I see so many different answers on here .."it's off your repot in 7 years" it's off your report in 10 years"..Collection companys can still sue you after 7 years.".No they can't" What is the real statue of limitation to sue 7 years ..2 year..oral contract..written contact? Who has the right answer?
2007-02-13 03:30:21 · 4 answers · asked by Anonymous in Business & Finance ➔ Credit
The truth is, according to the Fair Credit Reporting Act, information doesn't have to be kept on you for any length of time. The FCRA provides that information can be kept for no longer than 7 years for most things and no longer than 10 years for things like bankruptcy. However the FCRA does not REQUIRE that information be stored at all. There is no State in the United States either that REQUIRES this information be kept on you. In fact the FCRA provides many remedies to remove information from your credit file at any time. This is why credit restoration companies have so much success. They know the laws in the FCRA and know how to use them.
If you want to see the FCRA you can go to this link: http://nwbusinessadvisors.com/fcra.aspx and you can read the entire set of laws.
2007-02-13 06:56:44 · answer #1 · answered by Rose T 1 · 0⤊ 0⤋
ok look it's true after 7 years it's off your report, however, if they call you after seven years and they talk with you you are reentering into the contract and therefore you have to pay, trust me I know. So, just don't amswer the phone. They don't really sue, it's just a scare tactic to get you to pay! bankruptcy's I think stay on for 10 years I'm not sure. Check out Suze Orman she has a lot of information about this and other things as well ok!
2007-02-13 11:47:51 · answer #2 · answered by LU S 2 · 0⤊ 0⤋
Well, there really isn't ONE answer for all of your questions, because the laws vary on some things.
Some states don't allow people to be sued for credit card debt at all, and others have varying statutes of limitation in regard to that. Your best bet is always to check the laws in the state in which you live, and also to read up of the fair debt collection act.
2007-02-13 13:18:37 · answer #3 · answered by milomax 6 · 0⤊ 0⤋
Go and talk the the citizens advice bureau.
How you gonna know if any of the answers to this question are correct?
CJDs take seven years by the way.
2007-02-13 11:35:06 · answer #4 · answered by Stu 2 · 0⤊ 0⤋