Re: Advise on Statute of limitations with Credit Cards

Posted by Linda on October 16, 2001 at 23:45:23:

In Reply to: Re: Advise on Statute of limitations with Credit Cards posted by Stan on October 16, 2001 at 22:34:16:

Yes, negative items have to be removed from your credit report. It works likes this: date the debt first became continuously delinquent + 180 days + 7 years.

I have heard of many cases where one spouse files bk, and the other spouses card companies or the credit bureaus pick up the bk and put it on the spouses report. Once that happens, you have a war on your hands. However, if you have to file bk, just be prepared and keep a close watch on her reports also. If you are authorized user on her cards, get her to remove you. That would do it.

Once your SOL is up, legally you are home free. Some collection agency may threaten to take you to court, or even do it, but if you show up and tell the judge that the SOL is up, he/she will dismiss the case. The burden of proof would be on the collection agency to show that it was not. But keep all you stuff, it's easier if you already have your proof - you can keep it form going to court at all.

Linda

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