I have a $7,000 debt sitting on my credit report since 2003. It says it will come off in 2010. What does that mean? It hasn't been updated by the collector since 2003 and I haven't received notices about paying it since then. What happens after 2010 if I don't pay it? Does it come off my record for good so I don't ever have to pay it? Please help!
What happens if you don't pay off a debt to a collection agency after so many years?
Once the accopunt is 7-years old it will drop from your report.
As far as still being able to collect, this veries from State to State. I have posted a link so you can look up your State and se what the statute of limitations is, credit cards are considered open accounts.
http://www.bcsalliance.com/index.html
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