what is the statute of limitations on credit card collections?

Answer 1

I depends on the state. Here is a link to each state's statute of limitations law.
http://www.collectioncenter.com/Summary%20of%20Collection%20Laws.pdf

By the way, the statute of limitations means that a collection agency does not have the power to pursue a debt by legal enforcement (through the courts, obtaining a judgment) but it does not bar a collection agency from attempting to collect the debt through a phone calling or letter campaign, as long as they are otherwise compliant with the Fair Debt Collection Practices Act (FDCPA), the main Federal law governing collections activity.

Answer 2

do not confuse the 7 year reporting era with the Statute of obstacles (SOL), the time body to convey lawsuit. Derogatory products age off your credit record 7-a million/2 years from the date of first deficiency (default). that is in line with the FCRA and not at all some thing restarts that clock. in case you defaulted in 2002, that debt ought to now no longer tutor on your credit record. you could dispute it as being previous the reporting era even if it really is showing. The SOL varies from state to state. many times, the SOL starts from the date of very last interest or price. making a cost restart the SOL. The SOL for mastercard debt in maximum states is below 6 years, yet there are some exceptions. If the debt is previous the SOL, which means you should use the SOL as an affirmative protection if the creditor sues. usually, creditors can proceed to attempt to collect regardless of if the debt is previous the reporting era and the SOL on your state. you could deliver them a qualified, go back receipt letter telling them to give up all contact. they ought to renounce yet will likely promote the debt to a special zombie debt collector.

Answer 3

Laws vary from state to state. - In California, the statute of limitations for a written contract is 4 years - and it would probably run from the date you last made a payment or the date of the last charge to the account.

Answer 4

There are only 2 states that release you from legal and financial responsibility for a debt after a specified period of time:
Minnesota says you don't have to be honest and responsible for your debts after 6 years and Mississipi says you don't have to be honest and responsible for your debts after 7 years.

Unless you live in either of those states, the collection agencies and creditors have the right to continue collection activities under FDCPA.