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Abumikel

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when is deragatory debts removed and what if loan is purchased
I had an old debt (Loan) that became delinquent on Feb 2009. On April 2013 it was transferred to a lawyer dealing with debt collection. Shouldn't this collection account be removed from my report in 7 years which is Feb 2016? Does the new status of collection renew the 7 year to start again from 2013? What if the original creditor reported wrong dates after Feb 2009, who bears the burden to provide the proof? Thanks

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If the DOFD on the original loan was Feb of 09, then that is the starting date of the seven years. DOFD means "date of first delinquency" this is often figured by adding one month to the date of your last payment. Keep in mind that Federal loans and court ordered judgements are exempt from the seven year rule. It sounds to me that this account should be eligible to be removed now under "Early Exclusion" by the credit bureaus, so do some reading on that. You should also do some reading about the "Statute of Limitations" in your state to be sued for this type of debt, odds are the SOL has probably expired on the debt. You should also do some reading on the FDCPA (fair debt collection practices act) to make sure that the debt collector is not violating the law in any way as they often do. Whenever in doubt about a removal date, you can contact the credit bureaus and ask them when it is slated to be removed.

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