Those who read our blog know that we enjoy the posts by Gary Nitzkin and that is true of his recent post on junk debt which is also known as zombie debt. We suggest you read the article in its entirety.
Here is the conclusion of this post:
If the debt is not verified within that time period, the CRA has to remove the zombie from your credit report. “BUT WHAT IF THE DEBT IS VERIFIED AND IS NOT REMOVED?” you might ask. Hire a law firm to file a lawsuit under the FDCPA and the FCRA as the debt is not yours. When you prevail on your claim or settle it, the zombie debt can actually make you some money and it will cause the credit reporting agencies and/or the credit furnisher to pay your attorneys fees.
Don’t let Zombie debt devour your credit rating. Instead, use it to your advantage.
We do want to clarify that from our perspective you will need to show that the debt is not yours if you want to sue after a credit reporting agency verifies the debt. Or you will need to show some inaccuracy, which may be as simple as the zombie debt buyer not marking the account as being disputed if you have previously disputed it directly with the debt buyer. We will post some articles on this in the very near future so stay tuned…
Another resource for you is to join our Facebook Fan Page – Alabama Consumer Protection Attorneys where we share useful information about the same types of issues that we cover in this blog.