Re-Aging Debt (Collection)

Re-Aging Debt (Collection)

Re-aging debt happens when a consumer communicates with a debt collector/buyer about a debt that has past the statute of limitations. The action is good for the debt collector/buyer and bad for the consumer, who makes the mistake of acknowledging the existence of a debt due to a lack of awareness of the laws related to the situation. The most important tip from this article is that you must NOT admit to, agree to pay, acknowledge, nor discuss any alleged debt.

A debt collector/buyer may not have account level documentation, which would be required in order to win a lawsuit against you, should you challenge the validity of their claim to an alleged debt. Many debt collectors/buyers pay 2%-5% of the amount owed to the original creditor for bits and pieces or fragments of consumers’ information. They send out letters, robocalls, create accounts that appear on credit reports and or sue consumers to collect money from them. It is up to the consumer to be aware of and alert to the state and or federal consumer protection laws/statutes. You may wish to contact a lawyer to learn more about your options/the potential violations by either the debt collectors/buyers and or Equifax, TransUnion and or Experian, the consumer/credit reporting agencies (CRA’s).

A debt collector/buyer may have information about a consumer that is a result of identity theft (id fraud), a wrong identity, past the statute of limitations, a paid off debt, or even an alleged debt that was forgiven by the original creditor. A consumer may have the best opportunity to avoid phantom, zombie and or time-barred debt schemes by sending a debt validation letter to any company attempting to collect an alleged debt. Tolling, or debt that has been tolled, refers to an alleged debt that has been paused before it goes past the statute of limitations. Each state may have different laws and it may benefit you  to discuss your debt/credit matter with a helpful/knowledgeable consumer protection lawyer.

Some debt defense/Fair Debt Collection Practices Act (FDCPA) and or Fair Credit Reporting Act (FCRA) lawyers have never seen (video) (website) a debt buyer prove their case.

There may be a situation where an alleged debt that is re-aged benefits consumers.  An agreement with an original creditor on a delinquent debt, that is reported as on time/in good standing after the agreement is made between the consumer and the company, is an example of this potentially beneficial scenario.

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