Zombie Debt: A debt that isn’t yours or one you paid off years ago haunting your credit report. We investigate the financial phenomenon that can put a freeze on your finances.
Debt in collections can negatively impact your credit score, which can affect your ability to apply for loans or purchase a home. According to experts, keeping your credit report clear of bad debt is critical to financial success.
Louisiana attorney David Szwak has battled zombie debt on behalf of his clients for more than three decades. “So sometimes they tell you, ‘Oh, we’re removing that off your credit file,’ but then they don’t remove it. It comes right back on the file because it’s not been properly suppressed,” Szwak said. Szwak said at that point, his clients can face an uphill battle against a multitude of collectors.U.S. Air Force veteran Jesse James found himself battling zombie debt after returning from a long tour overseas.
“They said once I did [make a payment], then I had assumed the debt of that credit card and I was like ‘No, this is not mine,’” James said. According to Szwak, the sister company of the original debt collector had purchased the debt from the original case – even though it was supposed to be removed from James’ credit report.
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