Collections Law/credit lien

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Expert: Regan Shinski - 1/5/2010


Question
My problem started in 1998. I had a lien filed against me and my wife on some credit card debt. The courts ruled that we would pay $100.00 a month which we did. Now 12 years later I am trying to purchase a house and this lien shows upon my credit report as still being open. I am trying to get a VA loan and the loan company wants prove that the debt has been paid. This was twelve years ago. What can I do to get this off my credit report. The collections agency says it doesn't have records back that far. How can I settle this with the courts? It has taken me 12 years to become debt free and have a credit score that will allow me to purchase a home. What do I need to provide to the lender to make this home loan happen?

Answer
Hello James:

In general - and there are state exception to this - a non-tax lien will stay on your reports for seven years.  Tax liens will stay on for seven years from the date the lien was released.

You should send a dispute directly to each credit bureau that is reporting it.  A simple letter stating the account is "obsolete."  They will respond back to you in about thirty days.

Actually, a better tactic may be to dispute the account more generally first since you state the collection agency no longer has any records.  Maybe just dispute it as incorrect or not reporting correctly.  This way, if they don't delete it, you can then dispute it again as obsolete.  The trade-off is there is a small chance it would delay the deletion by up to 30 days.

Good luck.  You may want to look into your state's reporting laws for judgements to make extra sure it is beyond the reporting time.  A simple internet search for those keywords should give you those answers.

Regan

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Regan Shinski

Expertise

I can answer questions on collections, repossessions, bankruptcy, credit repair, credit counseling, FICO scores, credit planning, and the cause and effect of credit related decisions. I can also answer questions on collection settlements and preparing to sue your creditors for false debts and credit credit reporting.

Experience

Fifteen years ago I was financially devasted due to severe health issues. I filed bankruptcy, had a foreclosure, car repossession, tax lien, and ruined credit. I immersed myself in credit law. I settled dozens of accounts and had them removed to improve my credit. I personally sued four creditors and collection agencies and won cash settlements for their false reporting on my credit reports. Since then, I have completely recovered and have nearly $100,000 in revolving credit lines and perfect credit. I have owned a credit repair company for the past five years and have an additional three years of specific work in the collections and debt management industry. I am fully versed in the Fair Debt Collection Practices Acts (FDCPA), Fair Credit Reporting Act (FCRA), and have used them successfully in collection settlements and lawsuits for myself and others. I am also familiar with and abide by the Credit Repair Organizations Act (CROA). I have deleted or helped delete literally hundreds and hundreds of derogatory items from consumers' credit reports and helped negotiate many settlements with collection agencies and creditors. I have also advised people on bankruptcy at any stage. In the current credit market, I have successfully advised numerous people on how to obtain credit and how to negotiate for better terms.

Education/Credentials
BA University of Minnesota

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