what are the credit card statues of limitations in illinois for reporting to the credit bureaus?

Answer 1

The statute of limitations has nothing to do with when credit card companies can report to the credit bureaus, is has to do with the legal time that they can sue you to collect your debt.

In the State of Illinois it's 5-years.

Derogatory accounts show on your credit report for 7-years from the date of first delinquency or 7-years and 180-days. This is mandated by the Fair Credit Reporting Act.

Answer 2

There is no state statute of limitations for reporting to the credit bureaus. The fair credit reporting act (FCRA) requires that all debts be reported 7½ years from the date of the last activity. There is a state issued statute of limitations which for Illinois would be 5 years for "open ended" accounts (credit cards)

Answer 3

7 years bad debt stays on your file.
most agencies report twice a year.
I used to work for the Continental Credit Card Co. and they reported twice a year for customers to build good credit.
Ill would be the same as any other state in the US

Answer 4

The above comments are sturdy, yet I would desire to element out 2 issues. a million. Your mastercard contract in all risk says which state's regulation will goven the settlement, and if it does, the problem of the SOL would be ruled by way of that State, not by way of Georgia. 2. Your settlement contract ought to state the implications of a ignored fee--it ought to declare that if a fee is late or if the total agreed volume isn't paid off on time, the total orginal debt will become due on the instant. you need to study that contract, and additionally your mastercard settlement.

Answer 5

credit stays on report for 7 years AFTER you pay it off.
I don't know where people think that it gets removed
if you don't pay it all, then why claim bankruptcy

www.creditinfocenter.com
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