CA collecting on 13 year old debt - Need help

Submitted by Anonymous (not verified) on Tue, 06/30/2009 - 03:43
Forums
Credit repair

A collection agency is trying to collect a 13 year old debt. I checked my credit report and was surprised to find it on my credit report. I am sure the last time I checked it was gone. It is there now with $45000 remaining balance. Is there no time limit to when the CA can collect the debt? But I am a bit doubtful whether it will affect my credit score. I am in the state of NJ.

Thanks for any help

scott

Hi Joe,

If you get the debt accounts removed from your credit report, it will not affect your score. To remove the debt accounts, you should dispute it with the credit bureaus. You will have to send them a "Dispute Letter". The bureaus will remove the accounts and send you an updated copy of your credit report.

If the collection agency continues to call you even after the debts are removed from your report, you should send them a "Cease and Desist Letter". You will find samples of both, "Dispute Letter" and "Cease and Desist Letter" in the Letters of Credit section.

Tue, 06/30/2009 - 10:15 Permalink
fireyone

Joe56, Hello and welcome to the forum. There is such a thing as statute of limitations commonly referred to as an SOL (at least here). What this does is protect consumers from collections after a debt has reach an expiration period. After a set time, usually up to 10 years depending on your state the collector losses its right to collect unless they have stopped the SOL by filing a lawsuit.
We would need to know a little more info.
What state are you in or was the debt made in? Was their ever anything filed with the courts and who holds the debt a collection agency or the original creditor?
If you can answer these questions we can help you out a lot more. If no lawsuit was filed chances are you are protected by the SOL and can dispute the mark on your credit due to that fact and get it removed.

Tue, 06/30/2009 - 12:36 Permalink