Is there a statute of limitations for old debts? We have a few which are from 1995, and should in fact be drifting off of the credit report at the end of this year.
It depends on what state you live in. Each state is different. REMEMBER, the SOL is only an affirmative defense if they sue you, and YOU have to bring it up, they won't ask you about it.
If you want to know about when they will fall off your credit report then the answer is not 7 yrs from the date you made your last payment but from the date they charged it off.I found out that it does not apply to accounts charged off before 1997.I have an account from 1995 but it will say put untill 7/2003 because they waited to charge it off unitll 7-1996. It sucks......:-(
Now I thought that the 7 years started from the last delinquency on the account (ie...late payment, skipped payment).....Is that true? Thx Tammy
It IS 7 & 1/2 years from the 1st delinquency (late notice) on accounts that BECAME delinquent after Dec.1997. That is when creditors were obliged under FCRA to keep a record of, and report first delinquency. However,if you have PROOF of first delinquency leading to charge-off from before 1997, you can require the CRA's to remove. You need to show from original bills when you got behind,and all the months following leading to the charge-off.
