7 year old collection acct. this month?

[Nixer]

I have a ca reporting that date open was 02/03, i did dispute this last year before I knew anything about credit repair-still learning, and the last reported date is 2008-10-26. So from what I have read I am understanding this will be off my report next month or did I screw it up last year? Any info would help. Should I pay it? Use pay for deletion its only $135. Also, from MN and there SOL is 6 years I have read, anyone out there know?

thanks for the help ahead of time.

[Nixer]

should have looked harder i have found the answer in the forums.

[Trish]

Well I'm glad you found the answer
Welcome

Keep in mind that the date the CA has listed is usually the date they acquired the debt. The date that the debt should fall off of your CRs is 7 years from the date of first delinquency with the original creditor.

Also, if you are still considering a PFD......I wouldn't. It is so old it will probably fall off if you just dispute it as obsolete.

[Nixer]

perfect thanks.

Am I correct about the SOL(only 6 years in MN)? Is it different in different states or is it 7 years for all credit reports? Also medical and dental can be different correct?

thanks again.

[Trish]

Yes, the SOL for collection in your state is 6 years......which means that after 6 years, the debt can no longer be collected on.

The 7 year SOL is different......that one goes for all states and it's the SOL for reporting on your CRs. Debts can only stay on your reports for 7 years from the DOFD (date of first delinquency).
Hope that makes sense.

Medical is different. It falls under your state's UCC SOL under goods and services which is usually 4 years.