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Eviso

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I agreed to pay off an old debt that was off my credit report. Can I back out?
An collections agency called about an old debt that is no longer on my credit report. I mistakenly acknowledged it and agreed to start paying it back.
I realize now that since it was past the statue of limitations I could have ignored it.
Is there any way to back out?
If I don't make the payment will it go back on my credit report?

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Oh no, don't ever do that...

That is how they get you and these companies are very slick and slimey. Now you have to pay the debt since you agreed, otherwise it will hurt your credit score by not doing so. I never answer collection calls since I will actively pursue them and ignore calls I receive. In the future do just this. Don't answer collection calls and call them directly when you want to make a pay for deletion deal. If you are waiting for something to fall off, then do not make any contact whatsoever with those agencies. 

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The statute of limitations is a legal term that has nothing to do with credit reports. It is a legal term that defines the dates at which the creditor may no longer sue you for default. If you are truely beyond the statute of limitations then you may not be sued for the debt.

Relative to your credit report your history of payments remain for 7 years. For public records it is 10 years. Since you acknowledged the debt it has started that clock over from zero and it may now once again be reported on your credit report.

I would suggest that you pay the debt as you agreed. It will help your credit score from this point onward and only hurt it if you back out now.

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They can now sue you for the past due debt and win.

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