Legitimate Collections Pursued After 7 Years???
Can companys pursue a collection (it is legit) after the seven year deadline? My wife has a collection from JCPennys from 1994 and we are just now getting calls on it. We have been working to restore her credit and this collection was reported on Equifax years ago but is not reported on any of her current credit reports. Are they able to still try and collect this debt well after 7 years??? Please Help
They can ask, but you have a right to say a final "no", backed up by a "cease & desist" letter, and it can't appear on your credit reports anymore--you should tell both the Original Creditor, the Collection Agency, and the Credit Reporting Agencies that. If they illegally re-age it, you have a right to attack them on it.
If they sue, you have the affirmative defense of "statute of limitations" unless the SOL period was "tolled" or restarted by something you did (like being out of the state, or making a new agreement to pay). SOLs, tolling provisions, and what will restart the clock all vary from state-to-state depending on state statutes.
Sample letters are available at www.creditnet.com, www.crediboards.com.