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jam128

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Settlement for removed collection account
I got a settlement offer today for an old credit card debt. I checked my credit report and the debt is shown as being removed from my credit report almost three years ago. If I got this letter from a collections agency does that mean the collection is "open" again? Should I be worried? I'm not too good at this stuff and any help would be much appreciated!

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So I am guessing that this account is probably ten plus years old, if it was removed about seven years ago. Keep in mind that the seven year credit reporting time period, does not prevent a collection company to contine to try to collect the debt, they just can't place it on your credit reports any more. Odds are that this debt is outside the SOL (statute of limitations) to be sued for, but check what the SOL is in your state to be sued for debt. If you learn that this debt is outside of the SOL in your state, you could send this company a "cease & desist letter" telling them not to bother you any more. Also make sure that you are aware of the FDCPA (fair debt collection practices act) so that you know what they are not allowed to do. If you find that the debt is within the SOL to be sued for it, check back with more details and advice can be given from there.

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