collection agencies and CRs

[stu123]

I received a notice from a collection agency offering me a lump sum payment of a few hundred dollars on an $1000 credit card debt. I am sure that no activity has occurred on this account in 8 years (possibly much longer) rendering the debt void under the SOL. Thus, I have ignored their letter (received 45 days ago) even though they stated that should I not respond within 30 days, they will consider the debt valid.

Have I made a mistake? Will the collections agency be able to report this on any of my CRs? Should I dispute it now with the collection agency, or is it too late?

thanks....

[DaBears]

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@stu123 wrote:

I received a notice from a collection agency offering me a lump sum payment of a few hundred dollars on an $1000 credit card debt. I am sure that no activity has occurred on this account in 8 years (possibly much longer) rendering the debt void under the SOL. Thus, I have ignored their letter (received 45 days ago) even though they stated that should I not respond within 30 days, they will consider the debt valid.

Have I made a mistake? Will the collections agency be able to report this on any of my CRs? Should I dispute it now with the collection agency, or is it too late?

thanks....

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Hi stu, welcome to the forums!!!! Glad to have you here!!!! If the debt is 8 yrs old there is nothing they can do to make you pay. It's past the CRTP for being listed on your credit report. What they have is considered a zombie debt. They can try to collect on it forever, they just cant list it on your credit reports.

[stu123]

DaBears-

Thanks for your quick reply...I should have come here first before researching online for a couple of hours.

Go Chicago!

Cheers,

stu

[DaBears]

Stu, this could turn into a great friendship!!!!!!

Bear Down!!!!! 

Any other questions feel free to PM me!!!!!

[stu123]

will surely contact you in the near future as stuff comes up...that is, if you don't mind helping out a Pats fan....

[soILseminole]

stu, as dabears said, its old enough that they cant report, nor can they sue you for it. but dont be surprised at lump sum mail offers and unavailable phone calls! hahaha

[RobertEG]

The debt is not void due to expiration of SOL.  It remains obligated debt until paid.

Expiration of SOL will shield you from their obtaining a court order to pay, and CR exclusion will prevent others from becoming aware of the unpaid debt by seeing a collection in your CR. However, if another becomes aware of its existence by other means, it could still be basis for denial of credit, regardless of FICO score.