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Question By
dazedandconfused27

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How do I tell when my collections will disappear!?
When I look at the collections tab, it shows my collections accounts as being from 2011 and 2013! They're from 2008 and 2009. Whats going on? How do I find out exactly when they can "fall off" my report? (I am trying to decide what to let fall off and what to pay.) Any advice would be a great help, thank you in advance!

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They will fall off 7+ years from the last activity on the account. If you even acknowledge that the debt is yours the clock starts all over again.

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Reply by
jwsister

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MDtaylors' comment that inquiring about the debt would restart the statute of limitations on it is WRONG!!  Any payment restarts the SOL. 

Do an online search "Statute of Limitations for collections" and find out what it is in your state, since all states differ.  if any debt has passed the SOL timing (date of last payment is the key) it is not collectable.  Any date that is still collectable you may be able to negotiate a "pay for delete" agreement with the creditor.  Do the negotiations in writing, not on the phone.

Please read the articles provided on this site.  You need to understand how credit works and how you can make it work for you.  That is the purpose of Credit Karma since too many people never learned about credit. 

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I never referenced Statutes of Limitations in my post, but i will now...

After the statute of limitations date you cannot be sued for deficiency, however the fact that you did not pay the debt remains on your credit report long after the statute of limitation. Remember that the Statute of Limitations is a state law, credit reporting is a federal law. There is no corelation.

The FCRA (Fair Credit Reporting Act) states that the 7 years timeline begins on the date that the account is charged off or placed in collections. This date is not redily determined by looking at the credit reports. Say you stopped paying on an account in January of 2007. By looking at the credit report you assume that the debt will fall off your credit report after January 2014. However, the company, in attempting to collect the debt calls you monthly and you acknowledge the debt but refuse to pay it. The company finally charges off the debt and places it for collection on July of 2010. The clock has now started as of July 2010. By acknowledging the deby you may have inadvertantly caused them to delay charging off the debt and placing it for collection, which delayed the start of the clock.

It is not easy to determine when the exact date that an item will fall off your credit report. If it is a few late paments on an open account that is now current, you can expect the late pays to fall off after 7 years. On an account charged off or placed for collection then the clock starts on the date it was charged off or placed for collection.

Again, it has nothing to do with the state Statute of Limitations as defined in state laws relative to a suit for collections.

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