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Debt Collection

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DemonDEKEn

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A friend in SC had a old debt - over 5 years old - recently appear on her credit report. It appears that the debt was sold by Verizon to Jefferson Capital Systems. However, it’s my understanding that the statute of limitations on debt collection, in SC, is 3 years. Is this legal for them to try and collect the debt?
 
There are two issues. The first is about the legality. I can't tell you about that. The second is about the credit report. Credit reporting agencies make the mob look like do-gooders. It's a myth that only things that happen in the past 7-10 years appear on your report.

Another myth is that if you have a 700 score on Experion that you will have a 700 on Transunion. What most don't understand is that your score can be different because of who pulls it. You could easily have a higher score for a credit card versus being checked by a different industry as each has the ability to weigh what they consider important in looking at you.
 
Collection agencies try to collect on old, bad debt all the time. Sometimes they can trick people into resetting the debt clock. Your friend should request written proof of debt. He should NOT pay anything - not one cent until he is sure the debt is legit. Starting repayment on an old debt resets the debt clock back to zero. The burden is on them to prove the legitimacy of the debt. Until they do, your friend should doubt/contest the debt.

I'd have him search clark howard (.com) for "debt collection." They'll have some good articles/advice.
 
Pay your bills. Ain’t that hard.
 
If it’s already been 5 years I’d just wait another 2 For it to drop off your report
 
palmab03 said:
If it’s already been 5 years I’d just wait another 2 For it to drop off your report
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That's an absolute myth. The impact is lessened but it's a myth that nothing over seven years old is on your credit report.
 
(I’d point out that you’re wrong, but you flip your shit when that happens.)
 
No, you'd be showing how little you know.

I guess you think a 700 on Experion guarantees you a 700 on Transunion also. I bet you also think that if you go to your bank and get a report that says you have a 700 and then go to a car dealership you will have the same score.
 
1) I doubt the 7 years thing is a myth. If it stays on your report after that you can call up the bureaus and they’ll take it off

2) of course the 3 bureaus have different scores, there’d be no reason to have 3 different bureaus if they all had the same score

3). It is true the car dealership scores are calculated differently
 
RJKarl said:
No, you'd be showing how little you know.

I guess you think a 700 on Experion guarantees you a 700 on Transunion also. I bet you also think that if you go to your bank and get a report that says you have a 700 and then go to a car dealership you will have the same score.
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Why would I think wrong things? I leave that up to you.

Go read the FCRA and get back to me on the 7 year reporting limitations on personal debts.
 
There are also laws stating you can't jaywalk or smoke pot in many places. It doesn't mean they are enforced.
 
awaken said:
Collection agencies try to collect on old, bad debt all the time. Sometimes they can trick people into resetting the debt clock. Your friend should request written proof of debt. He should NOT pay anything - not one cent until he is sure the debt is legit. Starting repayment on an old debt resets the debt clock back to zero. The burden is on them to prove the legitimacy of the debt. Until they do, your friend should doubt/contest the debt.

I'd have him search clark howard (.com) for "debt collection." They'll have some good articles/advice.
Click to expand...

Thanks. Much appreciated. This was a Breach of Contract debt, with Verizon Wireless, that was dropped from her report in July, but suddenly reappeared, in August, as a "new debt" from Jefferson Capital Systems, LLC. I did some research on them, and Verizon must sell all their debts to this group, as there were multiple complaints against them, related to Verizon debts. They're generally regarded as a "bottom-feeder" debt purchaser whose reputation is less than stellar. Multiple complaints registered against them with the BBB, as well as numerous alleged violations of the Fair Debt Collection Practices Act.
 
It is my understanding that the 7 year rule only applies IF the company (original creditor or debt collector) stops reporting it to the credit bureaus. However, the debt collector most likely will never stop reporting for obvious reasons. The difference in score can be related to different reasons. Some companies pull a "soft" report (credit karma) and others pull a "hard" report (such as mortgage brokers and banks). The difference between the bureaus is because some cover different areas of the country.
 
BWELLS21 said:
It is my understanding that the 7 year rule only applies IF the company (original creditor or debt collector) stops reporting it to the credit bureaus. However, the debt collector most likely will never stop reporting for obvious reasons. The difference in score can be related to different reasons. Some companies pull a "soft" report (credit karma) and others pull a "hard" report (such as mortgage brokers and banks). The difference between the bureaus is because some cover different areas of the country.
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Thanks.
 
Debt dropped from credit report still owed


The only sure way to be free from collectors regarding the debt is to pay what you owe, either in full or as an agreed-upon settled amount.
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I’ve no idea what is the best thing for your friend to do at this point.



But I had a disputed charge from AT&T many years ago. It was really a terribly stupid mistake on their part and I was really angry they were charging me for an unusable service. But they were unrelenting and refused to remove the charge.

After vigorously but unsuccessfully challenging their charge, I decided to just pay it rather than endlessly fighting and risking credit reporting problems and hassles from collectors.


And I’ve greatly enjoyed tossing into the trash the dozens of incentive checks AT&T has sent me over the years sign up for their services.
 
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