Legal Question in Credit and Debt Law in California

old banking debt

I got a call from a collections agency wanting me to pay an old debt from a bank. This bill is from 1986. What I would like to know if this debt had reached the statue of limitations and can it be put on my credit report if I don't pay? I just recently bought a house and I thought I cleared all of my old debts. Why did this not come up then?


Asked on 10/15/06, 9:17 am

2 Answers from Attorneys
Robert F. Cohen Law Office of Robert F. Cohen

Re: old banking debt

It's possible it was turned into a judgment years ago. If so, it may be renewed every 10 years. If it wasn't a judgment and they contact you again, you might tell them never to call or contact you again, that the statute has run, and that if they call they may be violating the Fair Debt Collection Practices Act.

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Answered on 10/15/06, 2:32 pm
Robert Mccoy Law Office Of Robert McCoy

Re: old banking debt

If they do not have a judgment, it is too late for them to get one (unless it is for a student loan). Credit reports usually do not list debts that are over 7 years old, if they lie and are saying that this debt is newer than that, you can sue them. As to your question as to why this debt did not show up when you refinanced the answer is because you got lucky. Can a debt collector call you and ask you to pay for a debt that is 20 years old when there has never been a court judgment? Yes. Can they do anything about it if you say you are not going to pay them? No. But what if you pay them one dollar? Wham, you just erased the statute of limitations.

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Answered on 10/16/06, 6:41 pm


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