My car was repossessed ten years ago collection and is still impacting my credit score; what happens to uncollected debt owed for over seven years?

My car was repossessed 10 years ago and it is still impacting my credit rating because it is listed as a debt owed. I thought that uncollected debt owed for over seven years is removed. Where can I 

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March 2018

As the debt is so old, I'd begin by disputing the item on your credit report(s) as it's past the statute of limitations.  The credit bureau should remove the item due to it's age.

The problem may continue to be an issue, though!  The debt has probably been sold to a collector, potentially several times.  If a new collector purchases the debt, it may re-appear on your credit report again (this time reported by the new collector).  You'll have to go through the dispute process again (and possibly again.....and again.....).

You may want to try to settle the debt for pennies on the dollar.  That should eliminate the possibility that the debt will show up again on your report in the future.

Thanks for the question!


March 2018