Credit Question

So I got a call over the weekend from Stellar Recovery, obviously a debt collector saying that I had a previous debt that hasn't been payed and they're calling to collect on it. I checked my credit report (I'm in escrow right now) and there's no remaining balances on my credit report other than my student loans and whatever my credit card balances were last month. So I called Stellar, and verified that the loan, according to them, was mine (they had all the correct info ie. my last address and the last four of my ssn), but the debt that they were collecting on was from Oct. of 1996. The balance according to them was thousands more than any credit card limit that I can recall having and I have no recollection of the Bank the card was issued. I told her 13 years ago is pretty hard to remember, and that the chances of me paying that debt is pretty slim considering I have no information or recollection of it, and it's been 13 FREAKIN YEARS AGO. Do they have a recourse? It's been a long time and I have no idea what this debt is other than it was obviously from my college years. Any thoughts or suggestions?

 

They can't make you pay the debt until a judge agrees with them that you are in fact their debtor. BUT, they certainly can put a negative mark on your credit report in the meantime until the debt is paid, or until you convince them the debt isn't yours.

 

If it's a debt collectiona agency they can put a lein on your house, etc but i dunno bout where u live

 

So they can still put a negative mark on my credit even if the debt is form over a decade ago? Shouldn't that debt have appeared on my credit report before? I've been trying to buy a house for the last year, and in that time my credit has been pulled at least twice with no mention of this debt.

I'd like to mention that if the debt is indeed mine, I'll pay it. However, 13 years ago is a long time ago and I'm having a hard time with the timing of this and being in escrow right now. Will it affect anything?

 

i think its after 10 years, they cannot go after the debt.. and they CANNOT put a bad mark on your credit. if they try to do that, you can sue them.

check out the message boards on this forum:
http://clarkhoward.com/
and post your own question.

i listen to clark howards shows all the time and remember him talking about debt collectors and what you should do, but i just dont remember the specifics.

his site will have the answers.

 

Thanks for the suggestions. I guess I'll have to do a little research on the whole Statute of Limitations stuff.

 

7 years is the statute of limitations. they cannot put anything on your credit report over 7 years old. www.creditboards.com has a TON of information on there. read, read, and read some more. they can help you out.

 

anyone here work on consumer law?

 

/\/\ this