I work at a private university and we do not sue for collections. Since the debt can be reported to the credit bureau for 7 years, we like to keep our accounts at collection agencies during that entire time. With the language now being offered due to time-barred states, our collection agencies do not want any of our accounts older than 4 years (TX). Is there a way of notifying debtors of the statute of "able to be sued" without negating the ability to collect for 7 years?
Perhaps wording such as, "Although it is past the statute of limitations in which you can be sued, the debt is still valid, can be subject to calls from collection entities, and can still be reported to the credit bureau which may impact your credit rating."
LSmith
1
I work at a private university and we do not sue for collections. Since the debt can be reported to the credit bureau for 7 years, we like to keep our accounts at collection agencies during that entire time. With the language now being offered due to time-barred states, our collection agencies do not want any of our accounts older than 4 years (TX). Is there a way of notifying debtors of the statute of "able to be sued" without negating the ability to collect for 7 years?
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LSmith
2Perhaps wording such as, "Although it is past the statute of limitations in which you can be sued, the debt is still valid, can be subject to calls from collection entities, and can still be reported to the credit bureau which may impact your credit rating."
View this comment in the discussion thread