Is the a law on how long a bad debt can stay on your credit?
Monday, February 20th, 2012 at
11:23 AM
Someone opened аח account аt a Gym іח mу name back іח 2000.I first found out аbουt іt іח 2003 аחԁ contacted tһе collection agency аחԁ tοƖԁ tһеm іt wasn’t mе аחԁ I’m חοt аbουt tο pay tһе bill.I јυѕt ɡοt another bill frοm tһеm again today.Hοw long саח tһіѕ company legally keep tһіѕ up?
Tagged with: credit • debt • long • Stay
Filed under: Clear My Debt Now
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Ask them to provide a signed agreement showing your signature! When they are unable to do so tell them you will report the company (Gym)to the BBB Better Business Bureau for Fraud! You notified them of the fraud and they did not do anything about it! Contact the Gym directly of the Fraud and tell them to notify their collection agency! A bad debt will generally stay on for 7 years.
I went through something similar.
You need to get all three credit reports at http://annualcreditreport.com
If you already got your free reports for the year, pay the 10.00 for each one.
Find the name and address of the collector.
Write a letter of verification. There are many samples of these letters online. You are requesting they prove you signed for it. Most of the time, they can’t prove it!
Send it certified mail, and do not sign, or hand write anything. Type it all including your signature.
You wait 30 days. If they do not respond to you, you send a second letter of validation request. If after 15 more days they have not responded to you, you photo copy all communication between you and the collector including the returned certified mail post card, and mail it to any of the credit reporting agencies that have this collector listed on your credit report.
They will remove it.
Visit this website for a great education, and help on this very subject.
http://www.creditboards.com
Do not be intimidated by the collection agency. They are bound by laws as to how they conduct business. They can not harass you.
In the worse case scenario, it will stay on your report for a full 7 years. You’d be looking at 2010.
Fight the heck out of it.
Legally, they can’t keep this up. You need to send a letter by certified mail to the Gym, the collection agency, and all three credit bureaus (Equifax, Experian, and TransUnion) stating that you did not open the account. It could be a mistake on the Gym’s part, or it could be a case of Identity Theft.
For more information on Identity Theft, and your rights, go to http://www.ftc.gov/idtheft
To file a complaint against the collection agency, do an online search for your state’s Attorney General’s Office.
When they close your casket door…..then it goes away, sorry to say. In this computer world we love so much……nothing goes away, so be careful, be very careful.
Smiles from Michigan
Negatives age off your credit report 7-1/2 years from the date of first deficiency.
However, if this is not your debt you should send the collection agency a certified, return receipt letter requesting VALIDATION (not verification — that’s totally different) including copies of contracts and other documentation proving this is your debt. Be sure to tell them that you never opened a gym account. Give them 30 days.
If they fail to respond, send the credit bureau a dispute with a copy of your validation request indicating the creditor failed to validate. The item should be removed from your file.
If the do respond, you should have the proof that the debt is not yours. Use the proof to dispute the item with the credit bureau as not yours. Then send the collection agency a certified, return reciept letter telling them to cease and desist all contact.
Be sure to keep all the letters forever. The debt is likely to be sold off to another collection agency and you will have to send another cease and desist letter.
FYI, I can’t belive someone recommended you report them to the Better Business Bureau. The BBB is a private organization that has absolutely no power or authority over anything, not even their own members.