Can debt purchasers ultimately buy debt and post to your credit report indefinitely?

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Can debt purchasers ultimately buy debt and post to your credit report indefinitely?

A debt purchaser purchased a debt that came from a repossessed vehicle 4 years ago and is listing the debt open date as the date purchased the debt on my credit report. However, the date should have been 8 years ago, thereby the notation would have been deleted from my credit report last year. Now Ifear that every few years a debt purchaser will buy the debt and re-post it to my credit report indefinitely, effectively preventing the debt from ever coming off my report. Do I have any legal rights to stop this “loophole” in the system?

Asked on February 19, 2012 under Bankruptcy Law, Maryland

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If there is an unpaid debt by you where the statute of limitations to file a lawsuit has passed, one option is to write the debt collection company that the time to file suit has passed and request that it be dropped from your credit report. Most debts stay on for seven years.It is up to the credit reporting company to determine how long an unpaid debt stays on a person's credit report.

If the third party debt collection company refuses to remove the unpaid debt from your credit report, you might wish to consult with an attorney that practices consumer law as to the ways to remove the negative comments as to you or retain a credit repair company to assist in removing the negative comments on your credit report.


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