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BOB | What do I do if I recieve a Collections notice from more than 10 years ago? |
My credit history shows no account with the company they claim that I had an account with. |
 |
 
azjohn2001
 |
This account will not show up on your credit report as collection accounts stay on your credit report a maximum of 7 years from the time you were first 30 days late and never made a payment again.
A debt collector can try to collect on a debt forever. However, if the debt is older than your state's Statute of Limitations you have an absolute defense in court if the creditor tries to sue. If your debt is over 10 years old, and you've had no contact with them, you shouldn't have anything to worry about. If this was a default on an open account (i.e. a credit card), you're home free in all 50 states. If this was a written agreement (i.e. a car loan or mortgage) you should only be concerned if you live in Kentucky or Ohio, as the Statute of Limitations for written accounts is 15 years in those states.
Whatever you do, do not admit to owing the debt and do not make any payments on this account. This could reset the Statute of Limitations. So, here's your choices: write them and tell them not to contact you again, or ignore them. It is winter now, so you can use the collection agencies letter for kindling! |
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stan c
 |
Do not make any contact or any payments. The reason your credit history does not show because it comes off after 7 years whether the account was always paid on time or past due. If you start making payments, the SOL will start all over again. |
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betterthanramsay
|
it's past the 7year mark...throw it away and don't worry about it. |
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Hayley
|
well.. usually if its been that long .. the company sold the debt to a collection agency. so if you are will ing to pay some of it .. do a settlement.. for 40% or something.. otherwise, i think you do not have to worry about that .. the company cut their losses and probably charged it off.... |
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angelica
|
I think you need to contact fraud alert.
Equifax- 800-525-6285
Experian- 888-397-3742 or
TransUnion- 800-681-7289
good luck! |
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anon
|
Typically on a collections notice you are provided an address that you can write to to dispute the claim. I would write to them and tell them that you never had an account with them and will not be paying the bill. KEEP A COPY OF THE LETTER for your own records. Keep it with your birth certificate, passport, financial documents.... wherever you keep important paperwork.
What I think probably happened is you in fact did not pay a bill from several years ago. The original account has probably been passed on to a number of collection agencies and these people probably think you are ignorant and will try to scare you into paying it so they get a little bit of money. 10 years later they cannot require you to pay. As an educated credit consumer I'm sure you know that charge-offs, delinquencies, late payments, etc. cannot show up on your report for more than 7 years (although Bankruptcy stays on for 10). I would continue to monitor your credit reports. If this company submits negative info to a credit agency, immediately dispute it. If this is not from an old account that you were delinquent on then it is a total scam. |
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A and J
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i don't think they can go that far back call an attourney |
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private
 |
Your account, was "obviously," sold to a collection agency.
When you have an account you don't pay. They sell your
account 60 cents on the dollar, and it's out of their hands.
When you don't pay up. You eather go to court, or they put a
lean on your house. With all that "interest" piling up. "ouch"
The statue of limitations, starts when you are charged, so
check with someone "legal," and play it smart. <}:-}) |
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indiana_crank
 |
First, It could a complete fraud.
Second, depending on where you live, this is probalby past the statute of limitations IF this really was a debt you had. The statute of limitations is 4 years in California for example. If it was something you really owed at one point, find out if it's too late to collect. If it is too late for them to collect for heaven's sake don't send them a partial payment just to be nice, because that will reset the clock and then you will owe it. |
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KevinStud99
 |
Ha, at more than 10 years it is way past your state's statute of limitations (meaning the debt collector has no legal recourse -- you are in no way legally obligated to pay). AND it's way past the 7 year expiration date for your credit report -- it has dropped off and cannot be reported. (I should qualify -- CHECK you state's S.O.L., starting clock, relevant dates, etc. But you are probably gold.)
That means you are home free. You can tell the collector to go pack sand. You can order him to cease and desist from any further communications. OR, you can have fun with him and it'll brighten you day when he calls, because you know you are untouchable. |
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silky P
|
Call the collectors who provided the notice. |
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Sgt Big Red
|
You have 2 choices
1) shred it and forget it. This debt is way beyond most states statute of limitations to bring a suit against you. Of course this would depend what type of debt you owe, certain debts are not time barred such as
Federal Student Loans;
Most Types of Fines;
Past Due Child Support (state dependent); and
*Taxes (In many cases, income taxes have a 10-year SoL but this can be suspended as well as have more time added by filing the proper forms.
2) Send them a certified letter stating that this debt it time barred and to refrain from any further communication or contact. That you will seek legal action in accordance with 15 U.S.C.§ 1692k
But before you do this, check your states statutes at this link:
http://www.fair-debt-collection.com/SOL-by-State.html
Hope this helps. |
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mimi
|
i'm pretty sure the statute of limitations on credit collections is 7 years. don't pay it. sounds like a scam. do research on the internet first. |
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Caninelegion
|
If it were me, I'd just throw it away (after writing them and telling them what you just said). |
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annah618
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Unfortunately if you don't respond to them within 30 days you are considered to have "confirmed the debt" you need to send them a certified letter, return reciept requested, stating that the debt does not belong to you and they may not contact you any longer.
DO NOT call them on the phone, you will have no record of your communication with them and it could just make it worse.
The forum section of myfico.com has some great examples of what you should say in the letter. |
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sarah
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Well, do you or don't you? If not, no worries. If yes, rectify it. |
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nudiebob
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call a lawyer |
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Sarekay
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find out the statute of limitations in your state it usually 7 years.. or google it |
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