Very old debt

Hi, we recently started the process of refinancing our mortgage because interest rates are so low. While looking over the loan application I saw a debt on there from Chase Bank for $15000. We are not paying anything currently to Chase Bank. I called the loan officer and he said that it is showing "closed" but is still on my report. From 1986-1991 my future husband and I had a number of credit cards and a car loan that we could not pay because of illness. The car was reposessed. These loans were "charged off" I believe the term is because we couldn't pay. I think one of these may have been Chase but I can't remember. Also sometime around 2004 or so I remember getting a letter about one of those original unpaid debts stating we owed the balance. I never responded and I never got any other information. My loan officer gave me the account number and phone number to call Chase, but I am worried if I call them they they could reactivate this bill (which I think may be from long ago). I guess it could be a mistake too but I am more inclined to think it was from the old debt. Do you think I should call them? We got the refinacing loan; should I just wait and see if it drops off my report in the future?
Thank you

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Dec 11, 2011
Very old debt

For a couple reasons I am inclined to say that you should ignore it. First the information about the old debt did not cause you to be denied your mortgage refinance so it's not creating problems for you in terms of other creditors. Second, if the statute of limitations on the debt has expired, it's possible that by calling the creditor you might unwittingly restart the statute of limitations running again, which would put you in jeopardy of being sued for the debt, if you still owe it. And finally, most negative information can only remain in your credit report for 7 years and six months from the time an account first became delinquent (Bankruptcies can be reported for 10 years.). Therefore, based on what you told me in your question, it appears that the negative account information will be falling off of your report soon.

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