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It depends on the Statute of Limitations for your state. If it is longer than 7 years, then it is still collectable although it may have fallen from your credit report. If the SOL is less than 7 years, they can still attempt to collect and even file suit. However, if you follow proper litigation procedure and use the expired SOL as an affirmative defense then no judgment should be granted against you. If you do not respond with a defense then they can get a judgment collection on a debt that is 50 years old! Sadly, collection "attempts" are never time barred. I am not an attorney but an avid reader/learner in collections.
What else can I help you with?
Why would you still get calls from collection if it has been over 13 years since you had your car repossessed?
Demand verification of the debt.
If a delinquent account was never reported and it suddenly appears on your credit report 5 or 6 years later are you still responsible for that debt?
A consumer's responsibility for a debt is a separate issue than credit reporting. If you owed a debt 5 or 6 years ago, and never paid it, you still owe it. There is a statute of limitations for how long a debt can be collected, another for how long a consumer can be sued over a debt and another for how long a debt can show on your credit report.
How do you remove debt passed 4 years?
To remove debt that is over four years old, you can start by checking your credit report to identify the debts and their statuses. If the debt is beyond the statute of limitations, it may no longer be collectible, and you can potentially dispute it. Additionally, negotiating with creditors for settlements or payment plans could help reduce the burden. Lastly, seeking advice from a financial counselor or debt relief service can provide personalized strategies for managing old debts.
What happens to a collection account After 7 years to a collection account?
Typically, after 7 years, the debt becomes time barred. It would come off of your credit report. If you have had any contact with the creditor or collector within that past seven years, you could have re-affirmed your debt. This means the debt could start all over from that date, if you made any statements to the effect of being responsible for the debt in question. If it's been over 7 years, they can still attempt to collect from you, however you couldn't be sued.
Is it better to pay a five year old collection or just wait seven years?
Wait the 7 years. This is why. When you pay on an old debt like that the file starts all over again and even though you paid it its still a bad debt it will not help your credit any.
How long does a business have before turning the debt over to a collections agency?
The sooner you turn an unpaid debt over to collections, the better the chance of recovery. I would not suggest any debt over 3 years old. If it is a credit reporting agency, the debt will remain on the debtors credit report 7 years from the dilinqent date.
Over the past fifty years the national debt has?
Risen Steadily
Do you have to pay a debt that's over 5 years old?
Yes
Over the past fifty years the national debt has .?
Risen Steadily
Is a crown potteries co plate marked with 349 a collectible?
It is an antique plate for being over 100 years
How big is the national debt?
it had reached over a trillion last year and is still increasing
What has been the trend of the public debt over the past 20 years?
To just keep borrowing more money money and raising the debt level even further into debt.
