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alig13

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i have closed accounts but my derogatory amount increases why and is it legal
my account has been closed since 2011 but the balance is still increasing? y

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Top Contributor
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They must be charging interest on the amount. Check your state laws to see if it is legal. Do some reading on "statute of limitations" as well to see if you are legally on the hook for the debt. If the debt is not a federal debt, the seven year fall off time should be coming up soon, read about that. Also read the FDCPA (fair debt collection practices act) to see if it is being violated. Under no circumstance should you contact the debt collector if you are not knowledgable about how to deal with them. Do some reading on these things and come back and ask questions if needed.

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