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Anju518

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Debt Collection: Statue of Limitations
So I had a credit card when I was 18. They gave it to me with a high limit without sufficient income or anything to back it up. Fast forward 10 years, I just got a notice from a debt collector wanting the balance. First of all, it has been 5.5 years, closer to 6, that I have had any relationship with the bank. They actually removed my account access so I could not continue to pay it off. Second, the Statue of Limitations in my state is 5 years. They never sent notices or called until yesterday. Now suddenly this debt is on my credit report. It wasn't at all for the past few years!!! What do I do?

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"Statue of Limitations" is usually refer to the length of time the creditor/collection agency can bring a lawsuit to seeking a judgment against you. 

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The length of time it can be on your report is 7 1/2 from the Date Of First Delinquency, usually it's when the last time you didn't pay that cus account being delinquent and subsequently being charged-off/collection. The collection can show up on your report at anytime during the 7 1/2 year period, especially when its been sold a time or two. If you aren't sure when it will be removed? Call credit bureaus, they will tell when exactly it will be removed.

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