I have credit card debt from 2001 When will it fall off the credit report?

My husband and I live in California and back in 2001 we were in a financial crises and didnt pay 5 credit card bills. But I have several collection agencies calling and sending bills. When will it all fall off of our credit report? They say if we start paying it...it starts all over again?

If you start to pay on them you will re-set the states statute of limitations, they could then seek civil suit against you in court.

California SOL for credit card debts is 4years so they can not do anything to collect the debt.

As far as the credit reporting companies goes, there SOL for debt is as follows.
Running of Reporting Period - Section 605 [15 U.S.C. Â§ 1681c]
As of December 29, 1997 the reporting period runs 7 Â½ years (7 years plus 180 days) from the date (month and year) of the last delinquency (known as "last missed payment:).
So, regardless of how long a creditor waits to charge off, sell or transfer a debt, they must report the true and correct "delinquent or last missed payment" date (month and year) that preceded the creditor's action.

So in your case, they should be dropped from your credit report soon.

Send them each a letter informing them the debt is beyond your states SOL and to cease and desist. Here is a sample letter to use, just fill in your information. Send it certified/return receipt.

Today's Date
Your Name
Your Address
Collector's Name
Collector's Address
RE: [insert account number or name of account or name of debt]:
Dear [insert collector's name or company name],
This letter is in response to your [letter dated xx-xx-2005] (copy enclosed) or [phone call on xx-xx-2005], concerning the collection of the above referenced [account or date].
I do not believe I owe what you say I owe therefore I dispute this debt. I am well aware of my rights under the Fair Debt Collection Practices Act (FDCPA) and my state laws so I hope to save both of us a great deal of time by letting you know that not only do I dispute the validity of this debt, I have also checked with my State Attorney General and verified that the Statute of Limitations for enforcing this type of debt through the courts in (insert your state or the state in which the contract was signed) has expired. Therefore, should you decide to pursue this matter in court I intend to inform the court of my dispute of this debt and that the "statute of limitations" has expired.
This letter is your formal notification that I consider this matter closed and demand that you, or anyone affiliated with your company, stop contacting me regarding this or any other matter except to advise me that your debt collection efforts are being terminated or that you or the creditor are taking specific actions allowed by the FDCPA or my state laws.
Be advised that I consider any contact not in accordance with the Fair Debt Collection Practices Act a serious violation of the law and will immediately report any violations to my State Attorney General, to the Federal Trade Commission and, if necessary, take whatever legal action is necessary to protect myself. Be advised that I tape record all phone calls and violations of the FDCPA can result in you or your company being personally fined up to $1,000 per incident.

(Sign above name)
Printed Name

7 years. That is assuming that your creditors don't have a judgment on those defaulted accounts. Are you sure that none of your creditors filed any sort of law suit against you for those unpaid credit cards?

Write the reporting agency (not the credit company) and remind them that this has been on for over 7 year. Ask them to kindly remove it and they will.

Good luck!

:)

Unpaid debts usually take 7 full years from time collection starts to fall off your credit report.

7 years from the date of last activity, so if you pay, it will start re-aging from that date.

Pay it off because they can sell your debt to another company and then that company will keep calling you. There is no escape from debt. And it does stay on your credit report for 7 years even if you do pay it off.

Also keep a paper trail of everything. Get a folder and keep records, keep it after you've paid off. Sometimes they will try to come after you even if you pay it off, so just keep all your records.

If they do come after you after you paid it off, you can hire a lawyer or a parelegal and it'll make their job easier if they know that you kept records of everything that you paid back to your debtors.

Send the Credit Card /Collection agencies NOTHING! Your state SOL governs what power CA's have so don't fall for their act. DO NOT TALK WITH THEM! No contact. At the end of the year pull your credit or simply join a identity guard type service that sends you free credit reports every 3 months. It is the LAW that a bad debt falls off after you have stopped payinbg it 30 days and 7 years after no payment. If they call and you know it is CA's say "You must have the wrong number" and hang up and carry on with your life. The worse thing they can do to you is 1099-C you which means you could be paying taxes on this money one day if you can't show hardship which you probably can. Only the low of the low do this and it is a questionable act considering the CA's pay pennies on the dollar for this debt and they think they can write off the whole debt. The answer below that states that as long as a CA or CC company are trying to pursue the debt it will stay on your credit is WRONG!!! Do check you states statute of limitations because you do not want to get served a judgement this will screw you up for many years. Your almost at the end of this nightmare so be patient and watch your back. After it falls off your credit they can still attempt to collect just say wrong number or send mail back as return to sender. NEVER SPEAK TO THEM AGAIN! Best of luck!

Collection agencies are independent company's that are paid to collect a debt. They will spend seven years trying to get you to pay what you owe. Usually they will try to collect for seven years and if the debt is not settled it goes back to the original company, and they will send it to another collection company (or the same one,) for another seven years. This process goes on until the debt is settled, or the company gives up on trying to collect. It should only stay on your credit report for 7 years, but if it goes to collection for the second time (another seven years,)

When you pay it off, the credit reports will show it as a paid account. It doesn't magically disappear by itself unless you pay it off or agree upon a settlement and settle it.

Are you just refusing to pay them. because that is wrong. If you are in a crises then you should file bankruptcy. the truth is they will stay on your credit report as long as there is someone trying to collect from them .. You see. if a credit agency tries to get money from you and fails. then they sell your account to another collection agency. and everytime they sell the account starts over. You should go see a credit counselor and see what you can do about them.

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