I bet you thought that I meant s**t outta luck in Illinois. Well, that may be the case but what I am actually looking for is information regarding the Statute of Limitations regarding collections in Illinois. On another web site I found the following information. Does anyone know if it is correct? Oral Agreements 6 years Written Contracts 6 years Promissory Notes 6 years Open Ended Accounts 6 years If this information is correct can they still be reported to the craâ??s for 7 seven years or does Illinois law have a different time limit? Now, if they cannot sue you or collect a judgment after 6 years can they continue collection activities including reporting to craâ??s?
Your SOL info appears to be incorrect...I like the NOLO site below for information, but I posted a second link because the information is always different... Sorry to confuse you. Make sure you look at the column headings as they are not the same and not in the same order: NoLo site creditinfocenter This has nothing to do with the 7 year reporting limitation for certain negative information on your report. It only has to do with a defense that you must bring up when threatened with certain types of debt related lawsuits. You must raise this defense and you must do it before judgement is ordered even if it is long after the SOL. -Peace, Dave
I though at one time I saw information that did not agree with this, which is why I posted. I'll check the site you mentioned. Thanks
I know and that is why I posted both links and wrote "sorry to confuse you" I saw that too. It happens alot, I think because the SOL's change and these sites do not keep up to date as much as they should. The important thing to remember though is that the SOL has nothing to do with the time a CRA can report certain negative info...for instance certain BK's, Student Loan info, or Liens (like tax liens), can be reported for longer than 7 years. The SOL is only a legal defense to bring up prior to court and move for dismissal. As for getting the correct SOL info, you may want to contact a competent attorney practicing in Illinois ... I would DEFINITELY if I were contemplating using the SOL as a defense. Again sorry for the confusing information. -Peace, Dave
