debt collection-credit card,medical,ect.
2006-10-05 13:50:57 · 4 answers · asked by Bryan S 1 in Business & Finance ➔ Personal Finance
The statute of limitations for this type of account in IL is 5 years. However, if you lived in another state when you incurred the debt, it could be shorter if that other state has a shorter SOL.
What this means to you is that you cannot be forced to pay although the collections agency can still keep trying to collect. However, if you are out of statute of limitations, you can pretty much tell them to piss off and never contact you again and they have to comply - just put it in writing.
After 7.5 years, the debt will fall off your credit report. Do yourself a favor and keep a copy of your old credit reports so if they try to reage the debt or sell it and someone else lists it, you can prove when it first went late and get the notataion removed from your credit report.
You need to read both the FCRA and the FDCPA to learn your rights. I would also suggest reading the forums at www.creditboards.com to learn how to fix your credit.
Good luck!
2006-10-05 15:08:01 · answer #1 · answered by personal_finance_101 3 · 0⤊ 0⤋
On the books it is 7 years. In actuallity, the company sells it to another collection company and that renews the 7 years.
2006-10-05 13:58:37 · answer #2 · answered by redunicorn 7 · 0⤊ 0⤋
most states it's 6 years, but that won't stop collection agencys from still trying to collect
2006-10-05 13:59:17 · answer #3 · answered by xjoizey 7 · 0⤊ 0⤋
It's usually around 6 years.
2006-10-05 13:58:16 · answer #4 · answered by First Lady 7 · 0⤊ 0⤋