Legal Question in Credit and Debt Law in Georgia

how long can old debts be kept on credit report

I am in the state of Georgia. I opened a credit card in 1996 ($500 limit). I

made my last payment on the credit card in 1998. the statute of limitations

has run out. the debt keeps switching from collections agency to collections

agency and growing every time (it is now over $4000). Every time it goes to a

new collections agency, the date the account was opened changes to the date

the new collection agency received it. As a result, a debt from 1998, is

showing up as a 2006 new account. I spoke to the FTC and they said I am not

protected under the FCRA of 1998 because the account was opened in 1996.

They said how long they can report this to my credit report depends on the

SOL of Georgia (4 years). The SOL ran out in 2002. Does anyone know if they

can keep reporting this as a new debt? when will this finally come off of my

credit report?

thanks


Asked on 5/19/06, 1:26 pm

1 Answer from Attorneys
Scott Riddle Law Office of Scott B. Riddle, LLC

Re: how long can old debts be kept on credit report

To answer your last question (when will it come off), one solution is to pay the debt and request a written agreement to not report it negatively. That way, you honor your obligations(which is the sole issue that got you here), they get the money you owe, and you get a break on your credit report.

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Answered on 5/19/06, 1:36 pm


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