Collection agency?

Question

When you have bills that go to the collection agency, how many years, if you havent paid them off, do they forget about it for example in illinois.

well they havent even mail me and letter for like almost 3 years. so what do i do.

I said If you havent paid your bills off and they report to collection agency how long will it take for it to be cleared off and them to forget about it.

Answer 1

How long they can legally report depends on what kind of bills they are. The reporting SOL for most debts such as credit cards, non government loans, etc. is 7 years. Judgments, bankruptcy etc is longer.

How long they can legally try to collect depends on the kind of debt and on your states SOL statutes

The reporting SOL on a credit card is 7 years from the first time you became 30 days late and never brought the account current leading to the charge off.
The reporting SOL for loans and utilities is 7 years from your last payment.
Reporting SOL's cannot be re-aged.

If you are in Illinois, the SOL for collecting on credit cards is 5 years, for written loans it is 10 years and for utilities (such as phone, elec, etc.) is 4 years.

Collection agencies can legally try to collect for as long as they want. After the collecting SOL passes in your state, they can continue to try to collect but they cannot legally sue (though they are known to file suits on time barred debts)

If you want to pay, send them a debt validation letter.
(send everything certified mail return receipt)
After they respond with proper validation, send them a pay for delete letter.

If you are still within SOL but cannot pay at this time, and they are not currently active - as far as dunning you, etc. your best action may probably be no action.

If you are out of the collecting SOL, you have a legal right to send them a SOL letter. Which informs them the debt is no longer legally collectible.

You also have a legal right to have correct credit reports. If any of them are reporting incorrectly you have the right to file a dispute. (though if you are still within the collecting SOL on an account and cannot pay, it wouldn't be wise to dispute that account)

You might click on my profile and do some reading in the links I have listed - to the FDCPA, FCRA, etc.

Answer 2

7 years from date of last activity... but BELIEVE ME, they won't forget it if your bill goes to collections. They will hound you every chance they get until you pay up. Also, you will still owe the money. Most of the time, the charge will be double (or even triple) reported because multiple collections agencies are looking to collect the bill (and make some money for it).

Answer 3

It will stay on your credit report for up to seven years after it is paid in full. Financial institute look at the past two years for lending purposes and want you to have good credit for two years.

Answer 4

seek advice from the credit series organization and discover out regarding the very own loan. If the very own loan is valid, pay it, or negotiate a freelance. series companies artwork with debt that's no longer stated to a credit bureau except/till the series organization determines that that is uncollectable. Examples are scientific debt and utility debt.