I did state that I would have to verify when the “clock,” as you put it, would restart on the selling of debt. I am still waiting on a return call from our rep with the credit bureau, but since you’ve reminded me of it, I’ll call him again. Of course, you’re entitled to think and believe as you like. The statute of limitations does vary by state and so in some states they may not be able to reclaim that debt unless by written consent of the consumer, as you mentioned. I don’t know all of the states’ rules and don’t profess to. I can only tell you the experiences that I’ve witnessed in the state I live in and the many years I’ve been in banking here. If your state deems that placing old debts back on the credit report to be illegal, then so it does and I’ll stand corrected and agree with you. However, not all states will rule in favor of a consumer who simply doesn’t pay their bills and waits for the seven years to run out.

The point of this post is the ensure, as you said, that consumers learn their rights, and that they understand it is important to pay their old debts. I’m not sure what you find misleading in that, but I do apologize for any confusion.

First – negative marks are removed from your credit report 7 years from your last payment, collection agencies may still contact you and try to collect but is illegal for them to report that debt on your report. If they do, and some may try, you can have it removed as it is NOT a new debt just because it was sold to a new company. The “clock” would only start up again if you were to make a payment at some point before the seven years lapsed. Barring that, SEVEN YEARS IS SEVEN YEARS, regardless of who is trying to collect on the debt.

Second- If they take you to court and it is past the seven year threshold, chances are the SOL has run on their right to collect on the debt (it varies from state to state but is usually 4-6 years on open ended debt, ie credit cards) and all you have to do is go to court and bring any evidence you have that the SOL has expired and the judge will find in your favor. They have the right to sue you, so show up to court, but assuming you do not live in Rhode Island, you will win as the law limits how much time they have to collect on the money you owe. They will not get punitive damages or anything rediculous like that.

Obviously, paying your bills on time is always the best way to go. But no one is perfect. The laws in this country are designed to protect you as long as you learn from your mistakes and stay informed of your rights! Kristy, stop misleading people.