Unfortunately, unrelenting collections calls are a realistic situation for many borrowers. If you are receiving calls from debt collectors over student loan or credit card debt you acquired years ago, then you may be wondering how long it can affect your credit score and how much longer debt collectors can pursue your old debt. The short answer is that it varies borrower to borrower and depends on where you live and your overall level of debt. 

Here is some information you should know regarding the statute of limitations that apply to your old debt. 

Limits of Long-Term or Old Debt

If you have old debt, the first thing you are probably wondering is how long it can still be collected. This first depends on what state you’re in. Each state has a different statute of limitations that will tell you the time period in which debt collectors may sue you to collect debt. Again, this time period varies from state to state, but it is usually anywhere from four to six years after the last payment was made. 

That being said, in some states — just because a collector can’t sue you to collect debt anymore — it is still possible that a collector will try to sue in the hope that you will not appear in court. If such a situation occurs, it is important to appear in court to explain that the debt is time-barred in order to get the lawsuit dismissed. Furthermore, while debt collectors can no longer sue, they can and may still attempt to collect the debt through written requests and borderline harassing calls.

Old Debt and Your Credit

The statute of limitation on your old debt does not apply to your credit report. When it comes to debt on your credit report, the debt remains about seven and a half years after your most recent payment. Therefore, even if a bill remains unpaid, you can take steps to remove a debt account from your credit report if it still remains past this time period. 

Of course, if you are sued and a collector gets a judgement against you, an old collection account can still affect your credit and will have its own reporting period. 

Get Help With Your Old Debt 

Are you having a hard time dealing with old debt or tenacious debt collectors? Then rely on the professional services of Progressive Debt Relief for help with your long-term debt. Our financial experts have experience counseling indebted borrowers, negotiating with their creditors, and settling different types of debt discreetly and efficiently. Through free consultations and no upfront fees, we are committed to working with you to get your debt under control and your finances back on track. 

To find out more about our services or to schedule a complimentary consultation, contact us today.