What id the statute of limitations on credit cards?

Question

I have an old account. I have paid this once but can find no record of it. I was talking to a collection company that had contacted me six years after this was paid. I thought the sol was six years here in KY, but they say if they have a copy of the terms and agreements from the original account it is 12 years. Does anyone know if this is true.

Answer 1

Under common law, all debts outlaw after 20 years of inactivity.
If you pay 1 dollar, the clock starts all over again.

Answer 2

The KY SOL on open accounts is 5 years. Where there is a written contract it's 15 years. If they can provide a copy of a written contract (your application is part of that, and is often the entire agreement) then they probably can assert their right for 15 years from the last account activity date.

These have no bearing on whether or not it shows up on your credit record, they are the SOLs for collection actions.

Answer 3

Unpaid credit card accounts can show up as long as 12 years, but typically, it drops after 7. If you paid off and closed this account, consider adding that information to your credit history. Heck, my bankruptcy doesn't even show up any longer and that was after 9 years.

Answer 4

this is happening to a co-worker of mine.

somewhere there is a payment record with your bank. can you at least remember the year and maybe a span of a few months??? if so, then they can get you a printed record of that period and you will have your proof of payment.

from now on...make any final payments by check and keep a copy of it and write on the "memo" part "final payment acct #____"