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Zombie Debt - Is it legal for CA to report it to CRA's

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I have been trying to get a correct, legal answer to this question. I have several zombie TL's on my reports which come back verified (thanks Experian and Equifax). Various online sites say reporting zombie debt (debt known to be outside of the statute of limitations) is illegal, while other sites that debt can remain on credit reports for 7 years.

 

Is there a straightforward answer to this?

 

Thanks.

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I have been trying to get a correct, legal answer to this question. I have several zombie TL's on my reports which come back verified (thanks Experian and Equifax). Various online sites say reporting zombie debt (debt known to be outside of the statute of limitations) is illegal, while other sites that debt can remain on credit reports for 7 years.

 

Is there a straightforward answer to this?

 

Thanks.

 

SOLs for suit defenses are set by the states and are usually under 7 years. Reporting SOLs apply to the reporting of negative credit items and are 7 years for most negatives. They are completely different.

 

 

This is the federal law that regulates and establishes reporting SOLs. A few states impose smaller reporting limits for certain kinds of debts.

http://www.ftc.gov/os/statutes/fcradoc.pdf

Edited by cashnocredit

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Don't confuse collections SOL with reporting SOL. They can legally report it up to 7.5 years from the DOFD. Usually it's easy to get it deleted earlier.

 

BTW, zombie debt is a term used to describe debts past both of these SOL.

Edited by mendelssohn

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Thanks Mendelssohn,

 

I thought Zombie debt was debt beyond SOL. Thanks for the clarification.

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Thanks Mendelssohn,

 

I thought Zombie debt was debt beyond SOL. Thanks for the clarification.

It is, but the debt you are referring to is not beyond the reporting SOL.

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thanks funkiehouse. very straightforward.

 

but now i'm at a loss as to how to get these CA's off my report. One idea I have is to dispute to the CRA's that the amount is wrong as there is interest being charged. I live in Florida.

 

Do you know if it's against the law for CA to respond to a dispute and NOT state they will not sue due to debt being time barred? Also, must they delete if the CRA verifies but the CA doesn't indicate the TL is disputed by consumer?

 

Thanks.

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