I've recently been freed from the chexsystem prison and enjoying my new bank accounts, but I still have the collection agency on my tail calling me everyday about the debt. This debt has never seen my credit report (THANK GOD!!!!!) but I'm afraid that the collection agency that WAMU sold the debt to will put it on my credit report and ruin my almost good credit . Can they still add a debt over 5 years old to my credit report??? If they can does the 7 years start from the day they add it to my report or does it start from 5 years ago??? I haven't told the collection agency that the debt was never on my credit report ( and I NEVER will) but how can I handle this situation the smart and legal way??? ???

There is a SET date for when your 7 year reporting period begins and that date is SET IN STONE after the recent changes to the FCRA (Fair Credit Reporting Act). If you are wondering how to figure it out, here is how you do it:

Remember the month that you last paid on the account.
Remember the month that you missed your FIRST payment on the account (and subsequently missed every payment after that).
Add 6 months (180 days) to that date (month and year as best you can).
Your 7 year reporting period begins the MONTH that is 6 months after your date of first delinquency.
Add 7 years to that month and year and that is when the listing SHOULD fall off of your credit report.

If an agency, ANY agency, has changed that date on your credit report in order to keep the listing on there longer, it is illegal. Not only is it illegal for them to change it, it is illegal for the CRA to allow that change to be made.

NOTE-This is only applicable to those accounts which began reporting AFTER 1997.


Sample Letter to Stop Debt Collection Calls


Your Name
Your Address

Collector's Name
Collector's Address

Mr./Ms. Collector,

I am writing in response to your constant phone calls!

According to the Fair Debt Collection Practices Act, [15 USC 1692c] Section 805©: CEASING COMMUNICATION: You must cease all communication with me after being notified in writing that I no longer wish to communicate with you. Therefore, I demand that you stop calling me at home, at work, on my cell phone or at any other location!

In accordance with the federal FDCPA, now that you have received this "stop calling" letter, you may only contact me to inform me that you:

are terminating further collection efforts;
invoking specified remedies which are ordinarily invoked by you or your company; or
intend to invoke a specified remedy.
Be advised that I am well aware of my rights! For instance, I know that any future contact by you or your company violates the FDCPA and that since you already have my location information, calls made by you or your company to any 3rd party concerning me violates section 805(2 of the FDCPA.

Be advised that I am keeping accurate records of all correspondence from you and your company, including tape recording all phone calls. If you continue calling me I will pursue all available legal actions to stop you from harassing me and my family.

Signature
Your Printed Name