How do they get away with it? Collection Agencies

[wolfmomma30]

I know a debt is a debt: I completely understand. However, how can collectors try to try and make you pay something that is well over 10 years old? I thought debt that was 7 years old comes off your credit report and no longer is something that the company can collect on??

Help I am a little confused.

[WINLPHZTLOML]

BUMP!

[tomib]

hmmmm I dunno

maybe each new try restarts the clock?

[rennez]

Inever knew there was a statute of limitations on debt. And personally I don't think there should be

[midnight_storm]

I think they can still try to collect on it. But I think at that length of time, there are limited actions that can be taken(I could be wrong). It also depends on what the debt is from student loans and medical bills are handled differently, again this is what I have always understood.

[tomib]

this doesnt answer the question but maybe it can help a little

http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre18.shtm

[tomib]

oohhh here is the info you need!  read on! http://credit.about.com/od/debtcollection/a/soflimitations.htm

[wolfmomma30]

Quoting rennez:

Inever knew there was a statute of limitations on debt. And personally I don't think there should be

There is a limitation on debt as far as the credit report goes. A company has 7 years to post on your credit report. And I could have sworn if there is any amount owed to that creditor they have seven years to pursue it. I mean would you want someone calling you, harrassing, about a bill back in 1990? Good grief no. If I had never heard from them untill now I would assume that I had paid it by then and think that they are a loon for waiting untill now.

 Same applies for the creditor that has just now called me. The acct was closed back in 99. I had not heard a mouse squeek from them since.

I do know that it is the law that the collection company has to have an original invoice of said debt called Validation of Debt. If they do not have an invoice then they cannot prove the debt is valid therefore dismisable. I am not saying this as to get out of paying. I forgot about it, simple mistake. However life has happened between then and with some of the scams fake creditors have pulled; I am more gaurded.

[wolfmomma30]

Quoting tomib:

oohhh here is the info you need!  read on! http://credit.about.com/od/debtcollection/a/soflimitations.htm

Awesome Thank you! For this account its an open ended account and is 6 years in my state. And she must think I am a loon because my report that I received last month says  9 years ago. Thank you!