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credit and old loans

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darien View Drop Down
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    Posted: 05/March/2007 at 7:27pm

I was wondering if someone would know the answer to this. I had a student loan that was in collections and was recorded on my credit rating. I did not pay them a penny and it eventually went of my credit rating and back to the goverment after about 6 years or so.

Then all of a sudden I am getting calls from Allianceone regarding this lone. Well my question is can they put this loan back on my credit report after it was already on there for for about 6 years or so. Is there not some kind of law against that. This loan is originally from around 1990, I also recieved a letter from the goverment saying they will withhold my tax. The real question is can they keep on putting this old laon back on my credit report forever.
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tuggghu View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote tuggghu Quote  Post ReplyReply Direct Link To This Post Posted: 09/March/2007 at 10:04am
Hi Darren. No they cannot keep putting the loan on your credit report. 6-8 years (i cant remember) from the date of last activity it will be erased from your credit bureau. The date of last activity would be noted on your credit bureau next to the loan. However the loan can stay in collections as long as they choose. Student loans are next to impossible to get out of. Alliance could report the debt to your credit bureau as a collections item which would do a lot of damage to your crdit bureau, however I have not yet heard of them reporting the student loan debts. So regardless if its on your bureau it still has to be paid somehow.
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Johnny View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Johnny Quote  Post ReplyReply Direct Link To This Post Posted: 09/March/2007 at 12:00pm
Tug,

A debt owed is a debt owed - and as long as a debt is owed, the creditor can report it. A limitaiton that aspplies to the reporting of an account to a credit bureau is six years - less one day. THe bureau is required to purge accounts that have reached the limitation, and had no activity or acknowledgment.

Banks and major creditors have spent a considerable amount of time looking for ways around rules that would otherwise restrict them from doing one thing or another. During that time spent, also spent was a lot of money on lawyers and other legal/political resources to help them find those ways.

Johnny
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

solvestudentdebt.com
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