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Question By
clgtwg101

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Can I stop paying a collection account after 7 years?
I have a couple of old accounts that we have been paying small amounts on monthly to a collection agency for years. The accounts are definitely more than 7 years old , but still have sizeable balances. What will happen if we stop paying the collection agencies? Is there any chance the accounts will be forgiven? If the accounts are currently not showing on my credit report is there any chance they could be put back on even though they're old?

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If you have been making payments, you reset your statute of limitations on the debt on each payment.   In fact, the 7 years can be renewed based on the current standing of the account.   If you cease the payment arrangements you had previously agreed to, they can put these back on your credit report and take appropriate collection efforts.  As they are not on your current credit report, it is in your best interest to continue with the agreed upon repayment schedule.

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Reply by
JohnnyRain127

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It's absolutely NOT true, by paying on a collection account dose NOT restart the 7 1/2 year "reportable" period, as matter of fact, nothing will... What might restart if you were paying on a collection account is the Statute Of Limitations of being "sued" for that debt, especially if you had enter a firm agreement in writing, as that may be seen as a brand new contract/promissory note by the court of law. Credit report is not an legal instrument, credit bureaus certainly aren't legal arbitrators of your debt, your liability to a debt isn't depended on whether or not if its on or off your credit report.

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