Posted on 09/27/2007 1:17:56 PM PDT by AFreeBird
May depend on the state. This is the law in California.
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Wasn't talking about Statute of Limitations, was talking about 7-1/2 year reporting period.
Paying a delinquent bill with a payment that doesn't bring the account current has no effect on the reporting period. There is no such thing as "more lates" if the account is delinquent. As an example:
You miss your January payment, then
you miss your February payment, then
you miss your March payment, then
you make a payment that doesn't bring the account current
How long can any adverse information regarding the account be reported? 7-1/2 years from January.
You replied to me but quoted someone else. In any case, your link deals with state statutes of limitation. Don't confuse those with the permissible reporting period under the FCRA, which is 7-1/2 years from the commencement of the delinquency.
Statutes of limitation dictate how long a creditor has to sue you for the debt. They have nothing to do with credit reoprting.
Sorry, the initial post had to do with a call out of the blue from some debt collection agency for a debt that was 20 years old. These companies try to get you to acknowledge the debt TODAY, which starts the clock ticking again. It’s a bit of slight of hand in which you acknowledge NOT the debt from 20 years ago, but a current debt to the debt collection agency today.
These agencies don’t have a leg to stand on unless you formally acknowledge that you owe them the money.
Acknowledging the debt can, in some states only, restart the limitations period. That is, the period during which you can be sued. A mere verbal acknowledgment is insufficient in most states.
Acknowledging the debt can NEVER restart the 7-1/2 year credit reporting period.
Even in states where acknowledging the debt restarts the limitations period, it does not create a new debt. It the the same 20 year old debt.
I still think that depends on how devious they are and how gullible you are. If you send them an IOU for $100 which doesn’t reference the original debt (the slight of hand I talked about earlier) then you are indeed responsible for that IOU.
Nope. Contracts require consideration to be valid.
If I send you or anyone else an IOU out the the blue, there is nothing you can do to collect it.
Dont’ you have to hire an attorney to sue?
Nope. That's the beauty of it.
Individuals are always free to represent themselves in any court. Corporations must always have an attorney.
Side note for accuracy's sake: There is an exception. In evictions a property manager can usually represent the management company. But in other cases, they have to hire a lawyer.
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