“After seven years, non-Federal debt disappears from her credit report.”
Sure, that is the specifics of the law. However, it gets reset whenever it is sold to a collector, or whenever they send a new notification...It gets pinged at each new transaction as a “new” debt.
Interesting. So you are saying that collection agencies selling a debt back and forth amongst each other for a penny could keep a persons credit score in the tank indefinitely?
Sure, that is the specifics of the law. However, it gets reset whenever it is sold to a collector, or whenever they send a new notification...It gets pinged at each new transaction as a “new” debt.
Wrong. That is the way it happens sometimes yet, however, it’s ALWAYS from the date of first default for the 7 year clock. What your talking about is re-aging the account and is a violation of the FDCA that you can sue (and win!) for.