Re: Is there a statute of limitations on collecting OLD c/c debt?

Posted by samiam (64.136.26.235) on July 28, 2004 at 21:26:59:

In Reply to: Re: Is there a statute of limitations on collecting OLD c/c debt? posted by Why Chat on July 28, 2004 at 15:41:45:

By law, a debt can always attempt to be collected. Federal law states that an account can only be on your credit report 7 years from the first date of delinquency, usually 120 days before the charge off date. State law referring to the statute of limitations, can vary up to 12 years. This law refers to how long the creditor has to take legal action against you. As for the debt owed, you can be contacted for however long it takes to pay off the account, be it years or even decades.

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