If you receive a notice about a past-due account or a possible collections debt, it’s smart to verify it before you pay anything. Creditors and collection agencies sometimes make mistakes, accounts get mislabeled, and identity theft can also result in debts being incorrectly linked to your name.
In other cases, a debt may be too old for a collector to sue over, but acknowledging it or making a small payment could reopen the window for legal action. That’s why experts recommend confirming whether a debt is legitimate before you respond or agree to pay.
Here’s how to find all your debts, check if you have collections, and verify what you truly owe, step by step.
The Statute of Limitations on Debt
Every state has a statute of limitations on debt, which sets the time period during which a collector can sue you for repayment. Depending on the state and the type of debt, that window typically ranges from three to six years, though some states allow longer.
Once the statute of limitations expires, collectors can still attempt to collect the debt, but they cannot sue you to force repayment. However, the clock can restart if you:
- Make a partial payment
- Admit the debt is yours
- Enter a new payment agreement
This is why it’s important to avoid acknowledging a debt until you’ve confirmed whether it is legitimate and whether it is still legally enforceable.
Also remember: a debt does not disappear unless it is legally discharged (such as through bankruptcy). The statute of limitations only affects a collector’s ability to sue, not whether the debt exists.
The Debt Validation Notice
When a collector first contacts you, your first step should be to request a debt validation notice. Under federal law, collectors must send this written notice within five days, and it must include:
- Confirmation the communication is from a debt collector
- Your contact information and the collector’s contact information
- The name of the original creditor
- The original account number
- The date the last payment was received
- The current balance, including interest, fees, and credits
- Instructions for disputing the debt if it’s not yours
- The deadline to dispute (usually 30 days from receiving the notice)
This information helps you confirm whether the debt is genuine and still legally enforceable. It also addresses common questions like:
- How do I find out how much debt I have?
- How do I check if I have collections?
Gathering these details before responding protects you from paying a debt that may be inaccurate, fraudulent, or outside the statute of limitations.
Finding Debts and Checking Collections
If you’re wondering how to find out all your debts or how to check for collections you owe, your credit reports are the best place to start. You have three separate reports, one each from:
- Equifax
- Experian
- TransUnion
Not all creditors report to all three bureaus, so checking all of them ensures you don’t miss debts that may be in collections.
You can access your reports for free at AnnualCreditReport.com, which provides full reports that typically include seven to ten years of account history.
Focus on these sections to see what you owe and who owns the debt:
- Collections
- Negative Items
- Accounts
- Credit Inquiries
These sections list balances, original creditors, collection agencies, and account status. If something looks unfamiliar, it could be a clerical error or a sign of identity theft. In those cases, you have the right to dispute the information with the credit bureau or through the Consumer Financial Protection Bureau (CFPB).
Consult Your Personal Records
Your credit report may not show every debt, especially very recent accounts or debts that haven’t been reported yet. Reviewing your emails, text messages, bank statements, and mailed notices can help you identify balances, fees, or creditor information that hasn’t appeared on your credit report.
Cross-checking this information with the debt validation notice can help you confirm whether:
- A debt is yours
- A balance is accurate
- A collector is legitimate
This step helps you avoid missing debts that could later move into collections.
Responding to Valid Debts
Once you confirm a debt is valid, it’s important to respond within the 30-day window noted on your validation notice. Ignoring a legitimate debt can lead to:
- Collection lawsuits
- Judgments
- Wage garnishment (in some states)
- Additional fees and penalties
- Long-term credit score damage
If the debt is valid but unaffordable, you have a few options:
- Contact the creditor to negotiate a payment plan
- Work with a credit counselor to negotiate terms
- Explore debt relief options, including debt settlement, if your overall debt is more than you can manage
Talking with a certified debt specialist can help you understand the best approach for your situation.
If you discover that your debt situation is overwhelming, speaking with a ClearOne Advantage debt specialist may help you find a path forward. Call 888-340-4697 to explore your options or get a free savings estimate now. Take the first step toward taking control of your finances.
FAQ
How can I find out all my debts in one place?
The fastest way to see all your debts is to check your three credit reports from Equifax, Experian, and TransUnion. Not every creditor reports to all three, so reviewing each one helps you identify all open accounts, past-due debts, and collections. You can access all reports for free at AnnualCreditReport.com.
How do I check if I have a debt in collections?
Look for the Collections section on each of your credit reports. It will list the collection agency, the original creditor, the balance, and the account status. If something looks unfamiliar, request a debt validation notice from the collector before paying.
How do I find out how much debt I owe overall?
Add up the balances from all open accounts listed on your credit reports, along with any debts confirmed through validation notices or recent statements that may not yet appear on your reports.
Can I find my debt for free?
Yes. You can get all three credit reports for free at AnnualCreditReport.com, the only federally authorized site for free credit reports.
How do I check my debts online quickly?
Go to AnnualCreditReport.com and request online copies of your Equifax, Experian, and TransUnion reports. They usually generate within minutes and show your open accounts, balances, and any collections.
What should I do if a debt on my credit report isn’t mine?
Dispute the debt with the credit bureau reporting it and request an investigation. You can also request a debt validation notice from the collector. If identity theft is suspected, file a report at IdentityTheft.gov.
Will checking my debts affect my credit score?
No. Checking your own credit reports is considered a soft inquiry and does not affect your credit score.
What if a debt is too old to collect?
If a debt is past the statute of limitations in your state, a collector cannot sue you for it. However, acknowledging or paying the debt may restart the clock, so verify the age of the debt before responding.
