Received a notice on a charged off debt
Date: Tue, 09/06/2005 - 17:17
I received a notice that I owe a debt that was charged off in 1997. I don't remember this debt and asked for explanation - but 1997 --- isn't there a statute of limitation?
Hi Maureen,Statute of Limitation varies for different states
Hi Maureen,
Statute of Limitation varies for different states and it is calculated from the date of last activity observed in the account.
Once the applicable statute of limitation has run, no legal action can be taken against you, but it does not stop collection agencies from collecting the debt.
If an account is reported as charge-off, it has a negative impact on your credit report. So, you may consider paying it back to improve your credit score.
Please feel free to ask your questions in the forums in future.
Regards,
Bryan
hi
maureen as bryan stated you may want to think about paying it back to improve your credit and think about paying it back
