Credit Collection Expiration

What is the name of your state? Colorado

I have an agency trying to collect a bill from me that was made in 1988 and was to be paid off by 1990 - the original loan was from one company that now has been acquired by another bank. The present bank is now trying to pursue collection that is now at least 12 years old. I think the former debtor reported to credit agency that appeared on my credit report for 7 years but I don't know for sure. Can they still report this on my credit report now? I know the statute of limitations has long expired. Do they still have rights to pursue this after all this time? I'm afraid they will put this on my credit report that is perfect now. How do I get them to leave me alone?

[Ladynred]

If it has fallen off your credit report, unless there is some legitimate activity on the account.. like a payment, then they cannot legally put it back on your report.

They can TRY to collection on the expired debt, they can't win. If the go so far as to try and sue, then you would go to court, cite the expiration of the SOL as your defense, and the suit will be thrown out. You would need some kind of proof as to the date of last payment, but if its already been long enough (7 years) for it to have fallen off your credit report, that would probably work too.

Send the collection jerks a Cease and Desist letter, certified, return receipt requested. In it you tell them never to contact you again about the debt as the SOL has expired. They should just go away, especially for something that old.

You can find sample letters over at [url]www.creditnet.com[/url] under Discussions. You have to register, but its free.

Thanks so much - I will get right on it. The sample letters are excellent ! I enjoy reading all the posts and replies - this site is great for advice.