Kabbage Business Loans, Statute of Limitations?

[Anonymous]

The oldest tradeline that is terrible on my credit report is a Kabbage loan in the amount of ~$5K. It is set to fall off of my reports in January and March of 22. However, I am looking to purchase a home this fall and am wanting to get the highest FICO score and lowest interest rate in the process.

The loan had been sold off to TBF Financial, and they have never pursued any action. The date of last delinquency was January of 2015. 

I called Transunion trying to get an early exclusion, but for some reason this isn't set to fall off Transunion until March of 22, so they told me to call back in a few months and ask again, but they were willing to try and dispute it. I was hesitant, because the $5K amount is not something I want to poke if they can still file civil suit to collect. 

BUT - It looks like the statute of limitations in Indiana (where I live) and Georgia (where Kabbage is headquartered) is 6 years. I'm a little confused as to what kind of debt these Kabbage business loans are. I found online that "In Indiana, oral contracts, written contracts for payment of money and promissory notes have a limitation period of 6 years, while written contracts unrelated to the payment of money have a written limitation period of 10 years from the date the debt was incurred."

So if the statute of limitations is passed, can I dispute this and just assume that TBF Financial probably wouldn't waste the time and resources to respond and quit reporting? 

Any experience with something like this would be great. Thanks!

[Anonymous]

The loan had been sold off to TBF Financial, and they have never pursued any action. The date of last delinquency was January of 2015. 

I called Transunion trying to get an early exclusion, but for some reason this isn't set to fall off Transunion until March of 22, so they told me to call back in a few months and ask again, but they were willing to try and dispute it. I was hesitant, because the $5K amount is not something I want to poke if they can still file civil suit to collect. 

BUT - It looks like the statute of limitations in Indiana (where I live) and Georgia (where Kabbage is headquartered) is 6 years. I'm a little confused as to what kind of debt these Kabbage business loans are. I found online that "In Indiana, oral contracts, written contracts for payment of money and promissory notes have a limitation period of 6 years, while written contracts unrelated to the payment of money have a written limitation period of 10 years from the date the debt was incurred."

So if the statute of limitations is passed, can I dispute this and just assume that TBF Financial probably wouldn't waste the time and resources to respond and quit reporting? 

Any experience with something like this would be great. Thanks!

[Red1Blue]

I am curious to find out the details

[RobertEG]

Expiration of state statute of limitations on debt governs whether or not the creditor can file a civil action seeking a court judgement on the debt.  It is NOT basis for exclusion of credit reporting.

There is thus no inaccuracy in reporting based on expiration of s state SOL on the debt.1

A dispute asserting excusion based on expiration of SOL can be dismissed without any need for investigation by the furnisher, and thus would not be appropriate.

[OmarGB9]

No. SOL for being sued is NOT the same as the credit reporting exclusion period, which is 7 years (+180 days, if they choose) for all negative accounts with the exception of NY, which excludes negatives as 5 years IF it is paid from Date of First Delinquency (DOFD). I'd leave it.