Boardbully Posted September 3, 2007 Report Share Posted September 3, 2007 I am 24 and Im finally just maturing.... AnywayI opened up a credit card when I was 16 or 17. My father co-signed. He passed away and I couldnt pay my credit cards. I still cant! I thought it took 7 years for debts to be closed and its past seven years now. It says I have 3 more years to go. ( i looked it u on expedian) Anyways why did it go from 7 to 10 years? What can i do since I wasn't an adult when i opened up the account. Can I dispute it? any info will help I live in PA Link to comment Share on other sites More sharing options...
toImproveMyCredit Posted September 3, 2007 Report Share Posted September 3, 2007 I am 24 and Im finally just maturing.... AnywayI opened up a credit card when I was 16 or 17. My father co-signed. He passed away and I couldnt pay my credit cards. I still cant! I thought it took 7 years for debts to be closed and its past seven years now. It says I have 3 more years to go. ( i looked it u on expedian) Anyways why did it go from 7 to 10 years? What can i do since I wasn't an adult when i opened up the account. Can I dispute it? any info will help I live in PAHey, im very sure, regardless where u live in the U.S., it should be only 7 years from the date of " 1st major deliquency". Look for this term, especially Equifax will tell you. Technically, they should have been removed/deleted from your CR, if they have been reported correctly. And, if you dont believe the date of "1st major deliquency" is right, you can also dispute it. In fact, I willl do the same for one account soon. Hope this helps, somewhat, and you really should ask some others here, too: there are plenty of people with excellent knowledge about your topic. Peace. Link to comment Share on other sites More sharing options...
Boardbully Posted September 3, 2007 Author Report Share Posted September 3, 2007 If the statue of limitation on debt in my state is 4 years why does it take 7 to come off my credit report? Link to comment Share on other sites More sharing options...
toImproveMyCredit Posted September 3, 2007 Report Share Posted September 3, 2007 If the statue of limitation on debt in my state is 4 years why does it take 7 to come off my credit report?They are two differen things. Statue of limitation (SOL) is, im sure, the maximum time they, the CAs and OCs , have to collect, or attempt to collect the debt people owe. Link to comment Share on other sites More sharing options...
Amerikaner83 Posted September 3, 2007 Report Share Posted September 3, 2007 exactly. Read the stickies, find out all about SOLs (STATE LAW ) and reporting period (FEDERAL). Link to comment Share on other sites More sharing options...
willingtocope Posted September 3, 2007 Report Share Posted September 3, 2007 They are two differen things. Statue of limitation (SOL) is, im sure, the maximum time they, the CAs and OCs , have to collect, or attempt to collect the debt people owe.You're right that they are two different things. SOL is a state law...falling off the CRs is a federal law. And, an OC/CA/JDB can still try to collect past the SOL...they can even sue...but, if you show up in court, raise the SOL as an affirmative defense, and the judge agrees, then they can't get a judgement against you. They can, however, still try to collect. Link to comment Share on other sites More sharing options...
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