Ask the Expert: Debt Collection Statute of Limitations

Ask the Expert: Debt Collection Statute of Limitations

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There aren’t statute of limitations
associated with every debt the statute of limitations is dictated by state law
and it really has to do with the last activity if it’s an older day you need
to be very careful because anything you do to reactivate the statute of
limitations could cause use significant damage in the future last activity could be your last time
you made a payment or it could be the initial time you defauled. These days a
lot of companies buy debt and some of those companies turn around and think
that they can restart the statute of limitations that’s not the case. The statute of limitations follows the
original activity and the original lender a defaulted debt would take seven
years to come off your credit report. However if the creditor goes after you
and file suit against you and wins a judgment it could be on your credit report
for the next twenty years.

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