If I have a collection on my report when am I in the clear if one credit report says last activity was 2/04, another says last activity of 9/03, and the last says last payment date of november 2003. I dont know which to believe and statute of limitations is 4 years here.
2006-12-01 10:39:25 · 6 answers · asked by Anonymous in Business & Finance ➔ Credit
I dont want to dispute it and make them mad so they come after me though. It is just reported as charged off and has not been sold to a collection agency that I know of.
2006-12-01 10:51:14 · update #1
Keep in mind each state has an SOL, which in your case is 4 years. There is also the reporting period according to the FCRA, which is 7 years. The SOL does not remove the debt, it only gives you a defense in case they try to sue. Chances are, if they were going to come after you they would have done so in the first year or so when the debt was charged off. It's well known that debts over 2 years old are seldom collected, if at all, so the longer it's been the more unlikely they will come looking for you.
But to answer your question, the SOL is probably up in 9/07. The reporting time can run for 3 more years after that. I would DV/dispute the debt at that time and see if it falls off your report.
2006-12-01 12:16:57 · answer #1 · answered by Kevin K 3 · 0⤊ 1⤋
The statute of limitations depends on your state. There is a link below which lists all the statutes by state. Just remember that the statute of limitations is different from what is allowed on your credit report. Items stay on your credit report for 7 years. So even if you have passed the limitation, it will still be on your report or if your state has a longer statute of limitations, you can still be legally sued for the debt even though it is no longer on your report.
2006-12-01 20:13:30 · answer #2 · answered by Mariposa 7 · 0⤊ 0⤋
I process mortgage loans for a large mortgage lender. We do loans in all of the continental United States. If you live in the US, then the statute of limitations on collections and charge offs is seven years from the date of last activity. Equifax, Transunion and Experian are the 3 major credit bureaus, but they are separate. Creditors and collections agency's have to report to each bureau separately. The bureaus don't report information to each other. So, it doesn't matter which of the dates on your credit reports is accurate. Each bureau is supposed to drop the collection or charge off of your credit report 7 years from the date that they have.
I try to explain to people not to be mistaken. The legal statute of limitations on collections and charge offs is seven years.This is not determined by the state you live in. After the seven years is up the it drops off of your credit report and they cannot report it on your credit report again. But, they can come after you for that debt for as long as they want. There is no statute of limitations on the debt.
2006-12-01 19:43:01 · answer #3 · answered by kelly h 3 · 1⤊ 0⤋
I believe the statute of limitations is 4 years since last payment.
So, 02/04 would be written off 02/08 and 11/03 would be written off 11/07. Yeah, I think so.
2006-12-01 18:48:08 · answer #4 · answered by xxrtxxemail 2 · 0⤊ 0⤋
Figure out when you actually last made a payment...unless it's the original creditor.......they always renew that stuff and lie on the reports to make you think you are still in the limitation period.... Dispute it with the credit agency, they may not even be able to prove it exists...most junk debt buyers can't.
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2006-12-01 18:50:01 · answer #5 · answered by MN-Mike 4 · 0⤊ 0⤋
Neither. If you have issues with the report, contest it with the credit reporting companies. Sometimes they leave things on that should be gone. You have the right to contest your credit reports information.
2006-12-01 18:48:22 · answer #6 · answered by domainguy 2 · 0⤊ 0⤋