Creditors and Bankruptcy/7 year old debt

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Expert: Regan Shinski - 12/22/2010


Question
Back in 2003 I stopped paying my Amex card. The balance was $11,000.00 plus that I had on it. In 2005 my credit report showed that the Amex account closed and said nothing else. Since then Amex has used 6 different debt collectors to try and get there money. I checked further into it and found the account also shows being written off. What does this mean?

Answer
Hello Corey:

An account being "written off" is not what most people think it is.  It is simply an accounting move that takes it off the creditor's books for tax and accounting reasons.  It does NOT mean they have given up collecting on it or given up their legal rights to collect it.

The practice of using multiple collection agencies is widespread and generally legal to do.  They are not allowed to double report dates or cross them over.

It really sounds like you need to find out the current status of these debts and how they are reporting.  Accounts like this really are a PERFECT candidate for credit repair.  You likely would have great success in cleaning up the credit reports with professional credit repair.  Go to www.ficofighter.com for more information.  These accounts likely can be cleared with a guarantee.

If you get more up to date information or need further clarification, please post a follow-up question.

Regan

DELETE COLLECTION ACCOUNTS - www.ficofighter.com

Creditors and Bankruptcy

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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 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

Past/Present Clients
(private)

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