Complaint Review: Unifund Ccr Partners Palisades Collection - New York New York

Bad debts can't stay on a credit report if they're older than 7 years. Making an agreement to pay, verbal or written, does not reset that. Actually making a payment might, if the account is considered to become "current" after the payment. The account can only be brought "current" if it is still held by the original creditor, not a collection agency.

Credit cards in almost all states are open contracts, some states have case laws that claim credit cards are written contracts. But, Under the Truth In Leading Act (TILA)1602, revolving accounts, is a open account. Credit Cards are open accounts because the amount changes each month, not like a written contract (home, auto, or other types of loan) that the amount, stay's the same each month for so many months. Most contracts and state law allow for the interest to still add up, while in collection Section 623(a)(5) of the FCRA, 15 U.S.C. 1681s-2(a)(5), requires anyone furnishing information to a consumer reporting reqarding a delinquent account that has been placed for collection, charged to profit or loss or subjected to any similar action, to provide to the cosumer reporting agency, not later then 90 days after furnishing the information, the month and year of the commencement of the delinquency that immediately preceeded the action. This even applies to collection agencies that buy debts from other collection agencies. The account had to start somewhere, and this Federal Law is in place so a debt can not be placed or left on a credit report longer then allowed by law. Credit card debts can only stay on your credit report for 7 years from the DLA or charge off date, from the original creditor, unless you did something to re-set the SOL. Most collection agency do lie and claim you made a verbal agreement to pay something on your debt, most state require a written aknowlegement of this agreement, unless they have a tape or anything in writting from you, fight it. If your going to pay anything on your debt, before any payments are made get it in writing

la civil code art. 3498 states action on instruments, wheather negotiable or not,and on promissory notes, whether negotiale or not, are subject to a liberative prescription of five years. this prescription commences to run from the day payment is exigible.

Wanda, Actually the SOL for "open ended" accounts in LA is 3 years and all other debts are 10 years. Second, when you made the settlement offer, you reset the SOL. Third, just because an account is "charged off" does not mean it is "dead". It can be collected legally until the SOL runs out. And, interest CAN be charged on a charged off account. You need to dispute in writing with each credit bureau and demand to see all communications used in handling the dispute as per your rights under the FCRA. Communicate only in writing and only by certified mail, return reciept requested. be sure to put the certified# on the letter itself and keep a copy for your records. This is very important.