A warning of reopening (OLD COLLECTION ACCOUNTS)!!!
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Posted By: Hardest Working Woman in Credit on June 15, 2009 Be careful of old collections. These companies will stop at nothing to collect money that is owed from 10 or 20 years ago. Please review some of my blogs and forum tips for newbies. A sign that this is an old account will be once you start to get collections that are 50% off. For example, you may have owed $2000.00 and a bill comes in the mail for half of that from a collection company. The first thing you want to do is find out if this account is reporting on your credit file. Then think back to when you first had the bill. Only you (the consumer) knows when the account was opened. So, if you know the bill was more than seven years old or close to it, do not re-open this account. It will stay on your file for seven years after you pay (the so call 50% special). A note these bills SHOULD NOT BE ON YOUR FILE ANYWAY, because of the law timeframe. If the bill is reporting, you may want to dispute it. These companies are re-aging old accounts. I reviewed a special from a bill from 1993!!!!, just to let you know. If anyone has any questions, call me or email me.. Fight back and know your rights. Don't continue to settle for bad credit. The Credit Expert/Guru!!! Support Educating Millions of Americans over at www.creditadviseforyou.ning If you enjoyed this article, Join HBCU CONNECT today for similar content and opportunities via email! |
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Hardest Working Woman in Credit
From sanford, FL University of Central Florida class of 2001 Member Since May 2009 |
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