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Question By
Amar0821

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Time clock for statute of limitations for collection?
Does the statute of limitations reset each time a collection agency updates report? Another question: There are no closed dates on my reports that are in collections on Credit Karma Reports, How can there be no closed dates if accounts are in collections ; I saw a thing on youtube that said if they are in collections, they have to be closed accounts?...any advice on these two questions?

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Everything you asked is covered in the articles on this site, which is here to teach about credit. But I'll give you a brief summary.  The statute of limitations on collections begins with the last payment that was made and does not change with account updates unless another payment is made.  You need to understand how to handle accounts that are in colletions and how to negotiate a pay for delete agreement.  Closed accounts just mean that you cannot charge anything more to the account but you do owe the balance shown.  Anyone can post anything on You Tube, but that doesn't mean they are correct..

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Generally the Statute Of Limitations is referred to the length of time creditors can sue you for that debt. Its different than reportable length that debt can be included on your credit reports, which is 7 1/2 years from Date Of First Delinquency, it goes by that date only and nothing reset that clock. If you aren't sure when is the DOFD? Simply call each Credit Bureaus, they will tell you exactly when it was, and when they will be remove from your credit reports.

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