economy
Can Debt Collectors Re-Age an Old Debt? 5 Things to Know Now
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TL;DR
- Re-aging a debt means improperly changing its reporting timeline to make it seem newer.
- The Fair Credit Reporting Act prohibits changing the date of first delinquency for reporting purposes.
- Negative information generally falls off credit reports after seven years.
- The Fair Debt Collection Practices Act prohibits misrepresenting a debt's legal status, including treating time-barred debts as enforceable.
- Common re-aging tactics include reporting a new 'date opened' for an old debt or referencing non-existent payments.
- A small 'goodwill' payment on a collection account can sometimes restart the statute of limitations.
- The statute of limitations for debt collection varies by state and debt type, typically ranging from three to ten years.
- Consumers can dispute re-aged debts by comparing dates on their credit reports and requesting debt validation from collectors.