Learn What The Debt Collection Statute Of Limitation On Old Debt Is State By State!
Debt Collection Statute of Limitation, depends on your state of residence. The Federal Trade Commission (FTC) refers to old debts that are beyond the point at which a creditor or debt collector can sue you to collect as Time barred debts. The window during which a collector cannot sue you is also referred to as the statute of limitation period and is usually between 3 to 10 years after the day of the debt or the last activity date on the account. To determine the last activity date look at your credit report.
The debt collection statutes of limitation for written contracts, for example, range from three years in Delaware to 15 years in Ohio, although the typical limit in most states is five or six years. The rules vary widely, but, in some states you can inadvertently extend the statute of limitations by entering into a repayment plan with a creditor or even by acknowledging that a debt is yours.
Getting dragged into court and having a judgment entered against you could further hurt your credit score and your efforts to rehabilitate your credit. Before you contact your creditors, you should know the details of the debt collection statute of limitation in your home state. (If you've moved, it may be the state you live in now whose law will apply, even if you entered into the credit agreement in another state.)
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