Is Credit Repair Always Possible?
Credit Repair Problems
How do you remove old debt off of your credit report if the debt was turned over to a collection agency, who claims that the debt was transferred to another lender, in order to have it updated on your report?
Gwendolyn
If I understand your question correctly, the debt was in collection and someone else bought it. It does not sound like it was paid.
If you haven't paid it, I don't see how you can remove it from your credit report for at least seven years.
If you have paid it, read Your Credit Report to learn how to get erroneous entries removed from your credit report.
If you want to send me some more information, I might be able to better help you.
My question is how do you remove old debt off of your report.
I know that in the state of Florida, the statue of limitation is five years from the date of last payment and not when a collection agency takes over or buys it.
So, again I would like to know if you are aware of this and if so, how could I have these debts removed from my report.
Gwendolyn
An unpaid debt will not be removed from your credit report when the statute of limitations on collection runs. It will remain on your report for about seven and a half years from the last payment.
Also, it is not unheard of for collection agencies to renew the negative item so that it stays on your report longer. And the "zombie" debt collectors are skilled at trying to collect supposedly unrecoverable debt. This makes credit repair even more difficult.
It sounds to me like you have unpaid debt that's over 5 years old. You will probably have to wait another two years or so before it is removed from your credit report.
If you think the negative entries are incorrect or unjust, you can follow the instructions in the article I linked to in my last email to you to try to have the them removed or to have your explanation added to your credit report.
Sometimes it is impossible to arrange for credit repair, no matter how much you would like to.
A firm such as Lexington Law can sometimes help, but even they can't do the impossible.
I hope this answers your questions.
