Old Debt

Submitted by aarons26 on Tue, 04/27/2010 - 02:57
Forums
Credit repair

I lost a vehicle back in 2000. The agency in charge of the debt left it on my credit report longer than 7 years, way over the statue of limitations. Well today I got a call stating that another company had purchased the debt, and were going to place it on my credit report again. Is that legal? What can i do?

Aaron

Hi aarons,

Statute of Limitations (SOL) and the 7 years after which a charged off debt may fall off is not the same. A charge-off falls off after 7 years. However, it will not fall off if the SOL has expired, but the years of the SOL is less than the 7 years.

However, when a debt gets sold off again, the SOL does not restart. The account cannot be re-aged with every sell. This is illegal. You can file a compliant about thsi with your State Attorney General and the Federal Trading Commission.

Hope this helps.

Regards,

Aaron

Wed, 04/28/2010 - 05:59 Permalink
cinnamngrl

Actually in some states vehicle repossession may have a different SOL.

where do you live?

Wed, 04/28/2010 - 21:27 Permalink