National "Dump Your Bank" Day

Mrd00d · 11-05-2011, 07:22 PM

Quote:

Originally Posted by Freebase Dali

If you have negative marks from an unsettled account on your credit report that you're not responsible for, you can contest it and get it taken off.
If you are responsible for it, you can wait the seven years, but be very careful, because if there's any activity on the account within those seven years, the timer will restart from the date of new activity, and you'll either want to pay it off, or wait another seven.

Paying the account off is considered activity, and you'll still have the negative marks for 7 years. So, I'd just leave it alone if you're gonna wait.

Also, beware of debt collectors tricking you. Sometimes they'll call and try to get you to admit the debt is yours, and get you to infer that you're planning on paying it off. On that basis, they can update the account and run you past the seven years, starting a whole new statute of limitations in the process (which they can then sue you for the debt).

I had a credit card that went into collections like 9 years ago, and the info is now off my report, but the collectors keep selling the account to other collectors, and I still get calls to this day. They even send me letters saying they'll settle the debt for 99 dollars (was originally like 3,000), but that would be a dumb move because the statute of limitations is wayyy over, so they can't sue, and paying would put it right back on my credit report if they sent the account status to the reporting agency. So... best move for me is just ignore them.

Any time my phone shows an 800 number, I know it's them. lol.

Thanks for the assurance, yeah, that's pretty much what I knew about it. I haven't talked to them in 3-4 years. New number, new address. Feeling pretty safe. Yeah, just planning on avoiding them forever.

"If you have negative marks from an unsettled account on your credit report that you're not responsible for, you can contest it and get it taken off."

I never knew that, but I've never looked at my credit report. Maybe I'll keep that in mind.

Freebase Dali · 11-05-2011, 07:34 PM

Quote:

Originally Posted by Mrd00d

Thanks for the assurance, yeah, that's pretty much what I knew about it. I haven't talked to them in 3-4 years. New number, new address. Feeling pretty safe. Yeah, just planning on avoiding them forever.

"If you have negative marks from an unsettled account on your credit report that you're not responsible for, you can contest it and get it taken off."

I never knew that, but I've never looked at my credit report. Maybe I'll keep that in mind.

It's a good idea to check your credit report at least once a year. In the US, you can get a free credit report annually, from Experian and Equifax. (Or you can do it every 6 months by getting one from one company, and another from the other 6 months later)

Just google free annual credit report. All is done over the net.

Most people probably don't see the point in checking their credit report, especially when they don't have any lines of credit, but that doesn't mean they're invulnerable to identity theft. If you have a social security number and are old enough to get a credit card, you're vulnerable. And checking to make sure you don't have any accounts on your credit report that weren't started by you is how you make sure someone isn't rubbing your good name in the mud and stealing with it.

**Janszoon** · 11-06-2011, 02:16 PM

Quote:

Originally Posted by Freebase Dali

It's a good idea to check your credit report at least once a year. In the US, you can get a free credit report annually, from Experian and Equifax. (Or you can do it every 6 months by getting one from one company, and another from the other 6 months later)

I thought I remembered hearing before to that checking your credit often can actually affect the score.

hip hop bunny hop · 11-06-2011, 03:31 PM

Quote:

I thought I remembered hearing before to that checking your credit often can actually affect the score.

Eh? No.

Freebase Dali · 11-06-2011, 03:58 PM

Quote:

Originally Posted by Janszoon

I thought I remembered hearing before to that checking your credit often can actually affect the score.

If it's your own credit report, no.
If you have a lot of inquiries about your credit rating from other people, like creditors, etc., then yes.