orignal projected date, which would likely be 7 years from when it was charged off. Good luck.

Hey walker, you don't know my story, blow me. As to the other 2 posters, thanks for the advice, and not stating the obvious "pay your debts".

If you get your reports from annualcreditreport.com, I believe they will show when the record is scheduled to drop off your report. If they have, in fact, re-aged your accounts to push the fall off date back, that's illegal.

so you can't get sued off of credit card debt? So walk someone through the process of not paying a credit card (serious question, not being a smart arse).

I just up and quit paying 7/1/2012. What is the process from there on the creditor's side? and do I just go in hiding and not talk to them or the collection agency and it eventually shows on my credit as a collection and then falls off in 7 years? etc etc

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I just up and quit paying 7/1/2012

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that would be your DOFD then and they will likely charge the debt off and if high enough owed will sue for it. If they dont sue then after 7 years (typically 180 days after DOFD) it will fall off your credit after first killing it.

Now if they dont sue they will likely sell the debt for pennies to collection agencies that will try to get you to pay even after 3 years. They just hope you dont know the law.

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that would be your DOFD then and they will likely charge the debt off and if high enough owed will sue for it. If they dont sue then after 7 years (typically 180 days after DOFD) it will fall off your credit after first killing it.

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So what's the magic number for them to sue you versus selling it off to a credit collection agency?

Also, when/if they sue you aren't they just going to get a judgement against you? If you don't own a house or any liquid assets outside of your retirement, there's not really anything they can do if they sue you correct?

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They would maybe even agree to a settlement where you wouldn't have to pay the whole amount. DONT DO THIS! If your DOFD was 6 years ago do nothing until you check the SOL for your state on revolving credit. Your credit cannot be harmed by that new activity the only thing that matters is the DOFD. In LA for example they have 3 years from that date to collect. After which they cannot sue and win. Offer a Pay For Delete if you want but do so without saying you owe the debt. If its been 6 years since DOFD and you are outside of SOL you dont have to do anything. After 7 years if the new collection is still there dispute it.

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I gave him that advice when I thought it was a $100 medical collection, not an untouchable credit card charge off!

ETA: You're right about the not claiming the debt part as well. You can offer a PFD without claiming responsibly for the debt. You don't really want to put in writing that you acknowledge the debt to be yours.

Live and learn, I was stupid with my credit when I was younger. It was only 1 card we're talking about here, but I only have 10 months left before SOL goes in place. Yeah these last few years have sucked in terms of interest rates I pay on the credit items (truck note, etc..) but I made due. Bills are paid on time now, credit score is rising, and in 10 months I'm almost good as new!

FWIW I'm not talking about a $500 collection, I would've paid that a long time ago. With interest and fees now it's in the low 5 digits. No way can I afford it, and with such a short time left til it falls off I'm not contacting the creditor to work out a deal out of fear of them re-aging it.