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jhercules1987

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Should I pay a debt that is about to reach the 7 year mark?
I owe a collections agency (for an apartment complex) $1808 from close to 7 years ago. The debt is set to fall off in september of this year. I am able to pay off this debt but I'm debating whether or not I should just let it fall off. I'm afraid if I choose not to pay it, somehow it will affect me later on.

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Depends on your state.

Helpful to 2 out of 3 people

Best to check the Statute of Limitations for collections for your state because, in some states that time is 10 years even though the federal reporting time is 7 years.  If the debt is "out of statute" (the legal time has passed for a collector to sue you to get paid), then let it fall off.  In a few states the statute is 10 years, so paying it off would be a good idea.  Would still be reported as having been paid to collections, which is not really great, but you wouldn't be lliving under the threat of suit.

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