My car was repossessed ten years ago collection and is still impacting my credit score; what happens to uncollected debt owed for over seven years?
My car was repossessed 10 years ago and it is still impacting my credit rating because it is listed as a debt owed. I thought that uncollected debt owed for over seven years is removed. Where can I
As the debt is so old, I'd begin by disputing the item on your credit report(s) as it's past the statute of limitations. The credit bureau should remove the item due to it's age.
The problem may continue to be an issue, though! The debt has probably been sold to a collector, potentially several times. If a new collector purchases the debt, it may re-appear on your credit report again (this time reported by the new collector). You'll have to go through the dispute process again (and possibly again.....and again.....).
You may want to try to settle the debt for pennies on the dollar. That should eliminate the possibility that the debt will show up again on your report in the future.
Thanks for the question!
Dear Impacted Your Credit Score,
I will advise you to seek out a credit repair specialist.
Though I would wish to provide a list of such service specialists I specifically utilize one firm that works closely with clients to dispute claims to your credit and successfully remove those that may be most likely to be removed. I would therefore have no reservation sharing with you a fiirm that I am aware of that has done a thorough job for it's members now and in the past; Lexington Law Firm. Please research other such firms, ask questions, check references and assess the cost of such services.
Janet Grace Attard, RIA, MBA, CMT, Series 7, 63, 65
J. Oliver Maxwell, LLC CRD # 155656
California Insurance # 094026
tele. # 925-876-1377