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10 answers

You can dispute the debt, but it's likely to be verified as accurate. If the debt isn't 7 years old yet, it can legally remain on your credit reports until that time has passed.

The first 3 people who answered your question are wrong. But I assume you already know they are either collection agents or trolls. The reselling of your debt does not restart the sol nor the 7 year reporting period. After the sol expires, you no longer legally owe the debt anymore.

2007-07-31 03:11:40 · answer #1 · answered by Anonymous · 0 0

Acermill and Credit Guy are spot on!
The statute of limitation is how long a creditor can seek legal remedy. However, you still owe and they can still hound you for the debt. If indeed the SOL has run, just send the collection agency a 'Cease and Desist' letter and most likely you'll never hear from them again.
The reporting period is something else. It's 7 years from the first default which led to the collection or charge off.
The reporting period cannot be reset by reselling the debt to another collection agency.

2007-07-30 16:46:39 · answer #2 · answered by Celeste 6 · 0 0

The Statute Of Limitations and your credit report are totally different from one another and has nothing to do with the length of time debt can stay on your credit report.

The law states: A consumer reporting company can report most accurate negative information for seven years and bankruptcy information for 10 years. There is no time limit on reporting information about criminal convictions; information reported in response to your application for a job that pays more than $75,000 a year; and information reported because you've applied for more than $150,000 worth of credit or life insurance. Information about a lawsuit or an unpaid judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer.

2007-07-30 17:21:30 · answer #3 · answered by twv23512652 2 · 0 0

No. The Statutes of Limitations merely dictate how long after a debt is incurred a creditor can take legal action in an attempt to recover the debt. The SOL has nothing to do with your credit file, nor with the amount of time said debt will remain in your credit file as unpaid.

2007-07-30 15:56:57 · answer #4 · answered by acermill 7 · 2 0

Actually, shelcom, there is a statute of limitations on debt. It's different in every state.

To answer your question...you can dispute that debt and any other negative account on your credit report at anytime.

It is up to the creditors to verify the debt. If they can't, then it must be deleted. Read the FCRA for full details.

2007-07-30 16:05:16 · answer #5 · answered by Credit Guy 2 · 2 0

I have been through this process myself and it didnt end well for me. So I hope you have better results. I assumed a debt was going to fall off due to the so called statute of limitations(which is stated on many debt websites). So I checked my free report and wrote them a letter by certified mail to ask them to take it off my credit report. Before they recieved my letter the person I had the debt through relisted it on my credit report, which I found they can do. You can write to have it taken off if it has been long enough but if the company relists you with a newer date the credit agency goes from the date.
Everyone gets in a bind so I understand, but you are going to have to pay it, let it stay on there, or file bankruptcy if you have enough debt.
Good Luck!!

2007-07-30 15:55:26 · answer #6 · answered by Jenn N Kentucky 4 · 0 0

First, despite what some web sites say, there is no "statute of limitations" for a debt. Statute of limitations applies to criminal law not a civil matter like a debt.

Second, they're not going to let you off that easy. They'll sell the debt to another company which starts the clock ticking anew.

Finally, you can't dispute a valid debt simply because it's been written off as noncollectable. They're not going to put up with that.

How about just paying what you owe?

2007-07-30 15:51:19 · answer #7 · answered by Box815 3 · 0 3

Unfortunately when a company charges off debt they sell the debt at a reduced rate to collection companies. Your account can be transferred to other collection companies untill the end of time.

2016-05-18 02:23:45 · answer #8 · answered by ? 3 · 0 0

There is no statute of limitations on debt. Where this myth comes from I don't know.

2007-07-30 15:52:17 · answer #9 · answered by Anonymous · 1 2

Nopr, it can stay on your credit report for 7 years. And then in a few cases, depending on the debt, the creditor can demand that it stay on for another 7! Ha Ha! Pay your freakin bills!

2007-07-30 15:48:16 · answer #10 · answered by Flower Girl 6 · 0 3

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