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Old debt, statute of limitations and noisy collection agency

Mon Apr 21, 2008 02:04PM | By Tony

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Q: Last week I got a letter from collection agency on a car loan, which I messed up over 7 years ago. I live in Colorado. I have two questions. First, if statute of limitations is up? Second, if this company has legal right to pull my credit report? Just when my credit score reaches 663 in February, this collection agency sends me a collection letter. I pulled my credit report through a mortgage broker friend, and this agency pulled my credit report 3 times in the last 10 months.

A: The statute of limitations on debt in Colorado is 6 years across the board. So you should be fine from that point, as long as you didn't have judgement against you, which carry SOL of 20 years. Now you should opt out, it should help. Finally, send the collection agency a letter stating that SOL has expired, that should be enough. If not, you may have to get an attorney.

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