Old Collection

[kp1211]

Hello all!! I have a question in regards to an old collection that has fallen off my credit report. I received a letter in the mail from an old bank that I had a loan that defaulted and the letter states that the last payment received was in March 2006. My question is can they still try and collect on this if it is past the 7 year SOL? I wanted to contact the bank but I am unsure what to tell them. TIA

[09Lexie]

The debt is still collectible they are just precluded from suing if its past the SOL. Also from placing it on your cr since it seems to be +7 years. Double check your CR's and see when it is supposed to fall off . Sounds like it already gone.

[kp1211]

Thanks for the info! The account has already been removed from my credit report. I just didn't know if they were still able to collect and if I did make a payment(s) if it would start reporting again. I am in the process of purchasing a house and can't have that showing up.

[guiness56]

It can't show back up on your CR but making a payment can restart the suing SOL depending on your state laws.

If you settled or PIF there would be no SOL to restart since there would no longer be a debt.

[kp1211]

Good to know thank you all. 

[pizzadude]

As others posted, the debt can still be collected on ~ however I think there is one state ( maybe NC ? ) where per their statutes, out of SOL debt cannot be collected on.

[guiness56]

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@pizzadude wrote:

As others posted, the debt can still be collected on ~ however I think there is one state ( maybe NC ? ) where per their statutes, out of SOL debt cannot be collected on.

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WI and MS cannot be because the debt is considered extinquished when the SOL expires.