Statute of Limitations

Anonymous · ‎08-01-2011

I have many delinquent debts beginning in 2007. Some of these debts originated in NJ and some in Maine. In NJ the statute oflimitations is 6 years for credit cards. If I moved to a state with a 3 year SOL would they need to delete these items from my report?

-Cain- · ‎08-01-2011

SOL doesn't figure into how long something can be reported on your CRs.

MarineVietVet · ‎08-01-2011

@Anonymous wrote:
I have many delinquent debts beginning in 2007. Some of these debts originated in NJ and some in Maine. In NJ the statute oflimitations is 6 years for credit cards. If I moved to a state with a 3 year SOL would they need to delete these items from my report?

Hello and welcome.

I think you are confusing SOL with CRTP. SOL is set by each state and is the amount of time a creditor has to bring a lawsuit over unpaid debt. The SOL where you are now living is generally applicable.

The CRTP (Credit Reporting Time Period) is federal law and dictates how long a negative item can stay on your credit reports. For instance late payments can report for 7 years from each individual dates of delinquency.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

RobertEG · ‎08-01-2011

+1

SOL regards your legal obligation to repay a debt. If expired, it can be used as an absolute, affirmative defense in court against any legal action for recovery of the debt.

If the party who brings the legal action is a debt collector, they can bring legal action in either the state where the contract for the debt was signed, or in the state of your current residence. They have the option, so your SOL may be different depending upon the jurisdiction of the legal action. Most actions are brought in the state of residence of the consumer.

The FCRA does not impose any requirements for deletion of information from your credit file based on age of the debt or account. That applies to both expiration of your state SOL on collection of the debt, and upon the ability of the party to continue reporting after the expiration of the CR exclusion date under FCRA 605(a). The FCRA only limits the ability of a CRA, in most cases, to continue including the information in your CR after expiration of a 605(a) date. YOu cant request either deletion from your credit file or exclusion from your CR based on expiration of your state statutue of limitations for repayment of the debt.