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How Long Will This Old Debt Be On My Credit Report? – Robert

“Dear Steve,

Hi, I have a credit card on my credit report that became delinquent in July 2005. It was charged off in Dec 2005. I am told that it will fall off my CR shortly. In Dec 2005 LVNV Funding (a collection agency) bought this debt and started to report to the credit bereaus as well. Here is my question, I was told that if LVNV decides to sell it to yet another collection agency, this would start the 7 year clock all over again and yet another negative line would appear on my CR for the same account that was charged off in Dec, 2005. Others tell me that this is illegal and the 7 year law must be observed from the original creditor regardless of how many times the account is bought and sold. I was told by others that if another collection agency gets involved before the 7 years is up, it starts the clock all over again. What is the truth?

Thank you,


Dear Robert,

The debt should only be reported for up to 7.5 years from the date it was first reported delinquent. If you make a payment on the account or acknowledge the debt it could alter the statute of limitations and/or length of reporting.

If the debt was charged off in December of 2005 it probably went delinquent around August of 2005. Most old debts are removed from the credit report on the seven year anniversary. That means it should most likely fall off the credit report in August of 2012.

Just remember that just because a debt is no longer reported on your credit report does not mean they can’t continue collections or even sue you if the statute of limitations allows for that in your state.

The negative impact of such an old collection account on your credit report now should be minimal as long as you have positive unsecured accounts that are being reported now.

Please post your responses and follow-up messages to me on this in the comments section below.


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About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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