Is there a time limit on how long a credit agency can keep chasing an old debt they feel is owed to them?

Answer 1

There's a letter that stops all bottom feeders, the folks that collect bad debt after the statue of limitation at bendover.

Answer 2

7 years...but if they sell the debt to another company, they may be able to keep reporting the outstanding debt on your credit report. If many years have passed on your debt, dispute it for free online with all three major credit bureaus. Equifax, Experian, Transunion. What the credit bureaus do then is verify the debt with the issuing agency...if they can verify the debt with actual paper proof, then you're out of luck. But, more often then not, for many reasons, the debt goes unverified...and guess what...you then have the right to have it removed from your report. Usually, they do that automatically. Good luck!

Answer 3

They can chase the money for as long they want, but its 6 years after the last letter that the debt is written off.

Answer 4

Pycho is on the money with his answer.....the bad credit risk is the part you really have to deal with....they will turn the account over to collectors, if they cant find you it sits for 7 years on your record. Companies are merging and trading information so be careful. I have found that a beefed up credit report with on time payments and paid loans will help alot with a few red flags.

Answer 5

There is no time limit they may stop calling but they can come back later for the debt.

Answer 6

First, get each and every thing in writing, rather the date of 2003. Then as quickly as you get that tell them to end communications and write a letter to them declaring a similar subject. in terms of reporting the debt and ruining your credit: they can't rfile it to the credit bureau anymore as that's in basic terms too previous. that's why you get the date of 2003 in writing, that way in the event that they do rfile it with a pretend date, you have written data from them. in terms of amassing the money contained in the direction of the courts: there is likewise a statute of barriers on the determination of the debt which may well be distinctive on the statute for reporting it to the credit bureau (relies upon on what state you reside in). they might nonetheless sue you if it is interior that statute of barriers. whether it is out of that statute of barriers, they might nonetheless sue you and in case you do not look in courtroom a judgement would be entered against you. in basic terms look and say: "Your honor, I request the case against me be brushed off because of the fact the statute of barriers has run out" returned, considering which you have that letter from them that tells you the debt, you're good to pass; make certain you carry it with you. no remember in case you wrote a undesirable cheque and forgot or not; they might not touch you for this (alleged) debt.

Answer 7

6 years with no contact from either party and the debt is written off.

Answer 8

I believe its 6 years

Answer 9

7 years unless of course you die then the debt is written off!

Answer 10

I was told 7 years. Might be different in different states.