I got a credit report from Experian and Trans Union and both are showing debts from Pinnacle Credit Services and Asset Acceptance. Both collection agencies. They are for old debts that a business partner ran up unknown to me until 4 years after the fact when I got a civil suit filed for a Bank of America bill. I settled that but these 2 are still showing up...

I'm switching investment firms and they are seeing these on my credit report and are balking at approving me because of them. Here's my question(s)...

They are both close to SOL in TN - 6 years if not already passed. Asset Acceptance last sent a letter saying they would take 30% as payment in full, haven't heard from Pinnacle. I've looked at Lexington Law to clean this up, and also have downloaded dispute and debt verification letters to send to these places as well. My hesitation is I've heard if they receive something from you it can "wake them up" so to speak and mark your account as active again.

What would be your course of action?

I don't believe the Statutes of Limitation apply - a "bad debt" can be reported for seven years.

Here is some good info - Credit Report Information

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Originally Posted by JudyKayTee

I don't believe the Statutes of Limitation apply - a "bad debt" can be reported for seven years.

Here is some good info - Credit Report Information

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I'm not as worried about SOL as I am getting them back on the case. Since I haven't spoken to them or acknowledged anything I don't want to reopen anything. I read somewhere if they have to verify then they will just sue. And since this is bogus account anyway I don't want to incur the expense of defending.

Drawing any attention to this could put you back in their sights.