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    enajenkins's Avatar
    enajenkins Posts: 7, Reputation: 1
    New Member

    Jan 22, 2007, 03:59 PM
    Question #2 Debt Validation: Should I wait out and old debt?

    Concerning the Debt Validation / Verification process:

    If a debt is due to expire (over 7 years old) in a couple of months, is it better to validate /verify it; or wait it out and then get it removed - that is, will the act of verifying the debt renew the life of the debt if it is proved to be valid?

    symone91's Avatar
    symone91 Posts: 9, Reputation: 1
    New Member

    Feb 8, 2007, 01:41 PM
    The only thing that can renew the life of the debt is if you pay something on it. I would wait it out. A few days before the 7 years expires, send certified (with return receipt) to the credit bureaus and tell them that the Fair Credit reporting Act states that any accounts that have been inactive for 7 years must be removed from your credit report. Tell them that you want the account deleted.
    mr.yet's Avatar
    mr.yet Posts: 1,725, Reputation: 176
    Ultra Member

    Feb 8, 2007, 01:50 PM
    Are they in collection now?
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member

    Feb 8, 2007, 02:11 PM
    Hello ena:

    The fair credit reporting act says that negaive items will come off the report after 7 years of no activity. If you are in collections, the account IS active and the clock starts again.

    enajenkins's Avatar
    enajenkins Posts: 7, Reputation: 1
    New Member

    Feb 8, 2007, 10:51 PM
    Quote Originally Posted by mr.yet
    Are they in collection now?

    Thanks to everyone for the advice...

    They are listed on my credit report as being held by a collection agency, but I have made no contact with; or payments to the agency.

    mr.yet's Avatar
    mr.yet Posts: 1,725, Reputation: 176
    Ultra Member

    Feb 9, 2007, 04:57 AM
    Send credit report companies a letter to verify the account, if it cannot be verify it must be remove, use the time frame you have.

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