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 Scores
Profile Image

Question By
besab427

0 Contributions
0 People Helped
What does it mean when you have collection accounts removed? Do you still owe or are they closed

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
2 Contributions
0 People Helped

Collections removed

Here's what I know, you still owe the debt. The collection can only report on you credit for 7yrs from the last date of payment. But each state has a statue of limitaitons as to when a company can sue you to recover funds. If they are outside of that frame as long as you don't start paying them or agree to pay them they can't sue you for the money. But that does not affect the 7yrs that it will stay on your credit report. Also watch out because collectors and companies try to be slick and change the date of last payment, resell the debt wih inaccurate info, and many other things. If they do this demand in writing a validation of debt letter and make them shoe you the original paperwork. In most cases they can't so you can request that they delete it from your report in writing sent certified mail.(so they can't say they did not recieve it) Once you have that info you can foward it to the cedit bureau that it is reporting on to have it removed.

Top Contributor
995 Contributions
551 People Helped

First, why was it removed, is it beyond the 7 1/2 year reportable periord? If it hasn't been that long, then it can be reinsert at anytime during that time length.

-

A debt is discharged only when, it's been paid, forgiven or thru bankruptcy. Just because it's no longer on your report, it dosent automatically means you are no longer liable for it. If it's still with-in Statute Of Limitations of being sued in your State? Then you still "legally" responsible for that debt, there are currently at least 10 States have SOL longer than 7 years and 3 of which have SOL upto 15 years depends on type of debt.

-

When it's beyond the 7 1/2 year reportable date, it just means it's no longer can be included on your credit report. When it's beyond the SOL? it's means creditors/debt collectors can not sue you for it, so to pay it or not, would be entirety up to you, however they can still contact you in attempt to collect as long it's not against your State's collection laws, and do it with-in guidelines of FDCPA.

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.