To collect or attempt to collect, in many jurisdictions (states), none... In other words, they can attempt to collect for as long as you live, and if you pay, they may collect for as long as you live. To sue or attempt to sue, each state has their own statutes of limitations. The company can still try to sue you, it is up to you to raise the statute of limitations when you defend yourself from the suit. Fail to do so, and they can win a judgement against you. To report on your credit report, they can only report most information for 7 years from the date of the delinquency which lead to the account being charged off. But they can try to re-age the account to get it to appear on your credit report, you can only sue them if they do so, AFTER you dispute it with the CRA, and they report the same incorrect information to the CRA as a part of the dispute.
Would you like to re-think that one, Jam? Depending upon the type of contract (oral, written), the type of debt (revolving account, installment loan, tax lien, etc.) and the state in which the debtor and debtee are governed by, there are specific limitations as to how long an unpaid debt is valid and collectible, and whether or not a creditor can sue the debtor in order to obtain a judgment for the debt. Yes, If the latter is not done and the statute of limitations runs out, the creditor can't sue you anymore. However, the legal liability to repay a debt (unpaid) DOES, in fact, run out at some point (see above) in the absence of a judgment. Creditors can NOT "try to collect for as long as you live" (very few exceptions). There is an SOL on the debt itself (in the absence of a judgment).
