so I am trying to understand the 7year rule. What if you have an account that was originally opened over 7 years ago, but then the debt is sold to collections, does that 7 years start over? Is it valid for collectors to collect debt if the account in question was originally opened over 7 years, or is it something that should be disputed? What do you do if you’re being hounded by collectors for accounts that are over the 7 years since original opening of said account?
Hello there. Great question. I have been working on my credit for a solid 3 years while trying to save every dime for a deposit. I’m disabled after working 36 years and needed a good car.
Right as I was about to embark on this journey, some atty firm shows up on my credit report with 16 accts from different hospitals.
I have always had insurance so how can this be? And many of these accts are over or approaching 7 years old?
Help. I’ve called this GRANT & WEBBER FIRM. I’ve disputed through Transunion & Experian. I’ve called my insurance company. (They can only help me in problems that are less than 1 year old).
Where can I go from here?? Thank you in advance for any help.
On Mon, Jun 24, 2019, 11:43 AM The Penny Hoarder Community <
1stfinancialcreditsolutions they can help
I would do a Google search for the Fair Debt Collections Practices Act. (FDCPA) It states specifically what collectors can and cannot do.
Also, your question has a couple of answers. If you are asking a question as to the LEGALITY of debt collection, refer to the FDCPA and your state statutes of limitations.
If you are asking the question from a MORAL standpoint, then if the debt is yours, you are responsible to pay it. (That doesn’t mean that I wouldn’t talk to the collection agency to cut a sweet deal.)
If you opt to go the second route, please let us know. We can then advise you as to how to proceed with the collection agency.
I’m a huge fan of Greenpath. They are a not-for-profit agency that provides free credit counseling. I used them myself years ago and they were a life changer, really. They are the only agency like that, that I will refer people to. Many other businesses that market credit counseling or debt reduction are businesses, and the main goal is to make a profit.