I had a Creditor call me asking me to settle a debt from 10 years back. Is there a statue of limitations on this debt? Is it still reflecting negatively on my credit?
2007-10-12 06:24:27 · 1 answers · asked by nicholas v 1 in Business & Finance ➔ Personal Finance
First step is to pull your credit reports from all 3 of the main reporting agencies and see if this debt is on there. You can get your reports once a year for free at www.annualcreditreport.com. Then check out this website www.creditinfocenter.com to find resources that can help you figure out if this creditor is legitimate. There is usually a statute of limitations on collections and it sounds as if this creditor may be violating that. From now on, no more phone conversations with this agency. Next time they call, ask them for validation of the debt in writing and tell them all future conversations will be by certified mail. Do not admit to the debt or set up a payment plan until you figure out if this is legit. Good luck!
2007-10-12 06:32:11 · answer #1 · answered by jml167 4 · 2⤊ 0⤋