Triple Credit Report And Scores
2010
How long does an out of business company have to collect on an old debt?
Back when I was 18 I was young and stupid and bought something I couldnt afford to try and establish credit. Now it is coming back to bite me in the butt. The company has since gone out of business and it appears on my Credit Report as “charged off” But the collection agency is still after me. It is over 6 years old and past the statue of limitations and will be cleared from my credit report in less than a year. But, I am trying to buy a house and it is really bringing down my credit score. I called them to try and make a deal because they have almost tripled the amount that I originally owed. Paying off the full amount would be great, but I honestly cant afford it. I asked for a payment for deletion but it was a no go. What are my options? Need to do something soon or I wont qualify for a good loan. Any help is appreciated 
Well, you messed up….big time.
By calling and trying to make a deal, you admitted to oweing the debt, and the statue of limitations has started all over.
Unfortunately, there is not much you can do if they won’t agree to a pay and delete. The best you can do is pay or settle the debt and ask for a “paid in full” note on your report.
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