Received new collection letter from DELETED account!!!!

[tjmolly]

Keep in mind that you can't be sued for the amount charged-off if it is beyond the SOL. (Look up statute of limitation for debt to see what the time is in your state.) Do not admit to the debt and the only communication I would recommend is with that letter in the garbage.  if you contacted them to settle, it may restart the time and it would stay on your report for another 7 years.  Also if you settle and the foregiven portion is >$600 you will incur a tax liability.  Credit is like investing...investors take chances with investments (some are debt investments), when you don't pay the creditor tries to collect but once unsuccessful it's written off.  Don't let any emotion get in the way.  If it were me, I would make sure the SOL is expired and forget about it.  Watch your reports to see if anything comes up.  Don't take any calls regarding it.  There are many zombie debt collectors that try to scare you into paying them.  Good luck!

[RobertEG]

Contacting them regarding negotiation of a settlement will not result in any reset of the credit report exclusion date.

Credit report exclusion of any collection is based ONLY on the DOFD, and can be no later than 7 years plus 180 days from the reported DOFD.

The CRAs routinely exlcude at approx 7 years.  That applies, regardless of whether the dabt is paid or unpaid, or any offers to pay have been made.

[tjmolly]

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@RobertEG wrote:

Contacting them regarding negotiation of a settlement will not result in an reset of the credit report exclusion date.

Credit report exclusion of any collection is based ONLY on the DOFD, and can be no later than 7 years plus 180 days from the reported DOFD.

The CRAs routinely exlcude at approx 7 years.  That applies, regardless of whether the dabt is paid or unpaid, or any offers to pay have been made.

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Robert is correct, I stand corrected.

[Anonymous]

I'm curious if this was from Jefferson. I got a letter yesterday on an old BOA checking account from before 2007. I never paid, and BOA clearly got over it as I have a CC and checking with them now. I wouldn't worry too much about it, but I am going to send a DV. I expect to never hear from them again.

[Anonymous]

This is from a First National. I too have received a new checking account through the same bank. Thank you all for your respnses. I believe that this letter will best serve me in the garbage. I will possiby send a DV letter. But I think the best bet is to let this one age off if it goes back on my reports.