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AR15.COM
4/25/2006 2:55:51 PM EDT
I've got a bro who recently rec'd a collection notice from a company that supposedly bought the 'debt' from another collection agency.   He said the debt (around $200 bucks) was thought to have been charged off from 10+ years ago ? ? or longer

How long can something like this follow you?  
I thought it was 7 years or so that something like this could haunt you?

I know I've seen Links? posted before when this kinda question comes up but I'm looking for somewhere to send him for info.
4/25/2006 3:05:06 PM EDT
[#1]
They are fishing, they can't ding his credit for it and it has been too many years to collect in court.
4/25/2006 3:11:02 PM EDT
[#2]
Whats the time limit on something like this?  
4/25/2006 3:12:29 PM EDT
[#3]
Yep, they are full of it. Debt becomes non-collectable after 5 years of nonpayment. If the collection was placed on your credit record, generally it's there for 7 years. They cannot put this collection on his record.
4/25/2006 3:14:47 PM EDT
[#4]
When I had credit problems I read somewhere that bad credit falls off of your credit report after 7-10 years BUT the creditor could report it again thus triggering another 7-10 year cycle.  

Don't know if it's true or not.
4/25/2006 4:32:37 PM EDT
[#5]
bump
4/25/2006 4:35:22 PM EDT
[#6]
Pay your bills.
4/25/2006 7:38:35 PM EDT
[#7]

Quoted:
When I had credit problems I read somewhere that bad credit falls off of your credit report after 7-10 years BUT the creditor could report it again thus triggering another 7-10 year cycle.  

Don't know if it's true or not.



I believe you have to "reaffirm" the debt for the above to be true by acknowledging it or paying on it. Take a look at the FAQs at creditboards.com.  They really know their stuff, but you have to wade through the acronyms, just like here.  Give it some time and they'll get you squared away.

bd
4/25/2006 7:43:12 PM EDT
[#8]

Quoted:
When I had credit problems I read somewhere that bad credit falls off of your credit report after 7-10 years BUT the creditor could report it again thus triggering another 7-10 year cycle.  

Don't know if it's true or not.


I've seen the exact same happen.