Date of last activity past statue of limitations

[klevenson]

I am being sued by a collections agency for a debt bought from a credit card company. The date of last activity on the credit card account according to Equifax is 2/2004. This was the last time I made a payment on this account in question.

The date of last activity for the collections agency on Experian is 1/2007, which is incorrect, since I hadn't made a payment in over 4 years.

If the statute of limitations on open-ended account in my state is 4 years, do I have enough ammunition to go the case dismissed as past the statue of limitations?

[Debt Guy]

Bad news -- the SOL for a credit card in NV is 6 years.

Yeah, I know the chart on this forum says 4 years. It is wrong.

Many people mistakenly think that a bank credit card is an open account. Typically, they cite the Federal Truth In Lending law. Unfortunately, they misread the durn thing. TIL discusses an open-end account and uses a credit card as an example.

An open account and an open-end account are not the same thing. Admittedly, the terminology is confusing.

Credit cards are always open-end accounts but seldom open accounts. Generally, store charge cards are open accounts and bank credit cards are written agreements.

The answer comes down to how your state statute defines an open account and a written account.

Don't take my word or that of some internet website -- you need to read the law of your state. Ultimately, you will have to show the statute to the judge -- may as well find it now.

[klevenson]

Too bad about the SOL.

Two other things that I thought of--how do I check if the CA actually owns the debt, and if they have the right to collect in my state?

Thanks for your help!

[admin]

Bad news -- the SOL for a credit card in NV is 6 years.

Yeah, I know the chart on this forum says 4 years. It is wrong.

Many people mistakenly think that a bank credit card is an open account. Typically, they cite the Federal Truth In Lending law. Unfortunately, they misread the durn thing. TIL discusses an open-end account and uses a credit card as an example.

An open account and an open-end account are not the same thing. Admittedly, the terminology is confusing.

Credit cards are always open-end accounts but seldom open accounts. Generally, store charge cards are open accounts and bank credit cards are written agreements.

The answer comes down to how your state statute defines an open account and a written account.

Don't take my word or that of some internet website -- you need to read the law of your state. Ultimately, you will have to show the statute to the judge -- may as well find it now.

This is not really set in stone - many courts have have varying points of view on this.

For instance, the courts in Georgia ruled that credit cards were written accounts and in Florida, the courts ruled that they were open accounts. It depends.

[merrybucks]

I won on 3 yr SOL in Arizona because the JDB couldn't produce a contract or any statements from the original account. Having said that, a better defense is Chain of Custody. Force them to prove they own the debt. Most can't prove it.

[Debt Guy]

and in Florida, the courts ruled that they were open accounts

Are you sure? Last I heard, FL judges were ruling that bank credit cards were written agreements. VA is the only state I know where judges are saying bank credit cards are open accounts.