Sold debt on ccredit report

[anonymousjames]

I'm in Illinois.

How do I remove the debt from my credit report after it's been sold to a different company? And what does the company that purchased the debt use to verify that the debt is legitimate enough to LEGALLY pursue you?

This is for a bad car loan.

 

[single317dad]

I'm in Illinois.

How do I remove the debt from my credit report after it's been sold to a different company? And what does the company that purchased the debt use to verify that the debt is legitimate enough to LEGALLY pursue you?

This is for a bad car loan.

If this is truly your debt, it's not going to leave your credit report until the statutory time of 7 years from the date of default has elapsed. As far as proof, when they sue you, they'll provide proof acceptable to the court that you owed the original debt and that they purchased the debt that you owe. It will be flimsy at best (a few statements, a receipt where they bought X accounts for XXX dollars, with no specific mention of your account, a phony affidavit, and rarely an actual signed contract), but it will be enough, and they'll win.

 

[anonymousjames]

And what constitutes the "date of default"?

 

[FlyingRon]

And what constitutes the "date of default"?

The date of default is the date for which you were obligated to make a payment but failed to do so. Typically it is the next month AFTER the last charge or payment you make on the account.