Expert: Creditwrench - 7/15/2008

Question
I live in California.  I have several marks on my credit from agencies that purchased my debt from the original creditor.  Although the current collection efforts show that they have begun within the last 7 years, the original debt began before 7 years.  I have not made any attempt to contact any of the creditors since the debt began and have not made any payments on the accounts that would restart the statute of limitations.  My questions is this:  Does the 7 years begin when the debt is purchased or when the original creditor sent the debt to collection (either internally or via third party)?  And if it does start when the debt is purchased can the third parties keep selling it someone else and start the clock over?  Also, if the statute has expired, how do I get it taken off my credit report without causing myself more trouble?
I now have 2 credit cards and have been making payments on time for the last year but these bad marks keep bringing my credit score down.  Any advice would be greatly appreciated.

Answer
Depends on which statute of limitations you are asking about but it appears that you are asking about the SOL for credit reporting purposes which is 7 years plus 180 days from the date of chargeoff. Selling the debt to another entity does not restart the SOL. How do you get it off your credit reports without causing myself more trouble?

That depends. The best way to get it off and keep it off is by filing a federal lawsuit against the company who violated even if that be the credit bureaus themselves. You can dispute until you are blue in the face and it still may not get it off your credit reports. Sue them in federal court and you will soon have pristine credit. Might take you as much as 6 months but in the end you will most likely get it off and get paid for your time and trouble.

So why do it through useless disputes that often end up getting you nowhere when you can easily do it yourself without a lawyer. It is the easiest way and it is even fun doing it.

Bill Bauer
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