Can Old Debt Be Reported

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Can Old Debt Be Reported

Can a debt collector put an old debt-- over 7 years old -- back on your credit report.

Reply from DebtCollectionAnswers.com:

No. Collection accounts may only be reported for seven years and six months from the date you first fell behind with the original creditor. Whether paid or not, the collection account be dropped after that time period. However, if they creditor or collector sues you and gets a judgment against you, that judgment may be reported separately with a new reporting period.

If a collector is manipulating the dates on an account so it appears more recent than it is, or if it is reporting the account longer than allowed by law, get a free consultation with a consumer law attorney as soon as possible. The collector may be breaking multiple laws by doing so.

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Can Old Debt Be Reported

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Dec 19, 2011

old debt being reported
by: stephanie

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Thank you for asking this question and thank you for answering the question. Just had one reported on credit reported this month,that went back to a 1996 loan.And the date that I first fell behind on the payment was July of 1998. It really helped to know this.

Stephanie- You're welcome. A collection account from 1996 or 1998 should be long gone from your credit reports!

Jan 13, 2012

Old debts die hard
by: Todd

I have a 7k debt (loan and penalties) from a non accredited bible college that is separated by Church and State that dates back to 1993. They quit contacting me in 1994 when I never paid it, but kept adding interest until 1997. Now all of the sudden they are sending me letters and notices expecting me to pay it back after 18 years...crazy. Shouldn't this have been written off years ago? I doubt they could even sell it considering how old it is. Not to mention the fact that I don't think normal business and debt rules apply to a church/bible college that, at the time, considered itself separate from normal state laws. Anyone have for me feedback on this?

Reply from DebtCollectionAnswers.com:

Was this a federal student loan or a private student loan? If the latter, then the statute of limitations should apply. There is no statute of limitations for federal student loans. You may want to go ahead and talk with a
consumer law attorney for advice if they threaten any kind of legal action.

Jan 16, 2012

Old Debts die Hard...reply
by: Anonymous

It wasn't a loan at all. I never signed papers for a loan or anything, it was a pay when you can deal. From time to time they would inform us on what our outstanding balance was.I was never loaned any money in any way to pay for my schooling there.

Jan 20, 2012

old debts
by: Anonymous

i have been sent a debt which i did not know about after 11 years to do with a bank account will i still have to pay this?

Reply from DebtCollectionAnswers.com:

Please see the answer on this page to Karen May and review that page as well.

Jan 25, 2012

To old to be collected
by: Anonymous

Thank you for this question and answer as well. My husband was just resently contacted by letter from a debt collector on a debt that was last paid on in 1994, we are now in 2012. I laughed at this and wished them luck on collecting the debt. Though I thought there was a 7 year limit on a credit debt I still had to confirm that. Thank You.

Feb 13, 2012

long outstanding debt
by: Anonymous

I've just been contacted by debt collectors for a credit as far back as 2006, pls advice

Reply from DebtCollectionAnswers.com:

Please see our answer to Karen May on this page. The same answer applies.

Feb 16, 2012

1099-C
by: Anonymous

I just received a 1099-C cancellation of debt from a credit card that wasn't paid since 2004. Am I supposed to include this as income on my taxes? I still can't pay it.

Reply from DebtCollectionAnswers.com:

Yes, you are expected to include it in your income. However, you may be able to avoid paying taxes on all or part of that "income" if you qualify for an exclusion or exception.

Read: 1099-C In the Mail? How to Avoid Taxes on Cancelled Debt

Feb 24, 2012

debt that nine years old
by: Karen May

I had a sams C.C back in 2003 when my granddaughter was born, I used it to pay for christmas. I think I spent 150.00 to 200.00 on it. I paid on it and after time went by, the bills stop and life being go go go I never stop to think about it.

Until about 6 months ago, I got a letter in the mail saying they wanted 625.00. The thing about that I don't own that much and My # never change until about a year, year and half ago and I have lived in the same house for 16 years.

I called and talk to them and told them this and also told them that I have never had any thing on my credit before. Now I got a letter that they will take 375.00 and that currently, no attorney has reviewed my account and I need to pay with in 30 days or this office will assume this debt is valid. this is 9yrs old and Sams stop sending the bills, not me.

Reply from DebtCollectionAnswers.com:

Karen.

Depending on what state you live in, this debt may be too old to effectively collect. It may be statute of limitations: find out first before you pay it.

Mar 17, 2012

tax return taken for student loan debt
by: Anonymous

i am in financial burden and need my tax check but student loan wants to take it.how do u still get your tax return check?

Reply from DebtCollectionAnswers.com:

We aren't aware of any way to protect your tax return from being intercepted for delinquent student loan debts.

Here is more information from the Department of Education: http://www2.ed.gov/offices/OSFAP/DCS/treasury.offset.payments.html

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Can Old Debt Be Reported

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Can Old Debt Be Reported