Does anyone know what the "expiration" time is for a debt. I have an account that defaulted in 1991 and i am now being contacted by MCM trying to collect.
There is no one, conclusive answer to your question. It depends on a number of factors:
What is the nature of the debt?
When was the last payment or promise to make a payment made?
What state were you in when the debt was acquired?
What state do you currently live in?
You indicated that the debt defaulted in '91...if a consumer debt, I would imagine that the SOL has already lapsed.
Negative information remains on your credit report 7years plus 120 days from the day the creditor last reported. Positive information remains on your credit report 10 years to life.
i suggest to get your credit reports nad look at the 'drop off' date on your deliquent accounts ( on every dliquent account, there is a date where it would tell you when the debt should come off). If that date has already passed, 'dispute' the accounts with the credit bureaus. Giving you advice, from personal experience.
Yes you are right. Even I have faced the same. I disputed the accounts and they actually got deleted. It took some time but it was removed. How long did it take you Wendy?
Sometime it helps and sometime people fall unlucky. I could not get two items removed. It got deleted from two bureaus but it dint get removed from the other one.
There is no one, conclusive answer to your question. It depends on a number of factors:
What is the nature of the debt?
When was the last payment or promise to make a payment made?
What state were you in when the debt was acquired?
What state do you currently live in?
You indicated that the debt defaulted in '91...if a consumer debt, I would imagine that the SOL has already lapsed.
Unless it's a student loan the SOL has no doubt run on that debt.
negative history on your credit report.
Negative information remains on your credit report 7years plus 120 days from the day the creditor last reported. Positive information remains on your credit report 10 years to life.
credit
i suggest to get your credit reports nad look at the 'drop off' date on your deliquent accounts ( on every dliquent account, there is a date where it would tell you when the debt should come off). If that date has already passed, 'dispute' the accounts with the credit bureaus. Giving you advice, from personal experience.
Yes you are right. Even I have faced the same. I disputed the accounts and they actually got deleted. It took some time but it was removed. How long did it take you Wendy?
Sometime it helps and sometime people fall unlucky. I could not get two items removed. It got deleted from two bureaus but it dint get removed from the other one.
Anthony