Hey faithful readers, just wanted to take the time to ensure you knew the difference in the Statutes of Limitation on a Credit Report and in a Court of Law. Many people know the Statute (or reporting time) of Limitations on a Credit Report is 7 years. But when does that start? The 7-year count actually starts 7 years from the last time you made an on time payment on the account in question with the original creditor. For instance you have an account with Whoever Credit Card. The last time you made an on time payment was January 2001. The account was sold to a collection agency and they show the last date of activity as June 2004. Technically that account can no longer show up on your credit report because the last time you made an on time payment was more than 7 years ago. You have a valid dispute and must request the Collection agency provide proof otherwise. There are exceptions to the 7 years in regards to Bankruptcies, but I'll have to explain that in my next article. The answers are not as cut and dry as you may think.
What about a Judgment on that same account? Say a Sheriff comes to your door with a Subpoena to come to court for a possible Default Judgment. In the State of IL a credit card debt is no longer collectible in a "Court of Law" after 5 years from the delinquency date. That won't stop the Collection Agency from trying to sue you. Given the same credit Card example above, the Credit Card account must be removed from your credit report and it is illegal for the collection agency to try to file a Judgment against you. There are different Statutes of Limitations in a Court of Law depending on what State you were in when the Debt was initiated. I'll try to get that covered in the next article as well. We're using Credit Card Debt as an example because it is the easiest to relate to and the most widely abused by collection agencies.
Believe me, when the Collection Agency decide to try to sue you, the information on your credit report more then likely will mysteriously change. It takes a trained eye to catch these glitches and S&C Financial Credit Resolutions Group, NFP is here to help. We are an IRS 501 (c) 3 non-profit organization. Working with us is worth the thousands of dollars you'll save. If you think you're in the clear, just take a stroll down to the County Court Building and look on the wall at all the court cases of Collection Agencies filing Judgments against unsuspecting consumers. More than 75% of them are bogus. Many people pay thousands of dollars for Credit Repair only to end up with just as bad if not worse credit later. Don't trust credit repair. It takes us the same amount of time to resolve your issues as it takes them to turn your score around and they may charge thousands of dollars in the long run.
If you think you are ready to get serious about Resolving your Credit issues and you're tired of trying to fix them yourself, get a copy of all 3 of your credit reports from either a willing lender or www.annualcreditreport.com then give us a call to make an appointment at 773-383-0849. Get the help you need and stop guessing.
As Always, Be Blessed,
CC
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