Can a 13 yr.old college tuition debt, which has just gone to collections, be placed on my credit report?

Question

Currently, I need (23) credits to finish my degree. My enrollment begun over (14) years ago at a particular institution.

Due to circumstances, I became unable to complete the degree. Over the years I have made attempts to contact the institution with the mindset of resolution and completion of my degree. After several meetings, my debt was recently reduced, however, the institution has elected to turn my account over to a collection agency.

Prior to my recent contact with the college, no letters were received from the college institution regarding the previous balance, nor has the issue ever appeared on my credit report.

Since the collection agency is collecting the balance (under 3,000) they are adding surcharges which will increase my balance.

If my account just went into collections,can a collection agency legally place a (13) year old debt on my credit report? Is there any way to negotiate the balance? Please give legal references not opinions.

Answer 1

It does not matter how old the debt is and for all u know its on there already. Now they might just be reporting it as delinquent. You should get ur credit report to see if u havent already. As long as it is un-paid it is open account.

Answer 2

Student loans, tax leins and child support are exempt from statute of limitations. Now if your debt is classified as a student loan, then the SOL doesn't apply which means they can come after you 13 years later as in your case. Most other debts like credit cards and mortgages stay on for 7 years. 10 if filing for bankruptcy.

Yes you can negotiate the balance and since this is only $3000, you should pay it off after you get a pay for delete letter.

http://www.creditliberty.com/credit-repa...

Answer 3

Hi,

I used "Credit Solution" to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58%.It's legitimate.I came across this company on NBC News Special Edition.Check it out here:

http://yatuc.com/bid

Answer 4

Derogatory information cannot be placed or reported on your credit report past 7 1/2 years from the date the account went delinquent.  If you recently made a payment on the account, some collection agencies (incorrectly) believe this resets the statute of limitations.

You can easily dispute this account with the credit bureaus for being too old.