AFKJR Posted January 18, 2005 Report Share Posted January 18, 2005 What is the Statute of limitations on a debt? I just got a demand to pay an old credit card debt (Diners Club) from a debt collector. The letter states they just “Purchased” the debt.The first late/nonpayment on this account was in October 1996. That’s over 8 years ago. I thought the statute of limitations to collect a debt was 7 years. Am I right? If I’m not right what is the statute of limitations on a debt like this? I am also led to understand that after 7 years a bad debt must be removed from my credit report. I am about to send for my credit report, am I right or wrong in believing this? I would like to thank you all for any information you might be able to supply.Arthur Email - AFKJR@aol.comPS; In case you need to know I live in NY State Link to comment Share on other sites More sharing options...
LadynRed Posted January 18, 2005 Report Share Posted January 18, 2005 SOL on credit card debts (open-ended agreements) is 6 years in NY. If the last time you paid DC was 1996, then this is well past the SOL and you can tell the junk debt buyer to pound sand, the debt is time-barred. The 7 years you're thinking of is the amount of time negative information can stay on your reports. Since this one went delinquent before 1997 (when the FCRA was changed), the reporting period is 7 years from the delinquency date..and that too has passed. This thing should NOT be on your reports. What you need to do is send the JDB a cease and desist letter telling them never to bother you again as the debt is time-barred per NY statute. A good letter to use is here:http://community-2.webtv.net/YCHANGE/STORAGE/page13.htmlSend it certified, RRR, and keep copies of everything. Do NOT send them your credit report ! Link to comment Share on other sites More sharing options...
AFKJR Posted January 18, 2005 Author Report Share Posted January 18, 2005 The 7 years you're thinking of is the amount of time negative information can stay on your reports. Since this one went delinquent before 1997 (when the FCRA was changed), the reporting period is 7 years from the delinquency date..and that too has passed. This thing should NOT be on your reports. I want to thank you for the info. Could you please tell me/us what change was made in the FCRA in 1997 regarding the reporting period of negative information on a credit report.Again I want to thant you for your help in advance. Link to comment Share on other sites More sharing options...
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