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Discussion in 'Credit Talk' started by joe, Jun 21, 2000.
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No it will not remain on your reports for another 7 years (it can only remain for 7 years from charge off date or first serious delinquency, not when you pay it.) Since it will be off by next year send the collection agency a cease & desist letter and forget about it. The Statute to collect is most likely up and they can't touch you.
I have an old credit card debt that will drop off my credit report in Feb 2001. A collection agency just contacted me about it and is offering me a payoff. I understand that if I accept it, the debt will stay on my credit report for 7 more years. If I don't do anything, will it just drop on in Feb? Or will they just keep harassing me?
I say, IGNORE them. They can't do a thing 'cause the debt is probably time-barred, and make sure they don't report false dates on your reports. Let it come off in 2001.
As advised in the other answers to your question, check the link below to verify that the Statute of Limitations for you has expired. Note that the SOL may apply for YOUR state of residence, the state where the contract was signed (if you moved for example), where the creditor is headquartered, or where the contract specifies lawsuits are to be entered into (for example, the contract specifying a particular state).
Also, note that if they were to sue you, you should still respond in court with the position of the SOL being expired. I've read a couple of instances where a *default* judgement was entered simply because the SOL expiration was not cited by the respondent (lazy judges and court clerks are plentiful). While, I imagine such a judgement could be vacated, it only makes sense to avoid such hassle and expense to begin with.
After you ascertain that the debt is no longer enforceable due to expired SOL, include that info in your cease & desist letter. It might be worthwhile to admonsih them in the same letter that the FCRA prohibits "re-aging" of such accounts, and that you will be monitoring the "drop off" in FEB '01. Should they try to re-age it and put it on your report, you have civil remedies for that as specified in the FCRA (link below, as well). That should be the end of that.