Is there a statute of limitations on debts on your credit report?

First, let’s define statute of limitations: the amount of time a creditor or third-party debt collector can obtain a judgment against you for a debt. Note: you can still be sued for the debt. It is your responsibility to show up for any lawsuit-related hearings and to prove the statute of limitations has expired.

Although the information on your credit report can vary from state to state and agency to agency, the simple answer to this question is: yes. However, there are two different debt time lines that you should be aware of. The first is the credit reporting time limit. This refers to the maximum time that credit bureaus can report delinquent debts on your report. Generally, seven years from the first date of delinquency is the limit, except in cases of bankruptcy which would be ten years. Guidelines for the credit reporting time limit are outlined in the Federal Trade Commissions Fair Credit Reporting Act.

Secondly, there is the time limit that a collector can use court action to obtain payment or sue you, it starts at the date of last activity on the account (payment or otherwise) and depends on the state. You can check out the statue of limitations list by state here.

If your statute of limitations has expired, and a collector is still threatening to sue, you do not have to pay the debt. Sometimes it may even work to your disadvantage if you pay because the amount settled will be less than the amount owed plus it will stay on your report for another seven years after payment. Just be careful that you do not restart your statute of limitations by paying a bill or making any kind of agreement to pay. The SOL can also be restarted if your debt is sold to another agency, which you can dispute as long as it has been seven years since the last date of payment. All debts are valid until they are paid, settled, or cancelled.

What is a 1099-c form?

Should you have a non-business debt that is cancelled or forgiven (by any means other than a gift) you must include the cancelled debt as part of your income. The amount you must report is shown on the 1099-c form, box 2.

The Big Three in Credit Bureau's

Equifax	1-800-685-1111 (If you have been denied credit in the last 60 days, you can request a free report using option 2)
TransUnion	1-800-916-8800
Experian	1-888-397-3742

If you have disputes on your credit report you will need to send written notification to one of the following addresses:

Experian	NCAC PO Box 9556 Allen TX 75013 888-397-3742
Equifax Information Services	P.O. BOX 740256 Atlanta, GA 30374 800-997-2493
TransUnion	Customer Disclosure Center Trans Union Consumer Relations PO Box 2000 Chester, PA 19022-2000 800-888-4213