Re: Statue of Limitations on Reporting an uncollected debt

On Apr 16, 11:41 am, "sarge137" <rbooth9...@xxxxxxxxx> wrote:
On Apr 15, 8:22 am, p...@xxxxxxxxxxxxx wrote:

I have a credit card that went into collections back in September
2005. I live in NH. The debit was charged off but I was never sued.
How long will or can this item stay on my credit report? What is the
Statue of limitations on this item?


1. The statute of limitations on civil actions varies considerably
from state to state. There are generally mechanisms in place to keep
that time limit from expiring, though they're rarely used unless the
delinquency involves a substantial amount. You should contact the NH
Attorney General's Consumer Affairs Office - they should be able to
tell you. If they can't or won't, find a consumer rights organization
in your state. In my state this kind of thing has a three year
statute of limitation, but can be almost indefinitely renewed if
"reasonable" attempts are made to collect the debt. Keep in mind that
a charge off is an accounting mechanism, not a waiver of the
creditor's rights to collect the debt.

2. According to the Fair Credit Reporting Act
says that a charge off can be reported for seven years. That time
begins to toll 180 days (6 months) after the account in question
becomes delinquent. Some collection agencies will try keep those
things alive by renewing their collection efforts and reporting
periodically, but you can generally successfully challenge them after
the initial 7 year period.


Sarge, regarding #2, if you have a very old account that you think
might be at or very close to 7 years, how can you find out the true
and correct delinquency date if you don't know it? Let's say you left
this particular company Q1 2000 on less than good terms, and don't
even have the original account number anymore. Suppose the
delinquency date is mis-reported on your credit reports?