Do you have to pay a debt that has fallen off your credit report after seven years and what are the consequences if you do not pay?
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Old Debts

From my recent knowledge, it is not 7 years it is 5.

And no, once it is not reported for 5 years you do not have to pay it and you can request it be removed. But if they update your credit bureau, you have to pay it within that 5 years again, so if it is an old debt but they keep updating the bureau they can still collect.

Each state has a legal statute of limitations. For example, Washington statute of limitations on debts are 6 years for a written contract debt and 3 years on an oral agreement. That is, 6 and 3 years from the point of the last payment or promise to pay. These would ultimately determine legal collectability of the debt. See if you state has a legal website that can give you the statute of limitations for where you live. So, remember, every time you promise to pay, you extend your time limit six years in to the future.

Also, time limit on credit reporting is something different, the reporting time limit starts from the date of the first delinquent payment that lead to default status. Consult the federal trade commision at www.ftc.gov

The time limit for a negative entry to remain on a credit report is in no way connected to the validity of debt owed.

All debts are valid and collectible until they are paid, settled or cancelled (1099C).

State SOL's determine the time in which a creditor can file a lawsuit to recover debt owed; likewise the SOL has nothing to do with the time limit for a negative entry to remain on a credit report.

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First answer by Samantha Lee. Last edit by Macky. Contributor trust: 3361 [recommend contributor]. Question popularity: 192 [recommend question]

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