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tongpo112

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Collector out of business, what happens to my debt?
I owe some money to a property but they charged off my debt and sent it to a collections agency that has gone out of business. It's been almost 8 years since but it's still on my credit report. Now I am trying to dispute the property but am I renewing the debt? Experian is going to run an investigation but I'm not sure what my options are, if I should pay the debt or if I technically don't have to due to the elapsed time and so forth.

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You may wish to look up the Statute of Limitations on Collections and see what it is for your state since they vary. In most states the SOL expires in 6 years or less, though a couple have a 10 year SOL.  If the SOL on these debts has expired, file a dispute with the credit bureau(s) reporting this and your basis for the dispute is 'SOL expired."  The time clock on the debt does not renew until you make some payment on it so don't do so.

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