How to Which State for Determining Statute of Limitations?

[Anonymous]

Hi Jutz,

Here is some info on Statute of Limitations that helped me:

http://www.creditinfocenter.com/rebuild/statuteLimitations.shtml

http://www.creditinfocenter.com/rebuild/statuteLimitationsJudgments.shtml

Thanks!

[Shogun]

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@Jutz wrote:

I've been meaning to ask that, so I'm glad someone did.  Thanks guys.

A quick point on SOL.  SOL refers only to the amount of time a CA can contact/attempt to try to collect, however regardless of SOL, it will be reported to the bureaus for the full seven years, correct?  And the SOL starts after first dunning?  Or is there another date it starts on?

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SOL refers to the time period which the CA can sue you or get a judgement.  They can try to collect forever until the debt is paid.  The CRTP is the time period which they can report to the bureaus.  This occurs on the DOFD, the Date of First Delinquincy.  This is when the account went unpaid and wasn't brought back up to current.  The CRTP for this is 7 years + 180 days.  Now, once it falls off, they can still try to collect.  We commonly refer to this as "Zombie Debt".   

[Elcid89]

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@Shogun wrote:

They actually have the option of using either state.  Sorry.  

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Only in the case of a signed contract, which revolving debt doesn't involve. In the absence of a signed contract or a real property dispute, debt collectors are required by law to bring suit against you in the state in which you live at the time they file the action.

[Anonymous]

Thanks Elcid89,

I did think I read that somewhere.  Thanks for confirming.

[LIGHTNIN]

Check your state laws for SOL, because it varies state to state.

States are always updated or creating new laws, so be sure you are reading the most current info.

There's also a thing called tolling or the correct word is called "time barred". 

This is were the SOL, can be reset. 

Here's a link for more info http://www.ftc.gov/bcp/edu/pubs/consumer/alerts/alt144.shtm

Another way to find out your states SOL on a debt is to, contact a local attorney.

[Anonymous]

Hi Lightnin,

Thank you for this information because I didn't know that part about "time barred".

Thanks again!