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Landl2u

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Closed accounts and removed collections?
I have the same account closed under Transunion and Equifax. Under the collections tab 'removed' is a list of all my debt. Nothing is under 'open' or 'closed' tabs. Does this mean I no longer owe on any of these debts? I've done a lot of reading and I am still confused by this. So any straight forward info would be greatly appreciated. Thank you!

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Your responsibility and liability to any account/debt isn't dependent on your credit report, credit report is not an legal instrument, Credit Bureaus aren't arbitrators of your debts. The debt can be removed from your report for many reasons, its age, it doesn't meet the reporting guidelines (per FCRA) in transitioning from one collection agency to another, the new collection agency decided not to report as they are not required to, or simply an clerical error... FCRA 605(a), collection accounts can remain on your report for 7 1/2 years from Date Of First Delinquency. Once it's past the DoFD? It can no longer be included in your report, but it doesn't automatically release your liability to that debt.

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A debt can only be discharged when it's paid, forgiven by debt owner, or thru Bankruptcy. Debt owners could potentially be contacting you for that debt even if it's 20 yeas from now, as long as it's done with-in the guidelines of FDCPA and your State's consumer/collection laws. Your "legal" responsibility to a debt usually determined by your State's Statute Of Limitations, referring to the length of time you can be sued for that debt, however in my memory, only couple States automatically rejectes lawsuit being filled that is beyond the SOL, meaning that if the lawsuit is filled and eventho its beyond the SOL? The defendants would still need to respond, citing the SOL in court for it to be dismissed... Many collection agencies have gotten the judgements in their favor thru that loophole.

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