What You Need to Know about Statute of Limitations:
You already know about the (7-10) years the credit bureaus have in which to report
negative credit. I want to draw your attention to an area that affects the amount of
time that a creditor has to sue you over a debt. Listed below is a simple spreadsheet
outlining different states and agreement factors.
Please note: That some states consider credit card agreements to be an oral contract,
other states consider it a written contract, and some states have specific laws pertaining
to credit card lawsuits. If you have unpaid credit card debt and are concerned about
your legal rights, I strongly suggest you seek legal advice and assistance.
BE VERY CAREFUL:
You can restart the expired statute of limitations by making a payment on an old
debt or just by acknowledging that you owe the debt. If a debt is still within the statute of limitations it may still be considered your debt. Do not dispute debts that extend past the statutes. Some things you
just have to let die. –Coach!