Legal Question in Credit and Debt Law in Florida
I was the co-singer on a loan where the primary account holder stopped paying and file bankruptcy. the collection account still shows on my credit report. I have tried to settle the account for a partial payment but the collection company says they cannot touch the account. The credit agency will not remove it because it hasn�t been 7 years. How do I get it off my credit report?
2 Answers from Attorneys
If the collection company bought the account from the original creditor, they certainly can settle it if they want to. If they are merely taking direction from the original creditor, they can take your offer to the original creditor. At this point, until the account becomes too old to list, you will need to pay it or settle it in order to get it removed but keep in mind also that when you settle an account, it can be reported as "settled," which is also a negative on your credit report.
You should also look at the Statute of Limitations to institute a legal action which is 5 years from the last default.
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