Legal Question in Credit and Debt Law in North Carolina
A seven year old debt
Seven years ago we owed about $200 on a credit card. It was taken off of our credit report and no bills were sent.
Now 7 years later they say we owe over $5,000. Can they do this to us? Bring an old debt back after it was taken off of our report. If we do start paying again will it go back on on credit report?
1 Answer from Attorneys
Re: A seven year old debt
Whether something falls off your credit report due to age, and whether a creditor/collector can try and collect an old debt, are two different things.
Generally - not knowing your specific situation - unsecured credit card debts have a three year statute of limitation in NC. That runs 3 years from when your debt goes into default. If it has been more than 3 years since your last payment, proceed with caution. Deny the debt and demand verification from the collector. Do not make any promises to pay or partial payments, because that can start the three years running all over again.
If you do make a payment it is possible for the debt to reappear on your credit report again.
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