Forums
Ok, so the charge off came off of the credit report almost 2yrs ago after I reached the 7yr mark. Just now I had a collection agency call me about the same debt. I know if I pay them it will go back on the credit report. What do I do?
First check whether the SOL on the debt has expired or not. If it has expired, you need not make any payment towards the debt. But if it has not expired, you need to ask for debt validation by certified mail from the creditor or the collection agency from whom you have received the collection letter. This is because, expiry of the seven year term does not mean that the creditor cannot recover the debt. Even if the seven year listing period has expired, you can be sued by the creditor if the SOL has still not expired.
Yes, Mary is right. SOL starts from the date of your last missed payment towards the debt. So you should first check your last payment towards the debt. If the SOL has not expired first go for debt validation by certified mail to check whether you owe them the debt or not. If they cannot validate the debt, you need not worry about the debt, else you need to pay them back.
If you need help finding the Sol for your state you can let us know where you are from and we can get it for you. Also you need to know that if you do make a payment it will restart the SOL (statute of limitations).
This is true and it does not matter how much the payment is either, as little as a dime can restart the statute of limitations. As fireyone says list your state and someone here will assist you in finding the information that you need.