Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Cards
Profile Image

Question By
mparadiso82

1 Contribution
0 People Helped
"Open date" on collection account
In May, 2009 (6 years ago), I fell delinquent on a credit card. In April (this year), I received a letter from the credit card company telling me that they were selling the debt to a collection agency (I also received a letter from the collection agency). Not sure why they would wait until the debt is almost 7 years old, but whatever. Upon checking my report this month, I noticed that the collection agency is listing the account as a "new" account - is this legal? I understand that they just took over the debt, but they are not reporting the account as open from the date I originally fell delinquent - should they be?

Another question - since the collection agency took over the debt and listed the new open date, will I have to wait another 7 years for it to fall off, or will it fall off in 1 more year (one more year will be 7 years)?

Thanks in advance!

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
67 Contributions
706 People Helped

Helpful to 3 out of 3 people

What state are you located?  Unless you're in states that have up to 10 years to collect on a debt they can't sue you which is a good thing.  Now what matters is when your first "date of delinquency" is.  That is, when was the first month/year that you became 30 days late and never paid back.  You add seven years to that then it will fall off your report.  If they are beyond that dispute it with the credit bureau's if it shows up.  Collection agency's dates really don't really matter; it's where it originated from and when that default date/year was.

If you only have one year left, then that's all you have left.  Look up what your states "SOL" is for debt collection.  What I would NOT do is try to pay it off if it's past SOL.  TransUnion if you dispute it six months before seven years will likely delete it.  Equifax and Experian maybe more like three months before the seven years is up.  Of course if you're trying to get a mortgage they'll make you pay that collection off of course every time.  

1 Contribution
0 People Helped

Thank you! I'm in Florida. The SOL is 5 years for credit card debt. What concerns me is that the regulating agency told me that there isn't a SOL on collection agencies - which I don't think is accurate. So you are saying that the date that the colleciton acount was opened won't matter? I was talking with someone else the other day, and they had told me that that is how companies get away with trying to collect money from people on debt that is 7+ years old. Not sure if he was right, but I'm really concerned. 

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.