THIS IS IMPORTANT!
What is being referred to above is the “Statute of Limitations” on collecting debts.
This is entirely different than credit reports.
Once you default on a debt, the creditor has x years to collect - after that they cannot use the courts (e.g. sue you) to collect.
That clock starts running when you make the last payment. NOTE THE WORD: LAST
If you EVER make a payment on that account, the clock resets.
(the term is “activity” - either a purchase or a payment). The statute of Limitations runs from the date of the last “activity”. Once the Statute has expired, that debt (it is still out there, being sold for 5 cents on the dollar to collection agencies) cannot be enforced - no suits, no garnishment, no seizure, nothing.
Here is where the collection folks try to make that old, dead debt good (yes, the dead CAN be raised):
“Look, we understand sometimes people just can’t make a payment (for 5 years!!!); we’d like to help you get this off your record - just send us a few dollars - 5 or 10, to show you really want to be done with it”.
If you send them even a penny, that is “activity”, and that old, dead debt is now alive they can once again use the courts (and these people will) and all the tools allowed in your state (garnishment, seizure, etc.)
Don’t pay a debt that is past your state’s SOL unless you really do want to get them calling you every day, and most importantly, putting it back on your credit report.
You credit score is you these days - I know VERY well (currently in Chap 7). Do not take unnecessary chances - that debt will live forever*, but it will be off your credit report and it will be unenforceable.
Please see a lawyer (bankruptcy lawyers know this stuff in and out, and usually give free 30 minute consultations). And have your credit reports in hand when you do.
You are entitled to one free copy of your report from each of the agencies once a year - look at the google results carefully - a bunch of people will try to look like the oneayear - they will offer a free report to get you to sign up for a monthly-fee “service” of questionable value.
Maybe someone can offer the link to the real site? Tip-off - if they say “ALL 3 at once!” they may be a con - the real one makes you submit individual queries - smart people use that to get 3 reports/year - since they all have the same info, get one in Jan, one in April, and one in Aug - unless you have ones ready to fall off, and want to see if it has (or are talking to a lawyer)
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- this is where bankruptcy comes in - it kills them all, dead, buried, and cannot be resurrected.