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Question By
imeanreally

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What to do? Debt collector out of business
I have an outstanding debt. The company who bought the debt went out of business. Called the company to whom the debt was originally owed and they have no record of me owing anything. I am not sure where to go from here. I considered a dispute, but the debt was legitimate. Any guidance is appreciated.

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Relax and wait.  It is possible this debt collector is negotiating the sale of all its accounts, and you may be hearing from a different collection agency in the near fu ture.   This can be a benefit for you since the statute of limitations for collections is still ticking and time could run out for the new company to even think of starting collections on this. Do a search for the Statute of Limitations for collections and see what it is for your state.  The date the account became delinquent would show on your credit report.  Then you can do  the math and see when the time runs out.

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