@HighGoalsTheres 2 different things. SOL and DoFD. Certain actions can restart the debt statute of limitations on a dormant account. It's important to know this so you don't accidentally give new life to an old debt. You can restart the statute of limitations on a debt by acknowledging that you owe the debt, making a payment, entering a payment plan, making an agreement to pay, making a charge on the account, accepting a settlement offer. But each state have different laws. In PA. Creditors may attempt to seek a judgment against you for outstanding debts even after the statute of limitations has run out. Even if you are certain the statute of limitations has run its course on the debt, you must respond to the filing. Ignoring the lawsuit could result in a default judgment making the debt legally enforceable. So you need to make a timely payment/payments and not be late or you dont pay after agreeing to.
Nothing can legally restart the seven-year credit reporting clock — absolutely nothing. When a collection agency purchases a debt, they cannot re-age the account to restart the clock. You cannot restart the clock by making a payment either. In fact, any changing of the date of first delinquency, the date of default, or the purge from date on an account would be illegal.
The possible positive effect of disputing it is that they may not have the right documents to defend it, or for whatever reason, it could fall off. Sounds like a longshot in this case from how you worded it, but it's possible.
The possible negative effect of disputing it is that your credit report(s) may insert a "consumer statement" along the lines of "Consumer disputes" or may copy and paste in whatever your dispute said. Equifax, in particular, is known for leaving that hanging around on your report indefinitely, including after disputed items are removed.
It will not re-age accounts or anything else that affects your score, or at least, should not.
