Even so, collectors can continue to contact you about debts after they are legally time-barred, unless you send a letter to the collector demanding that communication stop, according to the FTC. In some states, if you pay any amount on date a time-barred debt or even promise to meet women pay, the debt is revived, resetting the clock on a new statute of limitations period. That means the collector can sue you to collect the full amount of the debt. See the FTC guide at tinyurl.com/olddebts . Credit effect The time that collections stay on your report, affecting your ability to get the best loan rates or get a loan at all, is seven years. Its better to contact a creditor before it contacts you, Bartmann said. That way, you might avoid being reported to the credit bureau or being turned over to a collector. You might even be able to lower the interest rate on your account.
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