Understanding Statue of Limitations

[peme6040]

I have 3 bad marks from a student loan company that are first report late as of July 2009.  These accounts have since been taken care of.  I also have another student loan that was LAST report as of 2010 as being late.  With SOL, does that mean the first accounts will drop in 7 yrs from 2009 (2016)?  And as for the second loan, does SOL go from the first report of lateness? --my transunion report from March states that it should drop in June 2015-would this be correct?

[SCF]

The statute of limitations is a state law that governs how long creditors or collections agencies have to sue you in order to collect a debt - it is not related to the credit reporting period for negative information.

Negative information remains on your credit report for 7 to 7.5 years - individual lates will fall off as they reach 7-7.5 years old.  Defaulted accounts and the associated collections will fall off 7-7.5 years after the date of first delinquincy (DOFD in MyFICO speak), which is the date that the loans first fell behind and were never brought current again.

Federal student loans are not subject to the statute of limitations, but the reporting guidelines do apply.  The only difference is that because it is legal to collect on federal student loans indefinitely, new collection agencies can report their collection efforts well after the original tradelines have fallen off your report.

Private student loans follow the statute of limitations and reporting timelines much like other installment loans.