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| *Ostroff, Fair and Company>>>Credit |
Does trying to negotiate with an old creditor reset the SOL period? |
I live in California and I am trying to clean up my old debts. I have an account which is 5 years old. The statute of limitations in California for open book accounts is 4 years. I know that if I agree to pay the account that it will reset the statute of limitations period, but will it also reset the SOL if I just negotiate by saying something like: "I will pay the account in full if you agree to delete the account from my credit report" First, you should try to get it deleted from your account by disputing it with the consumer reporting agencies. If they don't remove it after a few disputes, try to negotiate. Never admit the debt is yours - just tell them that you want to have it off your reports and will agree to pay a certain percentage of it if they will remove it (or mark it as "paid in full") from your reports. Remind them that the SOL period is up and that if they don't remove it they will never see a dime from you. Source(s): http://aaacreditguide.com/dispute-letter... http://aaacreditguide.com/pay-for-delete... http://aaacreditguide.com/forums... They will not delete the account from credit report, but you should get the letter from them to have a proof, but after few month credit report will show that account pd in full and after 1 or 2 years it will disappear automatically and not be include in a score calculation, just keep this latter in case. Good Luck! |
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