Expert: Kathleen Eads - 6/28/2006

Question
Hi:
I Hade an Optima card that was cancelled by the lender in 1987 with an open balance of $3000.00. Since then I have cleaned up my credit and have a very high score. I think about 800. They have not contacted me in many years (over 10) and I recieved a collection letter yesterday for the balance. When I checked my credit report they are back on my report and listed as active till 2001 with good standing. Can I get them removed? What is my best approach. I don't want to open a can of worms after all the time I spent restoring my credit.
Thankyou
Paul

Answer
Paulm,

It sounds as though this bill's statute should have expired YEARS ago.  I've included a statute website for you to consult.  

http://www.cardreport.com/laws/statute-of-limitations.html

I would personally dispute the entry with the credit bureaus, based on the age.  If Optima cannot confirm the amount, the bureaus will remove the entry.  Is it listed just as an outstanding credit card?  Did they pursue this and get a judgment against you?  If so, this could extend the statute for up to 10 years, but even so, you said it's been nearly 20 years ago.  Go to each bureaus website and it will tell you how to dispute the entry.  (www.transunion.com, www.experian.com, www.equifax.com).  

The only thing puzzling about this is you say your score is up around 800 and the account is listed in good standing.  If that's the case, I don't know that I would even mess with it.  Because of hte age, it may not be affecting you at all.  

Kathleen Crabtree-Eads