What is the statue of limitation on defaulted credit cards?

is there a limitation on defaulted credit cards

What is the statue of limitation on defaulted credit cards?

The usual minimum time for a past due or a charge off to remain on your credit report is 7 years. However, it is calculated from the last activity on the account. Activity means moved into collections, any payments made. Be very careful. Banks will sell bad debt to debt collectors and the new collector will pursue you to no end. They will also try to get you to make a payment, which then resets your last activity to that date and the delinquency begins anew for another 7 years. Also debt collectors will try to open a %26quot;new account%26quot; which then they say they have the right to pursue for 7 years. They are very tricky. Make sure you keep records and can prove it was the same original debt, and they will have to remove it. Check out the FCRA (fair credit reporting act) at http://www.ftc.gov/os/statutes/031224fcr...

What is the statue of limitation on defaulted credit cards?

I think it%26#039;s 7 years.

What is the statue of limitation on defaulted credit cards?

10 years

What is the statue of limitation on defaulted credit cards?

7 yrs but beware many sell them off to credit reporting agencies and re-report it as a %26quot;new%26quot; collections account

What is the statue of limitation on defaulted credit cards?

Statutes of limitation on such debt vary from state to state.

Bear in mind that an expired SOL does NOT wipe out any debt. It merely precludes obtaining a judgment against you for said debt. The debt remains due and payable, and a collection agency can come after you to pay for a very long time.

What is the statue of limitation on defaulted credit cards?

I%26#039;m pretty sure it%26#039;s 10 years. It used to be 7, but they increased it.

What is the statue of limitation on defaulted credit cards?

It depends on your state...here is a link to a website that give you the information:

http://www.creditinfocenter.com/rebuild/...

What is the statue of limitation on defaulted credit cards?

When a statute of limitation expires, it does not mean that the debt goes away, it only means you can use it as a defense to stop collectors from collecting thru the court system. Collectors can still

try to collect thru other methods.

In other words, they can continue to try to collect forever.

What is the statue of limitation on defaulted credit cards?

4 YEARS IN CALIFORNIA, BUT IT DEPENDS ON WHAT STATE YOU LIVE IN.

What is the statue of limitation on defaulted credit cards?

It depends on the state and a variety of other issues (such as the last time they tried to contact you). Check-out this site...

http://www.creditmanagementworld.com/leg...