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Statue of Limitations


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I live in Missouri. My understanding is that the Statue of Limitations on Open accounts which include credit cards in Missouri is 5 years. All the credit card debt was originated in Illinois and it also has a 5 year SOL on open accounts. I stopped receiving credit card statements from my original credit card companies in early to mid 2000. However, I just looked at my credit report and some collections agencies have indicated an open date and last activity date as late as July, 2004. I have maintained all my old statements as well as letters from collections agencies indicating they are representing the origincal creditor or have purchased the account. If a collection agency indicates it has purchased an account from the original creditor. Will I still be protected by the SOL regarding the original creditor?

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Yes, you would still be covered by the SOL from the OC. You will probably here a CA tell you that the SOL starts from the time they purchased that account but it is not true. The sol generally starts from either your last charge &/or on-time payment. You have to watch the ca's closely because they will try to re-age an account if they think they can.

Good luck!

paw67

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