dfwmustangs legal question?

[chronical]

Are you saying that a debt collector can report to the bureaus indefinitely?
And a consumer will have adverse information in their report indefinitely if a debt collector chooses to, assuming the debt is never paid ?

Answer this

[chronical]

I asked you to provide some evidence to support what you're saying about 20 posts ago, and instead of doing that you've just run your mouth. I have provided several different sources that cover what I'm saying, and yet, here we are.

Sorry for the typos that litter this entire thread. iPhone and fat thumbs.

I THINK you are trying to say that a collector can collect on a debt indefinitely and that the debt is indefinitely valid until paid.

I agree with this which I have stated. But it can't be reported on the consumers credit report past 7 years which is what we are talking about.

You also must be notified that the debt attempting to be collected is past the sol

[CJ]

Sorry for the typos that litter this entire thread. iPhone and fat thumbs.

I THINK you are trying to say that a collector can collect on a debt indefinitely and that the debt is indefinitely valid until paid.

I agree with this which I have stated. But it can't be reported on the consumers credit report past 7 years which is what we are talking about.

You also must be notified that the debt attempting to be collected is past the sol

I understand, I will frequently type the completely wrong word.

I am talking about the OP's question about being harassed by the creditor, and if they can legally pursue his friend. Yes, they can do that indefinitely depending on his state. No, they can't sue (if the debt originated, and his friend is from, Texas). There are places where they can sue him, still. I posted Texas statutes regarding debts (assuming he lives here).

As for the reporting, collection companies will usually continue to report that indefinitely. Although FCRA regulates tradelines to seven years, when the tradeline is sold, the new CRT will report a new tradeline and transfer the balance. This is not suppose to restart the clock on the debt, however, it will stay on the bureau. This is how you see collection tradelines from 50 years ago. If the specific bureau is petitioned, they would most likely remove it. A lot of people seem to think the credit bureaus are government controlled. They are separate private companies (CBI, TRW, TRU) and are entirely automated. The only time anything will change is if you intervene, creditors (usually collection companies) will just report indefinitely, often.

I managed an auto finance branch for several years, and went through several state audits. Bureaus and tradelines are never reviewed, that's how small companies are able to report indefinitely. Larger companies which have frequent CFPB audits will usually set time frames to kill said tradelines, but smaller portfolio companies almost always do not. CRT's utilize little tricks to cause that tradeline to remain. Some bureaus associate and reconcile transferred tradelines based on their original and remaining balances. Collection companies will change those amounts based on their debt purchase/acquisitions. This causes the tradelines to disassociate, even though they contain the same origination date, and remain on the bureau. It's usually the small portfolio companies that pester people like the OP is describing.