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Are there statutes of limitations for collection of credit card debt?

In: Credit and Debit Cards, Debt Collection, Statutes of Limitations, Credit [Edit categories]

Answer:

Yes. [ADDED-see below]

The SOL depends on the state and type of agreement. Also note that credit card debt is called an open end account. The SOL for debts that have expired (no longer required to pay) is not the same SOL used by credit bureaus. Take a look at the following site http:/www.credit-repair-specialist.com/debt-collection-statute-of-limitation.html and http://www.blogblackstocks.com/2007/02/how_long_does_n.html

Just because the SOL has expired on a debt does not mean you do not owe the debt. Very few states extinguish the debt on expiration of SOL.

When the SOL expires it just means that they can not sue you and win if you show up in court and use expired SOL as a defense. They can continue to attempt to collect on a debt forever.

Items fall off your credit report 7 - 7.5 years from the DOFD, which is set by the OC and is federally mandated. This date can not change.

SOL is state mandated and varies from state to state.

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First answer by Mrcdsbnzgirl. Last edit by Guiness56. Contributor trust: 2 [recommend contributor ]. Question popularity: 69 [recommend question].

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