Collection Curio
what happens to the debts after 7 years when they are not supposed to show in credit reports??
I am curios cause my girlfriend is doing a heck of a great job trying to re-establish her credit history she is only 21 and had very bad credit. Bally total fitness, she broke the contract and they are asking her to pay more than 4k (which I find outrageous) Wachovia Bank is charging her for some overdrafts aboutU$ 900 they passed that onto a collections agancy to which we talked to make payment, they gave us a deal and we paid half and then they broke the deal and are charging her some more. then she has another CC problem with chase. She is young and a brilliant girl I want her to succesced in life and grow both her credit and herself as human being. I am not completely certain whether she must pay all this moneys to clean her name, or leave all past 7 years, but what is going to happen to all this debts would banks still prevent her from openning an account because she owes some overdraft fees to another bank some years ago??
Derogatory Items do not have to remain on credit reports up to seven years.
The operative term for various items to remain on credit reports is “up to.”
Some items can remain “up to” 7 years. Others are “up to” 10 years. However, just because they can remain “up to” that long does NOT MEAN THEY HAVE TO!
She needs to consult with a reputable Credit Restoration service. When done properly, credit restoration can remove collections, liens, late fees, charge-offs, judgments, foreclosures, student loans and more, legally and permanently from credit reports.
I say the service has to be reputable, because if it is not done correctly, it can actually hurt her credit score.
There are some good ones, but there are also scams. She should select carefully.
Without actually seeing her credit report and knowing much more about the debt she has, it would not be appropriate to suggest any one or other of the particular debts to which you refer could be removed.
It might be that she does not have to pay all these items in full or even at all to have them removed from her credit report, but she needs to speak with a qualified person to determine.
Also, if Wachovia has sold the overdraft account to a collections agency, she should NOT PAY WACHOVIA. Assuming it sold the debt, Wachovia no longer owns the claim. Paying it could simply compound the problem. Furthermore, she should NOT PAY the collector, unless and until it properly validates the obligation. Just because some collection agency is claiming to own the debt, does not make it so.
Paying a claim to the wrong person does not satisfy it. She would still owe the lawful owner of the debt. Since there is some uncertainty now about whether she owes Wachovia, the collection agency or anyone for that matter, she should insist that whoever is demanding payment prove that they have the legal right to be paid.
One word of caution, NEVER TALK with a collection agency! Insist that all communications be in writing.
Also, you should be warned that, even if you and she were to pay all these items in full to the lawful owner of the claim, their existence would still be noted on her credit report, unless they are successfully removed.
Best of luck!
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