When a debt is on your credit report & ten years past. Report is clear, not paid, can law firm still collect.?
Answer:
You should check to see what the statute of limitations is in your state. The limit likely has expired, meaning they have no legal grounds to sue. Also, if the debt is that old, you should dispute the record with the credit bureaus. They should remove debts that old.
This article describes the reasoning for their actions. Don't let them take advantage of you.
nope, after 7 years they can't touch you UNLESS you decide to do something stupid and pay one nickel on the debt, then it gets re-aged to brand new. SO DON"T PAY!!
You owe the money, pay up.
Only in a bankruptcy is debt cleared legally. You don't stop owing it just because you have managed not to pay it for 10 years.
Try doing some research via google. Try keywords, Federal Credit Laws.
Girlwhoknowsitstrue got it right, except for one thing. Under some circumstances, it is not 7 years, it is 10 years. Be careful.
if you send a letter to the three big credit report services stating that the debt is non-existent, the company that you owe has thirty days to prove and state otherwise. if they dont do it in the time period, they must legally remove your name
The statute of limitations is 7 years, If they haven't contacted you for over 7 years it's no longer active. If they take you to court, you will win. You don't have to pay.
The statute of limitations for collecting a debt is not related the the reporting rules for credit reports. I can't look up the statute of limitations without knowing where you are.
if you owe money sooner or later you will pay especially if you plan to have more money..(buy a house,get your own business, etc)
even if you die you will pay.
just because a debt has fallen off your credit report, that does not mean the creditor has to stop trying to collect. Since the debt is so old, they won't be able to sue you for the money. Don't pay anything and don't let them scare you.
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